Cryptocurrency markets experienced a turbulent period on the 18th of December as the US Federal Reserve announced a 0.25% interest rate cut, triggering a decline in Bitcoin (BTC) to $100K. Ethereum (ETH) and Ripple (XRP) also faced losses during the same trading session, with ETH dropping 6.8% and XRP plummeting by 10%. Despite these setbacks, all three major digital assets managed to find support at crucial short-term levels, leading analysts to remain optimistic about the future of risk-on assets.
BTC managed to defend the $100K mark, with bulls holding strong since the 12th of December. The recent sell-off following the FOMC meeting found support at this psychological level, confirming it as a key support zone. Additionally, the 100-day EMA played a significant role in halting past BTC dumps since October, aligning with the channel lows to create a strong short-term support range between $98K and $100K. If this support holds, a potential move to the mid-range of $104K and the upper level of $108K-$109K could be on the cards. However, a breach below the support could lead to further downside, with $90K and $85K becoming viable targets for bears. The recent decline was driven by a liquidity hunt concentrated at $102.5K, $105K, and $108K levels.
ETH, on the other hand, has been consolidating between $3.5K and $4K since early December. After dropping from $4.1K, it found support at the $3.5K range-lows. A move higher to $3.7K and $4K could be possible if the range-low holds, with a break above the trendline support confirming a potential uptrend continuation. Conversely, a crack below the channel’s support could see ETH revisiting $3.3K or $3.1K.
XRP, despite a 10% drop, managed to hold above its Q4 trendline support, showcasing relative strength compared to BTC and ETH. Bulls could target the $2.8 level or aim for the 2021 cycle high of $3.3 using the support as a springboard. Recent developments such as the stablecoin RLUSD launch and ETF expectations in 2025 have bolstered bullish sentiment. However, a breakdown below the support could pave the way for short sellers to push XRP lower towards $2 or $1.6.
In conclusion, BTC, ETH, and XRP have defended crucial support levels, indicating a potential trend reversal to the upside. However, the impact of low trading volume during the Christmas period remains a factor to watch closely as the market navigates through the holiday season. the perspective of a travel enthusiast who has just returned from a trip to a remote island in the Pacific Ocean.
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