Crypto Today: Can Bitcoin, Ethereum and XRP withstand mounting sell-side pressure?

• Bitcoin loses $80,000 support, with market participants awaiting the Fed’s interest rate decision.
• Weakening market sentiment pushes Ethereum lower to test the demand zone at $2,300.
• XRP buyers battle to hold support at $1.30, although declining moving averages and fading momentum could keep any recovery in check.

Selling pressure is weighing on the broader cryptocurrency market on Tuesday, with Bitcoin (BTC) leading the correction as it slips further below the crucial $80,000 mark. A similar neutral-to-bearish outlook prevails for Ethereum (ETH), while Ripple (XRP) trades close to $1.30.

Can the Fed decision shift weakening market sentiment?

Sentiment towards cryptocurrencies has weakened in recent weeks as macroeconomic uncertainty, geopolitical tensions and a shortage of key catalysts undermine the market’s ability to sustain gains and consolidate at higher levels. Attention now centres on Wednesday’s interest rate decision from the Federal Reserve (Fed).

The probability of the Federal Open Market Committee (FOMC) leaving rates in the 3.75-4.00% range stands at nearly 90%, according to CME’s FedWatch Tool. Only 10% of market participants anticipate an increase.

With possible spikes in volatility ahead of the Fed announcement, traders could continue adjusting their positions. As rates are expected to stay unchanged, Fed Chair Kevin Warsh’s post-meeting press conference will be closely watched for signals on the central bank’s monetary policy direction.

In an analysis report sent by email, Crypto Finance said, “We expect rates to remain unchanged, so the focus will be on the dot plot and any shift in the forward path,” and added, “Markets currently price a ~90% probability of a skip, followed by a December hike and two further hikes by year-end 2027, taking the target range to 4.50–4.75%.”

Demand for digital assets is still receding, with the Fear & Greed Index now at 48, in Neutral territory. This compares with 55 in the Greed range last week and 70 in the Greed zone last month. A continuation of this trend could make it harder for major crypto assets to maintain elevated prices, leaving Bitcoin likely to revisit structural and psychological levels towards $75,000.

Bitcoin technical analysis: Can BTC bears take control of the trend?

A near-term bearish bias persists for Bitcoin at $79,795, with the 50-day Exponential Moving Average (EMA) at $80,761 limiting the upside. Nevertheless, trading above the 100-day and 200-day EMAs, at $77,725 and $76,375 respectively, points to an underlying constructive broader trend as the latest price leg consolidates.

Immediate demand lies just below the spot price at the $79,664 SuperTrend line. Meanwhile, a Relative Strength Index (RSI) reading of 40 and a negative Moving Average Convergence Divergence (MACD) histogram signal that momentum has weakened following the recent highs.

The first upside barrier is the 50-day EMA at $80,7602. Only a daily close above it would soften the prevailing bearish bias and clear the way for a return towards the recent peak zone.

For the immediate downside, the current trading area near $79,795 provides a very short-term floor, backed by nearby SuperTrend support at $79,664. Losing this support cluster would bring the 100-day EMA at $77,725 into focus, followed by the 200-day EMA at $76,375. Buyers would be expected to step in at these deeper support levels to re-establish the broader uptrend.

Ethereum technical analysis: Could ETH face a sharper sell-off?

Below all major moving averages and the SuperTrend baseline, Ethereum retains a bearish short-term outlook while trading at $2,312. The price sits just beneath the 200-day EMA at $2,316. Further overhead, the 100-day EMA at $2,362 and the earlier break level of the rising trendline near $2,362 strengthen the supply zone.

Even as the pair steadies above its recent lows, momentum remains fragile. The RSI is close to the lower 30s and the MACD line stays negative, indicating continued downward pressure.

The 200-day EMA near $2,316 presents the first resistance. Beyond that, a more substantial barrier around $2,362, where the 100-day EMA meets the broken ascending trendline, could restrict recovery attempts.

The next hurdles are the 50-day EMA at $2,453 and the SuperTrend line at $2,566; both would have to be reclaimed to reduce the broader bearish pressure. The daily chart offers no clearly identified support beneath the current price. Consequently, a sustained move below $2,312 would leave ETH exposed to lower levels of fresh demand not shown here.

Ripple technical analysis: Can XRP withstand mounting headwinds?

Trading at $1.30, XRP remains under pressure in the near term, below every major moving average and the active SuperTrend line. Overhead barriers include the 100-day EMA at $1.33, the 50-day EMA at $1.36 and the 200-day EMA at $1.37. A broader descending resistance trendline also continues to restrict gains.

The RSI near 40 and a still-negative MACD point to weak momentum without oversold conditions. Together, they suggest ongoing downside pressure rather than a bullish reversal in the immediate future.

The first hurdle is the 100-day EMA around $1.33, with the 50-day EMA near $1.36 and the 200-day EMA at $1.37 following above it. These averages form a concentrated supply zone alongside the descending trendline resistance. Further away, the SuperTrend level at $1.45 represents a structural barrier that must be regained to temper the broader bearish outlook. With no clearly established nearby support below $1.30, renewed selling could rapidly drive prices lower until the chart develops a fresh demand zone.

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