Crypto Giants Battle for Direction at Key Price Points
Crypto Giants Battle for Direction at Key Price Points
Both Bitcoin and Ethereum are currently at pivotal moments, struggling to maintain upward momentum after recent market activity. Ethereum has experienced a significant pullback, dipping below key moving averages and facing bearish technical signals. Analysts warn that crucial support levels for ETH must hold to prevent further declines, although potential for recovery exists if overhead resistance is cleared. Simultaneously, Bitcoin faced rejection at a major resistance zone and has retreated to a make-or-break support level. Its ability to reclaim overhead resistance will dictate its short-term trajectory, with analysts highlighting both immediate downside risks and the potential for strong rebounds if these critical price points are successfully navigated by bulls.
Ethereum's Pullback and Bearish Indicators
Ethereum price has failed to recover above the $3,650 level, entering a fresh decline. Currently trading below $3,550 and its 100-hourly Simple Moving Average, ETH saw a break below a bullish trend line on its hourly chart. Technical indicators, including the Hourly MACD gaining momentum in the bearish zone and the Hourly RSI falling below the 50 mark, suggest a continued struggle for bulls. Immediate support sits near $3,420, with a critical major support at $3,360. A clear move below this level could push the price towards $3,290 or even $3,220. Conversely, if Ethereum manages to clear the $3,550 resistance, it could target $3,650, potentially leading to further gains towards $3,800 or $3,880.
Bitcoin's Make-or-Break Battle at Resistance
Bitcoin is locked in a decisive struggle at a critical resistance zone, having been rejected after an attempt to push higher. BTC has retreated to a pivotal support area, and the next few sessions are deemed crucial: bulls must reclaim the overhead resistance around $107,000–$108,000 to prevent a wider market retreat. While Bitcoin previously held firmly within the $99,000–$101,000 support zone, setting the stage for a rebound, its recent rejection at $107,000–$108,000 indicates significant selling pressure. The price has now moved down to the $105,000 support level, which analysts stress must hold to avert a deeper pullback towards $103,000. Despite the immediate rejection, an attempt to retest the initial resistance area is anticipated, with some viewing the current setback as potentially 'healthy' before bulls make another push.