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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) entered a consolidation phase in key technical areas after a synchronized decline last week, but the possibility of further downside remains as they have failed to reclaim major moving averages.
According to investment media FXStreet on August 3 (local time), Bitcoin, Ethereum, and XRP stabilized on Monday after falling by more than 2.8%, 3.55%, and 2.35% respectively last week. However, all three assets are hovering near major support and resistance levels, suggesting that the next breakout or breakdown will determine their short-term direction.
Bitcoin traded at $63,265 on Monday, falling below its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) of $64,676, $67,205, and $73,001, respectively. The Relative Strength Index (RSI) was 46, leaning bearish, and the Moving Average Convergence Divergence (MACD) remained negative below the 0 line, indicating continued downward pressure. The short-term resistance is $64,004, and if surpassed, the 50-day and 100-day lines could successively limit further ascent. Above these, $73,001 and $84,410 are considered major resistance zones.
Ethereum is searching for direction, trading around $1,870, oscillating between its 50-day line at $1,851 and its 100-day line at $1,929. The RSI is at a neutral level of 51, but the MACD remains negative below the 0 line, indicating that downward pressure has not fully dissipated. A break above $1,929 could test the psychological and structural resistance of $2,000, after which the 200-day line at $2,153 would be the gateway for further gains. Conversely, a break below $1,851 would highlight the historical horizontal support of $1,385 as a long-term downside support zone.
XRP traded at $1.076, falling below its 50-day, 100-day, and 200-day lines of $1.121, $1.203, and $1.397, respectively. The RSI was 45, below the baseline, and the MACD showed a slight negative value, indicating weakening upward momentum. In case of a rebound, $1.121, $1.203, and the horizontal resistance of $1.300 could successively limit the rise, followed by stronger resistance levels at $1.397 and $1.900.
All three assets are attempting a short-term rebound, but the current technical structure is closer to bearish than neutral. Particularly for XRP, $1 is a key support level, and a daily close below this price would strengthen the bearish outlook and could lead to a deeper correction. Bitcoin needs to reclaim $64,676, Ethereum $1,929, and XRP $1.121 to confirm the possibility of a meaningful trend reversal.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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