- Technical Outlook on Altcoins: Bullish Momentum for Ethereum and XRP Weakens Amidst Ongoing Correction:

Ethereum is trading below the key $2000 level, confirming a short-term bearish trend, while investors remain cautiously optimistic after the token rebounded from its weekly low of $1800.

The price is currently below the declining 50, 100, and 200-day exponential moving averages, which still indicate a broader downtrend. Meanwhile, the Relative Strength Index (RSI) at 41 on the daily chart aligns with a bearish bias. A daily close below $2000 could further limit upward momentum and trigger another wave of selling toward the support level at $1800.

On the other hand, the MACD line remains above its signal line, with the green histogram bars expanding, indicating increasing bullish pressure. A decisive break above $2000 would set the path for gains toward the market high recorded on Wednesday at $2148. From there, bullish traders will target the 50-day exponential moving average at $2362, followed by the 100-day EMA at $2706.

Daily chart of ETH/USDT

Meanwhile, XRP's price has fallen to around $1.40 — in line with the overall downtrend, as evidenced by the declining 50-day EMA at $1.62, the 100-day EMA at $1.83, and the 200-day EMA at $2.06.

The RSI (RSI) at 41 on the daily chart suggests that momentum remains predominantly bearish. A further decline in the RSI toward the oversold territory would tighten sellers' grip, increasing the likelihood of an extended correction to the weekly low of $1.31.

Daily chart of XRP/USDT

However, the MACD remains below its signal line, with the green histogram bars stabilizing, which supports a cautious bullish outlook. Traders will watch for a daily close above $1.40, which is likely to pave the way for a breakout toward the high recorded on February 6 at $1.54.
$ETH ‌
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