Crypto Market Correction: Top Three Assets Under Pressure
The top three cryptocurrencies - Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) - are under pressure as momentum indicators flag early bearish signals. This comes after massive gains in August, with the market experiencing a correction.
BTC is showing early signs of weakness, trading at $77,249 on Wednesday despite a mild correction the previous day. The 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) are clustered between roughly $69,300 and $72,400, suggesting that the broader uptrend remains intact.
Ethereum, trading at $2,407 on Wednesday, has rejected near $2,500 and is facing a pullback. Despite this, ETH maintains a constructive near-term bias as price trades firmly above the 50-day, 100-day, and 200-day EMAs.
XRP is consolidating below key support, trading at $1.342 on Wednesday, leaving the broader bias neutral. The Relative Strength Index (RSI) shows mildly positive momentum, while the MACD has slipped slightly negative, hinting at waning upside pressure after the recent surge.