Bitcoin price holds above $86,500 on Monday after a slight weekend recovery following last week’s steep correction.
Ethereum price finds support around $2,749, a breakdown below this level is likely to trigger further downside.
XRP price rebounds after retesting the $1.966 daily support.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) begin the week with a modest recovery on Monday after last week’s massive correction. These top three cryptocurrencies are holding above their key support levels, suggesting recovery continuation. However, broader market sentiment remains fragile, and any upside could face near-term resistance.
Bitcoin recovers slightly after a massive correction
Bitcoin price faced rejection at $106,453 on November 11 and has declined more than 20% over the past 12 days, reaching a low of $80,600 last Friday. BTC managed a mild rebound over the weekend, closing above $86,830 on Sunday. At the time of writing on Monday, BTC is recovering, trading above $87,700.
If BTC continues its recovery, it could extend the rally toward the next key resistance at $90,000.
The Relative Strength Index (RSI) on the daily chart reads 30, after slipping below the oversold threshold last week, suggesting that downside pressure may be moderating as bearish momentum shows early signs of exhaustion.
On the other hand, if BTC faces a correction, it could extend the decline toward the key psychological level at $80,000.
Ethereum rebounds after retesting the key support zone
Ethereum price faced rejection at the previously broken trendline on November 13 and declined more than 18% over the following 8 days, reaching a low of $2,623 on Friday. ETH saw a mild weekend rebound, finding support near the 61.8% Fibonacci retracement level at $2,749. At the time of writing on Monday, ETH is recovering, trading above $2,840.
If ETH continues its recovery, it could extend the rally toward the daily resistance level at $3,017.
Like Bitcoin, Ethereum's RSI is rebounding from oversold territory, suggesting early signs of exhaustion and a potential recovery ahead.
On the other hand, if ETH faces a correction, it could extend the decline toward the key support level at $2,749.
XRP recovers after finding support at $1.96 level
XRP price found rejection from the 50-day EMA at $2.38 on November 13 and declined nearly 19% in the following 8 days, reaching a low of $1.82 on Friday. XRP rebounded slightly after resting its daily support level at $1.96 over the weekend. At the time of writing on Monday, XRP is recovering, trading above $2.08.
If XRP continues its recovery, it could extend the rally toward the next daily resistance level at $2.35.
The RSI reads 41, rebounding from oversold territory last week, suggesting that bearish pressure is easing and supporting a recovery view.
On the other hand, if XRP corrects, it could extend the decline toward the Friday low of $1.82.
