Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

01.11.2024

Bitcoin is declining and nearing its key support level of $69,500; a sustained close below this mark could trigger further declines.
Ethereum is approaching its ascending trendline support; a close below could signal a possible downturn.
Ripple price is nearing the $0.488 level; a firm close below would suggest a continuation of its downtrend.

Bitcoin (BTC) and Ethereum (ETH) are approaching their key support levels, and a sustained close below these marks could lead to further declines. Similarly, Ripple (XRP) is nearing its critical support level, where a firm close below would indicate a continuation of its downtrend.

Bitcoin declines as it faces resistance around its all-time high

Bitcoin price faced resistance around its all-time high (ATH) level of $73,777, seen in mid-March, on Tuesday and declined 3.2% in the next two days. At the time of writing on Friday, it continues to decline and trades around $69,400.

If BTC continues its decline and closes below the $69,500 level, it could extend its decline by over 5% to retest its next key support level at $66,000.

The Relative Strength Index (RSI) on the daily chart, which peaked at an overbought level of 70 on Tuesday, has since dropped sharply to 57, signaling a significant weakening in bullish momentum.

BTC/USDT daily chart

However, if Bitcoin holds above the $69,500 level, it may reattempt to retest and break through its all-time high of $73,777.

Ethereum is poised for a downturn if it closes below the key support level

Ethereum’s price is nearing its crucial support level of around $2,450 on Friday after declining over 5.4% on Thursday. This level is important as it roughly coincides with the 50% price retracement level at $2,485, the ascending trendline (drawn from joining multiple low levels with a trendline since early September) and the daily support at $2,419.

If ETH breaks below the ascending trendline and closes below the $2,419 support level, it could extend the decline by 11% to retest its September 6 low of $2,150.

The RSI on the daily chart reads at 47, below its neutral level of 50, indicating increasing bearish momentum.

ETH/USDT daily chart

On the other hand, if the ascending trendline holds as support, ETH could rally to its current level and retest its October 21 high of $2,769.

Ripple price shows signs of weakness

Ripple price faced resistance around the daily resistance level of $0.544 on Tuesday and declined 3.5% until Thursday. At the time of writing on Friday, it trades slightly higher, around $0.512.

If XRP declines and closes below $0.488, it could extend the decline by 12% to retest its August 5 low of $0.431.

The RSI indicator on the daily chart is at 41, below its neutral level of 50, suggesting that bearish momentum is gaining traction.