[DigitalToday reporter Jinju Hong (홍진주)] XRP, bitcoin (BTC) and ethereum (ETH) have held up at key support zones after a recent sharp drop, leaving open the possibility of a short-term rebound. The medium- to long-term trend is still bearish, but the market is focusing on whether there will be a technical bounce as signs emerge that selling pressure is easing.

According to blockchain outlet U.Today on June 25 (local time), all three assets are trading below major moving averages, but a slowdown in additional panic selling after the sharp drop is being observed.

XRP is first trying to rebound around $1.08, near this year’s low range. Since breaking below $1.28, which was a key support level in early June, it has failed to build clear upside momentum and has continued a bearish pattern by posting lower highs on each bounce.

Still, the current price is retesting a zone that acted as support during a sharp drop in February. U.Today analysed that this area is one of the most important support ranges this year and that the current level has strong oversold characteristics, raising the possibility that much of the fear-driven selling has already been absorbed.

The key going forward is whether the $1.05 to $1.10 support holds. A more meaningful rebound could be possible if it then regains $1.18 and breaks back above $1.28, which used to be a support level, it said.

Bitcoin is searching for direction while moving sideways around $61,000. It faced bearish pressure throughout June after plunging from the $80,000 range to the low $60,000s, but additional declines have been limited recently as it repeatedly holds the $60,000 to $61,000 range.

U.Today highlighted that trading volume surged during the plunge and then returned to normal levels. It said this resembles a local bottom-formation pattern that appears after forced liquidations and panic selling have ended. The relative strength index (RSI) also recovered to a neutral level after leaving oversold territory, but prices have not risen much, raising the possibility that this is a consolidation phase ahead of a major directional move.

Still, bitcoin is also trading below its 50-day and 100-day moving averages, making it too early to talk about a trend reversal. The key resistance range is $65,000 to $66,000. If it breaks above that zone, a wave of short-covering could push prices higher to $70,000 to $72,000, but if it fails to break through, the bearish trend is likely to continue.

Ethereum is also showing signs of forming a base in the $1,650 to $1,700 range. A recent plunge broke below major support levels in succession, but it has continued to move sideways near $1,600 instead of extending the drop. U.Today said this is a move often seen as market participants search again for a fair price after a sharp decline.

Still, it is also too early to say ethereum has reversed trend. The 50-day, 100-day and 200-day moving averages all remain sloping downward, leaving the medium- to long-term trend still bearish. Trading volume, which spiked the most during the plunge, is also gradually declining. It is a sign a temporary balance is forming between buyers and sellers, but it is hard to view it as clear evidence for an upside breakout, it said.

Ultimately, the market is seeing all three assets as taking a breather at key support levels after the sharp drop. Whether XRP defends $1.05 to $1.10, whether bitcoin breaks above $65,000 to $66,000, and whether ethereum continues to stabilise near $1,700 remain key variables for the short-term trend.