Crypto Markets See Steep Price Drops: Bitcoin, Ethereum, Ripple Experience Bearish Trends

Three major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), experienced significant price movements last week. BTC plummeted by over 2.8%, while ETH fell by 3.55%. XRP also saw a decline of 2.35%.

The technical analysis suggests that the next breakout or breakdown for these cryptocurrencies will determine their near-term direction. BTC's price currently trades below key resistance levels, with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) hinting at persistent downside pressure.

Ethereum is consolidating between its 50-day and 100-day Exponential Moving Averages (EMAs), while XRP is holding above a key support zone. However, the RSI for both cryptocurrencies indicates weakening signs of momentum.

For BTC, initial resistance appears at $64,004, followed by the 50-day EMA at $64,676 and higher up, the 100-day EMA at $67,205 and the 200-day EMA at $73,001. For ETH, immediate support is provided by the 50-day EMA at $1,851, while XRP's initial resistance emerges at the 50-day EMA near $1.121.