- Technical Outlook on Altcoins: Ethereum and XRP Test Key Support Levels:

Ethereum maintains an immediate support level above $2000, but its short-term technical outlook is deteriorating. Technical indicators, including the Relative Strength Index (RSI) at 30, which is trending downward on the daily chart, confirm increasing bearish momentum.

Similarly, the MACD remains below the signal line on the same chart, prompting investors to reduce their risk exposure. Additionally, Ethereum's price remains well below the 50-day exponential moving average (EMA) at $2741, the 100-day EMA at $3002, and the 200-day EMA at $3173.

With moving averages declining, they limit Ethereum's potential for recovery. Therefore, a close below the immediate support level of $2000 could accelerate the downward trend and test the lowest level recorded on Friday at $1747.

Daily chart of ETH/USDT pair

On the other hand, XRP maintains its price above the support level of $1.40, with initial resistance at $1.50. The path of least resistance remains downward, as indicated by the RSI, which is below 35 on the daily chart.

If the RSI drops into oversold territory, more investors may turn bearish, increasing selling pressure. If the price falls below the support level of $1.40, it could retest the level of $1.37, which was Monday’s low, and the lowest level recorded on October 10 at $1.25.

Daily chart of XRP/USDT pair

Conversely, the current support level at $1.40 indicates stability, which may attract investor interest before a breakout above $1.50.