Crypto Majors Lose Steam as Technicals Point to Pullback

Key Moments

Bitcoin: Failure at $87,000 Leaves Bulls on the Defensive

Bitcoin (BTC) continues to trade under pressure on Wednesday, quoted at $84,022 after two straight sessions of declines and a 2.88% correction so far this week. The market was unable to push through the recent peak near $87,000 and has since dropped below the key $85,000 support zone.

Despite the retreat, the broader structure remains constructive, with BTC holding comfortably above its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which are clustered between roughly $79,600 and $75,500. This EMA band continues to define a broad area of underlying support.

The Relative Strength Index (14) has eased to 55, pointing more to a normalization from prior overbought conditions than to outright weakness. However, the Moving Average Convergence Divergence (MACD) has fallen back below the zero line, indicating that upside momentum is waning as price consolidates beneath nearby resistance.

On the upside, the first hurdle is the horizontal barrier at $85,000. A decisive daily close above this level would reopen the path toward the recent high around $87,000.

On the downside, initial demand is seen at the 50-day EMA near $79,600, followed by the 100-day EMA at $75,739 and the 200-day EMA at $75,507. Together, these levels create a broad structural support zone. A deeper correction would bring earlier horizontal support levels at $66,500 and $62,300 back into view.

Ethereum: Correction Deepens as Momentum Turns Neutral

Ethereum (ETH) is also under pressure on Wednesday, trading at $2,619 after a drop of more than 3.88% so far this week. Buyers were unable to reclaim the $2,800 threshold, and the failure at that level has led to an extension of the correction.

Even so, ETH’s broader setup remains constructive as price is still trading above its key EMAs. The 50-day EMA at $2,505, the 100-day EMA at $2,335, and the 200-day EMA at $2,286 together form a substantial demand area, suggesting that the larger uptrend remains intact despite the current pullback.

The RSI has slipped to around 49, indicating neutral momentum. At the same time, the MACD has moved further into negative territory, signaling that bullish pressure is fading in the near term.

On the topside, the first resistance is located at the horizontal barrier near $2,800, with a stronger cap anticipated at $3,000, where profit-taking could intensify if the move higher resumes.

On the downside, the initial support zone is clustered around the 50-day EMA at $2,505 and the nearby horizontal level at $2,500. A daily close below this area would bring the 100-day EMA at $2,335 and the 200-day EMA at $2,286 into focus as deeper supports. Below these, more medium-term structural demand sits at $2,000 and then $1,385, which would likely become relevant only if selling pressure accelerates substantially.

XRP: Bullish Bias Intact but Momentum Cools

XRP is extending its corrective move on Wednesday, trading at $1.458 after failing last week to secure a daily close above the $1.671 resistance area.

Even with the recent pullback, the broader trend still leans constructive. The 50-day EMA at $1.401, the 200-day EMA at $1.379, and the 100-day EMA at $1.335 are all positioned below the current price, underscoring an underlying bullish structure.

Momentum indicators, however, point to a loss of vigor. The RSI is hovering near a neutral 49 reading, while the MACD remains below the zero line, reflecting that bullish forces are present but not yet driving an impulsive advance.

On the upside, initial resistance is seen at the horizontal barrier around $1.671, followed by a more substantial ceiling near $1.9000, where previous supply is likely to reappear if the uptrend resumes.

On the downside, immediate support is located around the 50-day EMA at $1.401, with additional protection from the 200-day EMA at $1.379 and the 100-day EMA at $1.335. These levels form a broad support cluster that underpins the constructive bias. Below this zone, structural floors at $1.300 and $1.000 would become relevant only if the correction deepens significantly.