Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) prices are showing signs of stabilization at the start of the week on Monday as these top three cryptocurrencies recovered slightly from last week’s steep losses. BTC hovers around $115,500, while ETH and XRP trade above $4,100 and $2.57, respectively, with traders cautiously returning to the market amid improving sentiment.
Bitcoin recovers after massive dip
Bitcoin price faced rejection after reaching a new all-time high of $126,199 on October 6. It then declined, reaching a daily low of $102,000 on Friday and fell more than 11% from Tuesday’s high to Saturday’s low. However, BTC recovered slightly on Sunday, closing above 114,900. At the time of writing on Monday, it hovers at around $115,500.
If BTC continues its recovery, it could retest its key psychological level at $120,000.
The Relative Strength Index (RSI) on the daily chart reads 48, nearing the neutral level of 50, indicating fading bearish momentum. However, the Moving Average Convergence Divergence (MACD) indicators still showed a bearish crossover on the daily chart, suggesting bearish momentum.
BTC/USDT daily chart
However, if BTC faces a correction, it could extend the decline toward the daily support at $107,245.
Ethereum could extend its recovery if it closes above $4,232 resistance
Ethereum price failed to find support around the daily level at $4,488 on October 7 and declined 17.66% until Saturday. On Sunday, ETH recovered slightly, closing above $4,150. At the time of writing on Monday, it hovers at around $4,160.
If ETH continues its recovery and closes above the daily resistance at $4,232, it could extend the rally toward the next daily resistance at $4,488.
Like Bitcoin, Ethereum’s RSI on the daily chart shows fading bearish momentum, while MACD still supports the bearish view.
ETH/USDT daily chart
However, if ETH faces a correction, it could extend the decline toward the 61.8% Fibonacci retracement level at $3,593.
XRP could extend its recovery toward $2.72
Ripple price faced rejection from the upper trendline of the falling wedge pattern on October 5 and declined more than 20% by Friday, reaching a low of $1.25. The next day, XRP recovered slightly by 6.78% until Sunday. At the time of writing on Monday, it hovers at around $2.57.
If XRP continues its recovery, it could extend the rally toward the daily resistance level at $2.72.
Like BTC and ETH, XRP’s RSI on the daily chart shows fading bearish momentum, while MACD still supports the bearish view.
XRP/USDT daily chart
However, if XRP faces a correction, it could extend the decline toward the daily support at $2.35.