Crypto Today: Bitcoin, Ethereum and XRP test short-term support amid market-wide selling

• Bitcoin faces increasing sell-side pressure as support near $80,000 holds amid capital outflows.
• Ethereum slides below $2,400 as a weakening technical structure and returning ETF outflows weigh on price action.
• XRP holds above the SuperTrend indicator dynamic support, but downtrending momentum indicators limit the recovery outlook.

Cryptocurrency prices remain under intense selling pressure on Thursday, with Bitcoin (BTC) struggling to hold above $81,000 after testing its key demand area near $80,000. Ethereum (ETH) reflects Bitcoin’s weakening technical outlook, edging lower below $2,400.

Ripple (XRP), similarly, is in bearish hands, weighed down by a deteriorating momentum indicator and broader crypto market risk-off sentiment.

Sticky inflation and ETF outflows exacerbate risk-off sentiment

Wednesday’s United States (US) Consumer Price Index (CPI) report highlighted elevated inflation in the United States (US) amid higher Oil and energy prices. Headline inflation rose to 3.7% annually in September, printing above forecasts of 3.6% and up from August’s 3.4%.

Core CPI, excluding volatile food and energy prices, rose to 2.6% in the same month, up from 2.4% in August. Monthly CPI accelerated to 0.6% in September, up from 0.4% in August, while core CPI maintained its steady pace, increasing by 0.3% for the second consecutive month.

“That does not automatically make this a bearish signal for Bitcoin. Much of the headline increase came from gasoline, and core inflation held at August’s monthly pace,” Markus Levin, Co-founder of XYO, said in an emailed commentary, adding, “So I say crypto’s next move will largely depend on how investors reassess the Fed’s path, Treasury yields, and broader appetite for risk.”

Nonetheless, the surprise uptick in inflation appears to have forced investors to reassess their positioning, as the crypto Fear & Greed Index fell to 53 on Thursday, from 62 the day before. This correction puts sentiment in Neutral territory after extended weeks in the Greed range.

On the spot Exchange-Traded Funds (ETFs) front, BTC ETF outflows resumed, totaling $261 million on Wednesday after posting $176 million in inflows the previous day. These withdrawals alone cannot be used to confirm a full-fledged sell-off, but they warrant caution. Moreover, a sustained bearish streak could weigh on Bitcoin’s recovery outlook, increasing the odds of an extended correction below $80,000.

Ethereum spot ETFs also recorded outflows totaling $130 million on Wednesday, after logging $25 million in inflows the day before. Unlike Bitcoin, Tuesday’s inflows were an outlier, considering sustained outflows since September 29. Continued outflows will likely push Ethereum further down.

XRP spot ETFs presented a different picture from Bitcoin and Ethereum, recording very mild inflows of $740,000 on Wednesday. Looking back this week, XRP ETFs have shown muted activity since last Friday, undermining risk-on sentiment.

Technical analysis: Bitcoin wobbles as sell-side pressure intensifies

Bitcoin edges lower, trading near $81,000 while struggling to hold a constructive bullish bias. Despite the correction triggered amid inflation concerns, the spot price remains above the key Exponential Moving Averages (EMAs).

The 50-day EMA at $80,337, together with the 100-day EMA at $76,704 and the 200-day EMA at $75,908, all sit below the market and suggest that the broader uptrend is still supported despite the recent pullback. The SuperTrend line at $79,664 also underpins price action, while momentum readings are more cautious.

At the same time, the Moving Average Convergence Divergence (MACD) indicator is below zero, hinting at waning bullish pressure. The Relative Strength Index (RSI) at 45, just under neutral, confirms this configuration.

On the downside, the immediate support zone is clustered between the 50-day EMA at $80,337 and the SuperTrend baseline at $79,664, where buyers are likely to defend the recent breakout area. A deeper retreat would expose the 100-day EMA at $76,704, ahead of the more strategic 200-day EMA at $75,908, which reinforces the medium-term bullish structure as long as it holds.

With no clear overhead technical levels on the daily chart, near-term upside depends on whether price can breach key psychological levels at $84,000 and $87,000, or hold above this moving-average stack and eventually pull the MACD back toward positive territory, which would strengthen the bullish case.

Altcoins technical analysis: Ethereum and XRP risk deeper losses

Ethereum marks the second straight day of declines, trading below $2,400 as sell-side pressure deepens despite holding below the 50-day EMA at $2,493. This technical setup suggests a bearish near-term bias, with price capped by short-term trend resistance but cushioned by the medium- and long-term averages underneath.

The MACD indicator remains below zero with a negative reading and persistent weakness in the histogram, while the RSI has slipped toward the 35 area, hinting at sustained downside pressure but approaching oversold conditions.

On the topside, initial resistance is seen at the 50-day EMA around $2,493, ahead of a stronger barrier defined by the SuperTrend line near $2,662, where selling interest could intensify if price attempts a rebound. On the downside, immediate support emerges at the 100-day EMA at $2,353, followed by a more solid structural floor at the 200-day EMA near $2,299. A daily close below this latter level would reinforce the bearish bias and expose deeper losses, while holding above it keeps scope for stabilization or a corrective bounce toward the $2,493 cap.

XRP, meanwhile, trades near $1.32, keeping a bearish near-term tone as price holds below the 100-day and 50-day EMAs at $1.34 and $1.39, as well as the 200-day EMA at $1.38. The MACD line remains below zero, while the RSI at 37 hovers just above oversold territory, suggesting persistent downside pressure even as sellers approach exhaustion.

On the downside, immediate support lies at the SuperTrend line at $1.30, the first cushion against further declines. On the topside, initial resistance appears at the 100-day EMA at $1.34, followed by the 200-day EMA at $1.38 and the 50-day EMA near $1.39. The pair would need to reclaim these clustered moving-average barriers to shift the bias away from the current bearish configuration.

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