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 in a bearish zone indicates another bearish signal. If the decline continues towards the oversold area, the path of least resistance will remain downward, increasing the likelihood of Ethereum trending down below the $4000 level.
However, recovery is still possible if the support of the 100-day exponential moving average holds at $3,975, and investors buy on the dip. A subsequent rise above the 50-day exponential moving average at $4,240 will confirm the bullish outlook.
The daily chart for the ETH/USDT pair
As for the Ripple currency (XRP), selling pressure has broken a three-day recovery, pushing it to test the resistance level of the (EMA) two-hundred-day exponential moving average at $2.63 on Monday. The cross-border money transfer token is trading above the $2.40 level at the time of this report, which is a short-term support level on the daily chart.
The sell signal from the MACD indicator reinforces bearish expectations, while the Relative Strength Index slides towards the overbought territory.
The daily chart for the XRP/USDT pair
The price of Ripple may extend its downward trend towards $2.00 if the support level at $2.40 is broken. However, bulls may strengthen their grip on regaining the 200-day exponential moving average support at $2.63, increasing the likelihood of breaking the psychological level of $3.00.