Bitcoin, Ethereum, Ripple: Technical support levels break down, deepening 'simultaneous correction'… Seeking rebound opportunities amid oversold conditions

Recently, the top cryptocurrencies by market capitalization in the crypto market have been showing consistent weakness. Bitcoin remains at key technical levels, with $94.14K( in the last 24 hours +1.50%, and +6.75%) over 7 days, maintaining its important support levels. Ethereum is at $3.29K(, with 24-hour +4.27%, and +9.84%) over 7 days. Ripple is at $2.39(, with 24-hour +12.89%, and +28%) over 7 days. As each coin tests significant resistance levels, investor sentiment remains tense.

Bitcoin: The Decision Point at the Intersection of Technical Resistance and Psychological Resistance

Bitcoin’s weakness has been clear since early this week. It fell below $94,253(, the 61.8% Fibonacci retracement level of the rally from the April 7 low) of $74,508( to the October 6 high) of $126,299(, exerting selling pressure. The market attempted to consolidate around the $90,000 level to gather buying sentiment, but a sharp drop on Thursday broke through that level.

On the daily chart, falling below $85,000) signifies more than just a technical breakdown; it indicates a shift in market psychology. Currently, the daily RSI has dropped to 23, indicating an obvious oversold condition. While this creates technical conditions for short covering or increased buying at low prices, the strong selling dominance means the bottom formation timing remains uncertain.

If $85,000( can be defended, a short-term technical rebound toward $90,000) may occur. Whether the market recovers to $90,000( will be the first critical point in determining if this correction is a ‘temporary adjustment’ or the start of a ‘full-fledged bear market.’

Ethereum: Deepening Bearish Sentiment After Failing to Defend $3,017

Ethereum has not yet recovered from the shock of falling 14% after being blocked by the trendline resistance at $3,592) last week. During this week, it dropped over 9% further, losing the key support level of $3,017. Currently, it has fallen to around $2,791, making the path to reclaim $3,000 more distant.

The market’s greatest concern is an additional decline to $2,749, the 61.8% Fibonacci retracement level. A drop to this level would mean giving up a significant portion of the gains from the early November rally. The RSI is deeply oversold, indicating extremely weak buying pressure.

However, if selling pressure eases in the mid-$2,700s, a technical rebound could occur. The most important target would be a quick return to $3,017. Rapidly recovering this level would lead the market to interpret the current decline as a ‘temporary correction,’ whereas failure to do so could turn $3,017 into a strong resistance barrier.

Ripple: Breakdown of the $2 Support, the ‘Final Defense Line’ at $1.77

Ripple started last week with a failure to break above the 50-day exponential moving average at $2.47, and over four days this week, it fell more than 10%, losing the $2 support level. Currently, selling sentiment remains strong below $2.

The first support level on further decline is $1.77. The market views this zone as the final defense for profit-taking from the mid-term rally. The RSI32 is approaching oversold territory, suggesting a potential rebound, but the momentum of the decline is strong, so caution is needed.

Conversely, if the decline halts around $2 and a technical rebound occurs, the first target on the daily chart is $2.35. Surpassing this level would confirm that the current drop is a simple correction and could signal a return to an upward trend.

Market Sentiment Evaluation: All three coins have entered technically oversold conditions, but the strength of the trend makes the timing of bottom formation still uncertain. Whether key support levels are defended will be a crucial factor in determining the short-term direction.