Crypto Market Correction: BTC Pulls Back, ETH Stalls, XRP Weakens
The cryptocurrency market is experiencing a correction, with Bitcoin, Ethereum, and Ripple all under pressure. Bitcoin's price has pulled back to around $76,924 after falling over 4% this week, while Ethereum faces rejection near its key resistance level at $2,500.
Despite the pullback, BTC remains supported by a tight cluster of Exponential Moving Averages (EMAs), with a constructive bullish bias still intact. The Relative Strength Index (RSI) has eased to about 54, indicating normalized but still positive momentum.
Ethereum's price is also correcting, having failed to close above $2,500. However, it remains comfortably above its EMAs, suggesting an underlying constructive bias. Initial support for ETH lies at the 50-day EMA around $2,231, followed by the 200-day EMA at $2,193.
Ripple's price has weakened, closing below its 200-day EMA at $1.354 earlier this week. XRP remains above its 50-day and 100-day EMAs but is capped by the 200-day EMA, which defines initial resistance on the topside.