Manish Chhetri
FXStreet
Bitcoin (BTC), Ethereum (ETH) and Ripple are showing signs of stabilization at the start of the week, each holding above key support levels after recent declines. While BTC struggles to regain momentum near $112,000, ETH and XRP are finding their footing, which could pave the way for short-term recoveries.
Bitcoin price failed to find support around $116,000 on September 19 and declined by 6%, reaching a low of $108,631 on Thursday. However, BTC recovered slightly in the next three days. At the time of writing on Monday, it trades at around $111,700.
If BTC continues its recovery and closes above the 50-day Exponential Moving Average (EMA) at 113,232 on a daily basis, it could extend the recovery toward the daily resistance at $116,000.
The Relative Strength Index (RSI) on the daily chart reads 45, pointing upwards and nearing its neutral level of 50, which indicates a fading bearish momentum. For the recovery rally to be sustained, the RSI must move above the neutral level.
BTC/USDT daily chart
However, if BTC fails to close above the 50-day EMA and faces a correction, it could extend the decline toward the daily support at $107,245.
Ethereum price failed to find support around the daily level at $4,232 last week and declined 7.36% until Thursday. However, on Friday, ETH retested and found support around the 100-day EMA at $3,863, and by Sunday, it had recovered 7.10%. At the time of writing on Monday, it trades at around $4,100.
If ETH continues its recovery and closes above $4,232, it could extend the rally toward the next daily resistance at $4,488.
Like Bitcoin, Ethereum’s RSI reads 42 and, pointing upwards and nearing its neutral level of 50, indicates fading bearish momentum. For the recovery rally to be sustained, the RSI must move above the neutral level.
ETH/USDT daily chart
On the other hand, if ETH faces a correction, it could extend the decline toward the 100-day EMA at $3,863.
Ripple’s XRP price corrected after retesting its daily level at $2.93 on Thursday and declined 6.23%. XRP retested the daily support at $2.72 the next day and recovered 4.52% by Sunday. At the time of writing on Monday, it trades at around $2.86.
If XRP closes above the $2.93 resistance level, it could extend the rally toward the key psychological level at $3.
Like BTC and ETH, XRP RSI also shows fading bearish momentum. However, for the recovery rally to be sustained, the RSI must move above the neutral level.
XRP/USDT daily chart
However, if XRP faces a correction, it could extend the decline toward the daily support at $2.72.
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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Ethereum (ETH) trades around the $4,000 key level following a rise in profit realization on Friday. Ethereum saw increased profit realization on Friday, with investors booking over $800 million in profits, according to data from Santiment.
SWIFT is reportedly planning to test payment transactions and messaging on-chain in partnership with over a dozen big banks, using the Ethereum Layer-2 network Linea.
Kraken has raised $500 million at a $15 billion valuation, positioning the exchange for a potential 2026 initial public offering (IPO) while continuing to focus on acquisitions.
Ripple (XRP) declines for two consecutive days as weak sentiment prevails in the broader cryptocurrency market. The cross-border token is testing support at $2.70 at the time of writing on Friday, amid concerns that the downtrend may continue ahead of the weekend.
Bitcoin (BTC) price hovers around $109,000 at the time of writing on Friday after shedding nearly 5% so far this week. The broader cryptocurrency market experienced its largest single-day liquidation event of the year, wiping out mostly long positions.
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