BTC, ETH, XRP price analysis on April 9: Has the downward trend ended or not?

The price of Bitcoin (BTC) is maintaining fluctuations around the $76,200 mark during Wednesday’s trading session, after a 3.59% drop the day before. Ethereum (ETH) and Ripple (XRP) also continue to decline in line with the market downturn. Technical signals indicate that the correction trend is still prevailing, with potential support levels at $73,000 for BTC, $1,300 for ETH, and $1.30 for XRP.

Bitcoin bear market accelerates, aiming for the $73,000 mark

Bitcoin faced strong selling pressure at the resistance level of $85,000 on April 2, leading to a correction of more than 10.5% as of Tuesday. The largest cryptocurrency in the market fell to its lowest level since the beginning of the year at $74,508 during Monday’s trading session. As of Wednesday morning, BTC is fluctuating around the $76,000 mark.

If selling pressure continues to increase, the price of Bitcoin may continue to weaken and retreat to test the important support area at $73,072.

On the daily timeframe, the Relative Strength Index (RSI) is currently around 33 - a signal indicating that the downward momentum is dominant and the short-term outlook still leans towards the bears.

BTC/USDT daily chart | Source: TradingViewNevertheless, in a positive scenario, if BTC recovers and closes above the resistance level of $85,000, the upward momentum may be extended with a target towards the key psychological zone of $90,000.

Ethereum continues to decline, heading towards the $1,300 mark

Last week, the price of Ethereum plummeted nearly 13% after failing to maintain its upward momentum above the critical resistance level of $1,861. As this week progresses, the decline continues as ETH has lost an additional nearly 7% as of Tuesday. At the time of writing on Wednesday, the coin has breached the key support level of $1,449, falling to its lowest point since October 2023.

If ETH cannot recover and continues to close below the $1,449 level, selling pressure may increase, pushing the price to test the psychological level of $1,300—a significant support zone in the medium term.

The RSI index is currently at 23, significantly lower than the oversold threshold of 30. This suggests that ETH may be undervalued and is about to enter a technical rebound. However, investors should also be cautious, as the RSI could remain in the oversold zone if the negative trend continues.

Daily ETH/USDT Chart | Source: TradingViewIn the recovery scenario, the $1,700 area will serve as a significant psychological resistance level that ETH may aim for.

XRP bear faction targets the $1.30 mark

The price of XRP was rejected at the (EMA) 200-day moving average at $1.94 on Monday and decreased by 6.5% the following day. Additionally, XRP has established a new yearly low at $1.61 earlier this week. At the time of writing on Wednesday, the price is fluctuating around $1.77.

If XRP continues its downward trend and closes below the $1.77 level, this coin could retest the annual low at $1.61. A close below this level could extend the decline towards the weekly support area at $1.30.

XRP/USDT Daily Chart | Source: TradingViewThe RSI index on the daily chart is at 30, approaching the oversold level, reflecting strong negative momentum and reinforcing a downward outlook. If the RSI continues to slide below the oversold threshold, XRP may be undervalued and have the potential for a rebound. However, the RSI may also remain below this level and continue the downward trend.

Conversely, if XRP recovers, the price could rise again to test the daily resistance level at $1.96.

You can check the coin price here.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their due diligence before making decisions. We are not responsible for your investment decisions.

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