Price prediction for the top 3 cryptocurrencies: BTC, ETH, and XRP preparing for a correction.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have simultaneously weakened mid-week, as buying pressure gradually diminishes and bullish momentum shows signs of slowing down. Bitcoin has extended its streak of declining days, currently falling below the $106,000 threshold. Meanwhile, both ETH and XRP have also respectively lost important support zones, raising market concerns about the potential for a deeper correction in the near future.

Bitcoin may fall deeply if it closes below the 50-day EMA

Last week, Bitcoin recorded an impressive bullish of 7.32%, closing firmly above the $108,000 threshold. However, this bullish momentum quickly faced a "cold shower" as strong selling pressure emerged at the beginning of the new week. BTC clearly slowed down, closing below the $106,000 mark just one day later. As of the time of writing, this cryptocurrency is hovering around the $106,100 zone, indicating a lack of decisiveness.

If the pressure for adjustment continues to increase and the closing price is below the (EMA) 50-day moving average – currently at $104,245 – the market may witness a deeper drop to the important psychological level of $100,000.

BTC/USDT Daily Chart | Source: TradingViewOn the daily chart, the Relative Strength Index (RSI) is at 51 – oscillating near the neutral zone – reflecting the tug-of-war between bulls and bears. To reinforce the bearish trend, the RSI needs to break below the 50 level. At the same time, the MACD indicator is also signaling a warning, as the MACD line is about to cross below the signal line – a potential sell signal if the crossover completes.

However, if the important support zone at the 50-day EMA ($104,245) continues to be maintained, Bitcoin has the potential to recover and regain its bullish momentum, aiming to challenge the historical peak of $111,980 set on May 22.

Ethereum is at risk of correction as it breaks important support

The price of Ethereum has failed to hold the important support zone at $2,461 at the beginning of the week, and continues to weaken as it closed below the 50-day EMA at $2,428 during Tuesday's trading session. As of Wednesday noon, ETH is fluctuating around the threshold of $2,428 – indicating that selling pressure has not yet eased.

If the correction trend continues, Ethereum risks falling back to test the bottom of June 22 at the zone $2,111.

Daily ETH/USDT Chart | Source: TradingViewOn the daily timeframe, the RSI index is at 47 – below the neutral threshold of 50 – reflecting the dominance of the sellers. Meanwhile, the MACD indicator has started to converge, indicating a sense of hesitation and lack of clear direction from investors.

However, in a positive scenario, if ETH recovers and closes back above the zone of $2,461, this coin has the potential to challenge the next resistance zone around the mark of $2,724.

XRP faces selling pressure after being rejected at the resistance zone

After failing to break through the important resistance level at $2.23 during the first trading session of the week, the price of XRP has fallen nearly 3% on Tuesday. By Wednesday noon, this coin is hovering around the $2.18 mark – indicating that market sentiment remains quite hesitant.

If the adjustment momentum continues to strengthen, XRP is likely to fall deeper to recheck the strong support zone at $1.96.

XRP/USDT Daily Chart | Source: TradingViewOn the daily timeframe, the RSI is currently fluctuating around the neutral level of 50 – a sign that the battle between the bulls and the bears is still unresolved. A break of the RSI below this level will be a signal reinforcing the bearish trend in the short term.

However, if XRP regains momentum and closes above the resistance level of $2.23, this coin could trigger a new bullish phase, aiming for the nearest peak established on May 23 at the level of $2.47.

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