Altcoin Update: Ethereum and XRP Maintain Core Support

Ethereum is trading above $2,000, with expectations for it to rise close to its recent high near $2,150. Extended macroeconomic uncertainty, geopolitical tensions, and decreased demand from retail investors remain among the factors continuing to negatively impact this leading digital asset. CoinGlass data shows Ethereum futures open interest volume declined to 13.36 million ETH on Thursday, compared to 13.37 million the previous day. In contrast, open interest volume peaked at 15.33 million Ethereum in July, which weakens current retail investor interest in this smart contract digital asset. The continued decline in open interest volume suggests traders are losing confidence in Ethereum's ability to maintain its uptrend.

Ethereum Futures Open Interest Data | Source: CoinGlass

Meanwhile, the near-term technical trend remains bearish, with price trading below the 50, 100, and 200-day exponential moving averages, which range between approximately $2,218 and $2,867. This outlook keeps Ethereum anchored in a broader downtrend, despite recent stabilization.

Momentum remains fragile, with the MACD indicator line holding above the signal line on the daily chart. The (RSI) near 51 on the same chart indicates neutral momentum following recovery from oversold conditions, suggesting an accumulation phase within a weak technical environment.

Initial resistance appears at the $2,150 level, which is the recent high reached by price, followed by the $2,219 zone where the 50-day exponential moving average caps gains and reinforces the overall downtrend. A daily close above this supply zone would open the path toward the 100-day exponential moving average at $2,546 and the downtrend line.

On the downside, immediate support is noted near the $1,940 level, which is the recent low, and should it break, levels at $1,860 and $1,820 would be revealed as deeper support levels within this corrective wave. As long as Ethereum's price remains below the resistance range of $2,219 to $2,546, rallies will remain susceptible to renewed selling pressure.

Daily chart for ETH/USDT pair

Regarding XRP, institutional activity remained weak on Wednesday, with spot (ETFs) closing without any flows, according to SoSoValue data. Total inflows reached $1.21 billion, while net assets under management stood at approximately $986 million, despite declining investor interest.
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