- Technical Outlook on Altcoins: Ethereum and XRP Eyeing Short-Term Rebound

Ethereum is approaching the resistance level at $2,300 as of this report on Wednesday, after testing the support level at $2,110 on Tuesday. A slight uptick in the (RSI) indicator to 27, within the oversold region on the daily chart, suggests a potential slowdown in bearish momentum. Traders will watch for the RSI to rise toward the midline to confirm a steady price recovery, targeting the next key hurdle at $2,400.

Meanwhile, the MACD indicator remains below the signal line on the same chart as investors reconsider their positions. The red bars on the chart appear to be fading, which could indicate a short-term bullish reversal.

Daily chart of ETH/USDT
As for XRP, buyers are maintaining the support level at $1.60 after a sharp correction to $1.53 on Tuesday. The RSI indicator has reversed above the oversold zone at 30 on the daily chart, indicating a possible gradual easing of downward pressure.

Daily chart of XRP/USDT
Holding the support at $1.60 could signal stability and encourage investors to take risks, increasing the chances of a rebound to the Monday high of $1.66.

Conversely, since the MACD remains below the signal line on the same chart, the less resistant resistance path may persist, raising the likelihood of an extended correction to $1.50—a support level tested on Saturday.