Bitcoin and Ethereum Face Critical Resistance Amidst Market Volatility
Bitcoin and Ethereum Face Critical Resistance Amidst Market Volatility
Ethereum (ETH) is at a pivotal point, testing major resistance near $3,700. A bullish breakout could propel ETH towards $4,000, and potentially as high as $5,600 according to some analysts. However, failure to breach this level risks a pullback to $3,400 or even a deeper correction towards $2,000. Meanwhile, Bitcoin (BTC) is confronting a significant technical wall around $107,000. While BTC has shown signs of recovery, its ability to clear this resistance will dictate its next move, with potential upside targets around $110,500 or a decline towards $102,350 if the resistance holds. Both assets are in crucial zones, requiring patience and clear confirmation for traders.
Ethereum's Critical Resistance Test
Ethereum is once again knocking on a major resistance level, sparking fresh excitement across the market. After a steady climb, ETH now faces a crucial test near the $3,700 mark, a zone that could determine whether bulls reclaim control or if another pullback is on the horizon. According to Crypto King, a well-known crypto analyst, ETH has reached a crucial point on the daily chart that could determine its next major move. The analyst noted that ETH’s price action is currently hovering around a key level, making this moment critical to track the broader market structure.
Crypto King pointed out that the main uptrend line has been tested once again. Should the bulls manage to reclaim the trendline and drive the price above $4,950, Crypto King believes this could open the door for a strong move toward $5,600. Such a breakout would reaffirm the ongoing bullish trend and could attract renewed market interest. However, the analyst cautioned that failure to hold this key level may invite selling pressure, triggering a drop toward the $2,000 zone and invalidating the broader uptrend that has supported ETH in recent months.
In a more recent update from Ted Pillows, a crypto analyst, highlighted that ETH is now approaching the key $3,700 resistance level that is crucial for its next short-term direction. If Ethereum closes a daily candle above $3,700, it could trigger a fresh wave of bullish momentum, potentially pushing the price toward $4,000. Such a breakout would likely signal that buyers are regaining control and could pave the way for further upside in the days ahead. However, Ted also warned that if ETH fails to break through resistance, a rejection could bring its price to the $3,400 support zone.
Bitcoin Confronts Major Technical Wall
Bitcoin price is attempting to recover above $105,500. BTC could continue to move up if it clears the $107,000 resistance zone. Bitcoin started a decent recovery wave above the $105,000 support. The price is trading above $105,000 and the 100 hourly Simple moving average. There is a bullish trend line forming with support at $104,000 on the hourly chart of the BTC/USD pair. The pair might continue to move up if it settles above the $107,000 zone.
Bitcoin price managed to stay above the $102,000 support level and started a recovery wave. BTC recovered above the $103,500 and $104,200 resistance levels, even climbing above $105,500 before testing the $107,500 resistance zone. If the bulls attempt another recovery wave, the price could face resistance near the $106,600 level, with the first key resistance at $107,000. A close above the $107,500 resistance might send the price further higher, potentially toward $108,000, $109,200, and even $110,500.
However, if Bitcoin fails to rise above the $107,000 resistance zone, it could start another decline. Immediate support is near the $104,800 level, followed by $104,000 and $103,300. Any more losses might send the price toward the $102,350 support in the near term, with the main support sitting at $102,500, below which BTC might struggle to recover.