• Bitcoin shows weakness by breaking and closing below the $69,500 level.
• Ethereum hovers around the daily support level of $2,419; a sustained close below this mark could trigger further decline.
• Ripple price is approaching the $0.488 level; a firm close below would suggest a continuation of its downtrend.

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US electionsleading to a fall in prices. On Monday, they moved closer to key support levels, and a firm close below these levels could signal further declines.

Bitcoin shows signs of weakness after rejection around its all-time high of $73,777

Bitcoin Price was rejected around its all-time high (ATH) of $73,777 on October 29 and declined by 5.44% over the next five days, closing below the $69,500 level on Saturday. At the time of writing on Monday, it is trading slightly higher, around $69,150.

If BTC continues to fall, it could collapse further to retest its psychologically important key level of $66,000.

The Moving Average Convergence Divergence (MACD) indicator further supports Bitcoin’s decline, signaling a bearish crossover on Sunday’s daily chart. The MACD line (blue line) has moved below the signal line (yellow line), giving a sell signal. It shows increasing red histogram bars below the neutral zero line, also suggesting that Bitcoin price could see downward momentum.

BTC/USDT daily chart

Conversely, if BTC breaks through and closes above the $69,500 level, it could move back up to retest its ATH level of $73,777.

Ethereum is poised for a downturn if it closes below its daily support level of $2,419.

Ethereum price is hovering around its crucial support level of $2,419 on Monday. This level is important because it roughly coincides with the 50% price retracement level at $2,485, the ascending trendline (drawn from the junction of several lows with a trendline since early September), and the daily support at $2,419.

If ETH breaks the ascending trendline and closes below the $2,419 support level, it could extend the decline by 11% to retest its September 6 low at $2,150.

The MACD indicator further supports Ethereum’s decline, signaling a bearish crossover on October 31. The MACD line has moved below the signal line, giving a sell signal. The increase in the red bars of the histogram below the neutral zero line also suggests that Ethereum price may be seeing downward momentum. Additionally, the RSI on the daily chart sits at 45, below its neutral level of 50, indicating increasing bearish momentum.

ETH/USDT daily chart

However, if the ascending trendline provides support, ETH could rally back to its current level and retest its October 21 high at $2,769.

Ripple poised to fall if it closes below key support level

Ripple Price faced resistance around the daily level of $0.544 on October 29 and declined by 5% through Sunday. At the time of writing on Monday, it is trading slightly higher, around $0.507.

If XRP declines and closes below $0.488, it could extend the decline by 12% to retest its August 5 low at $0.431.

The RSI indicator on the daily chart is at 41, below its neutral level of 50, suggesting that bearish momentum is gaining momentum.

XRP/USDT daily chart

On the other hand, if XRP breaks through and closes above the 200-day EMA at $0.548, it could extend the 13% rally and retest its next daily resistance level at $0.626.