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Bitcoin, Ethereum and $XRP are showing signs of a short-term recovery, but the market remains at an important point. Recent price action shows that the three cryptocurrencies have avoided deeper declines for now, while several resistance levels are still limiting a stronger recovery.
Bitcoin Holds $62,000 Support
Bitcoin remains inside a wide trading range, with $60,000 acting as major support and $66,000-$67,000 as resistance.
The most important downside area is around $62,000-$62,200. Bitcoin has so far stayed above this level, keeping its recent price structure intact.
A confirmed move below $62,000 could create a new lower low and increase the chance of a deeper decline in the following weeks. On the upside, a move above $65,500 could weaken the current bearish setup and allow Bitcoin to move higher.
Ethereum Struggles Below $2,000
Ethereum is also moving within a range and continues to face resistance around $1,940-$1,970. $ETH has support around $1,800-$1,830, while the wider support zone sits between approximately $1,500 and $1,600.
A sustained move above $1,970-$1,980 could improve Ethereum’s outlook and bring $2,130-$2,150 into focus. Above that range, the next resistance area is near $2,400.
The bearish divergence on the daily chart remains active, which could keep $ETH moving sideways in the near term rather than starting a strong rally.
$XRP Holds Around $1
$XRP remains weaker than Bitcoin and Ethereum. The weekly trend is still bearish, with the next major support around $0.93.
On the daily chart, $XRP is holding close to the $1 level and is showing a possible bullish divergence between its price and RSI. The signal, however, has not been confirmed yet.
A stronger rebound accompanied by several positive daily closes could confirm the setup and lead to some relief over the next one to two weeks.
$XRP could still lag Bitcoin during such a move because it has underperformed for an extended period.
What Traders Are Watching Now
For Bitcoin, $62,000 and $65,500 remain important levels. For Ethereum, attention is on $1,970, while $XRP needs to defend $1 and show stronger buying activity.
A decisive move through these levels could provide a clearer picture of whether the current recovery can continue or whether Bitcoin, Ethereum and $XRP remain trapped within their existing ranges.
Source: cryptonews.net