Crypto Today: Bitcoin, Ethereum and XRP trade sideways as market sentiment remains weak

• Above $78,000, Bitcoin draws support from the 100-day EMA, although market sentiment remains subdued.
• Near $2,300, Ethereum is showing recovery signs, but technical barriers continue to restrict gains.
• XRP holds short-term support at $1.25, although pressure from major moving averages and other technical indicators leaves it vulnerable to further losses.

The $6.3 billion Binance hack prompted an investor reaction that drove last week’s sharp correction, leaving Bitcoin (BTC) consolidating around initial psychological support at $78,000 on Monday. Ethereum (ETH), meanwhile, is edging higher for a third consecutive day near $2,300. Traders nevertheless remain cautious: its modest rebound from support around $2,200 faces significant structural barriers that are likely to constrain ETH’s upside potential.

For Ripple (XRP), consolidation continues just above the  $1.25 demand zone, with bulls targeting a short-term rebound towards the next resistance area at $1.30-$1.33.

Weakening market sentiment constrains recovery prospects

Approximately $6.3 billion was lost in the extensive security breach at Binance, the largest cryptocurrency exchange, severely undermining demand for digital assets. The ensuing steep, broad-based fall in cryptocurrency prices unsettled many investors and sharply weakened sentiment. On Monday, the Fear & Greed Index stood at 37 in Fear territory, only marginally above the previous day’s reading of 34.

That reading compares unfavourably with the neutral level of 50 recorded last week and the previous month’s Greed sentiment reading of 37. Market direction will become clearer over the coming days and weeks. A stronger appetite for digital assets would improve the prospects for recovery; persistently subdued sentiment, however, may leave investors on the sidelines and raise the likelihood of a downtrend taking hold.

The QCP ‘Market Colour’ report stated: “Binance's recovery is on track so far: withdrawals reopened across 15 networks, with a net outflow of $3.64 billion, about 2.1% of assets. It says 95% of stolen funds are covered, though its full proof of reserves has slipped to Tuesday,” and added: “The attacker still holds the BTC and is splitting it into 1,000 and 100 BTC pieces.”

Bitcoin technical analysis: Lower support holds under pressure

At $78,149, Bitcoin remains below both the 50-day Exponential Moving Average (EMA), roughly $80,295, and SuperTrend resistance around $83,470, leaving the near-term outlook bearish. Nevertheless, the pair is holding above the 100-day and 200-day EMAs at about $77,825 and $76,484, respectively. This suggests that the broader uptrend remains intact despite pressure from the latest pullback.

With the Relative Strength Index (RSI) near 39 and the Moving Average Convergence Divergence (MACD) still negative, momentum remains subdued. Rallies could therefore struggle while these overhead barriers continue to restrict gains.

The 50-day EMA near $80,295 presents the first resistance, followed by the SuperTrend line around $83,470, together reinforcing a wider supply zone. Immediate downside support lies at the 100-day EMA around $77,825, then the 200-day EMA at approximately $76,484. A break below the latter would leave the pair exposed to a deeper correction within the daily range.

Ethereum technical analysis: ETH bulls seek to reassert trend control

Trading at $2,291, Ethereum retains a bearish near-term bias below the 200-day EMA at $2,317 and the 100-day EMA at $2,353. Further overhead, the 50-day EMA near $2,417 and the SuperTrend line at $2,490 add to a layered supply zone. This cluster suggests that any rallies are likely to encounter selling pressure.

Although the RSI has risen from oversold territory towards 37, it remains bearish. The MACD also remains negative, despite narrowing losses, indicating that downward momentum is moderating rather than reversing.

The 200-day EMA around $2,317 forms the nearest resistance, ahead of the broken rising trendline area near $2,335 and the 100-day EMA at $2,353. Bulls would then need to overcome the 50-day EMA at $2,417 to test the SuperTrend barrier around $2,490. This dataset identifies no nearby structural support below the current price, leaving ETH susceptible to fresh declines while it remains beneath the cluster of moving averages and trend resistance.

XRP technical analysis: Sideways trading persists

At around $1.25, XRP remains below its key moving averages and the recently reclaimed downtrend line, maintaining a bearish bias. The 100-day, 50-day and 200-day EMAs stand overhead at $1.33, $1.34 and $1.37, respectively. These barriers suggest that rallies remain constrained as the pair attempts to recover from its recent decline.

An RSI reading near 37 and a MACD indicator still below zero point to weak momentum. Without sustained buying interest, the market remains at risk of further declines.

The former downtrend line’s break level near $1.30 provides initial resistance, with the 100-day EMA at $1.33 forming the next barrier. Beyond these levels, the 50-day EMA at $1.34 and the 200-day EMA at $1.37 mark a broader supply zone, ahead of SuperTrend resistance at $1.40.

The current daily-chart indicator set offers no clear nearby support, so traders may turn to intraday price movements and earlier swing lows to identify potential floors. While XRP remains below the clustered EMAs, any rebound is likely to be viewed as corrective.

(The technical analysis of this story was written with the help of an AI tool. Know more.)