Bitcoin Tests $75,600 Support Line... XRP and Ethereum Trapped in Bearish Swamp

▲ Bitcoin (BTC), Ethereum (ETH), XRP/ChatGPT generated image ©

As the leading virtual asset, Bitcoin (BTC), precariously tests its key support line, even altcoin leaders Ethereum (ETH) and XRP (Ripple) are flashing bearish signals one after another, standing at a critical juncture that will determine the short-term direction of the market.

According to investment media FXStreet on April 29 (local time), Bitcoin has experienced a two-day consecutive correction this week, trading at $76,508 as of Wednesday. While it maintains a positive bias above the 50-day exponential moving average (EMA) of $73,588 and the 100-day EMA of $75,648, the Relative Strength Index (RSI) hovering around 56 and the Moving Average Convergence Divergence (MACD) falling below 0 suggest that upward momentum is slowing down. If the $75,648 support line breaks, it could fall to $74,487. Conversely, if it rises, $78,962 and the psychological barrier of $80,000 are expected to act as initial resistance lines.

Ethereum is trading at $2,290, showing a neutral to slightly bullish trend. In the short term, it has secured support above the 50-day EMA of $2,244, but it is confined below the 100-day EMA of $2,348, limiting a full recovery. The RSI is 52, indicating neutral momentum, and the MACD also remains in negative territory, suggesting an unstable rebound rather than a strong breakout.

For Ethereum to transition to a definite uptrend, it must break above the 100-day EMA of $2,348 and the $2,367 level on a daily closing basis. If successful, it could extend its gains to $2,558 and then to the 200-day EMA of $2,606. On the other hand, if it falls, $2,244 will act as the primary support, and failure to hold this could risk a drop to the upper boundary of the horizontal channel at $2,148.

XRP is trading at $1.37, having broken below its major support line and entered a short-term bearish phase. The 50-day EMA of $1.41, along with the 100-day EMA of $1.52 and the 200-day EMA of $1.75, are all stacked as heavy resistance walls above. With the RSI hovering around 46 and the MACD sliding deeper into negative territory, buying pressure appears to be gradually losing strength.

If XRP's downward pressure continues, the area around $1.30, where buyers previously defended, will become the primary support. In the worst-case scenario, a structural drop to the lower boundary of the parallel channel at $0.79 could occur. To aim for a rebound, it must first recover the $1.41 line, and then successively overcome the channel's upper boundaries at $1.52 and $1.60 to shake off the deep bearish shadow.

*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.*