Major Cryptocurrencies Face Continued Downside Pressure as Bears Dominate
Major Cryptocurrencies Face Continued Downside Pressure as Bears Dominate
Both Bitcoin (BTC) and Ethereum (ETH) are currently under significant selling pressure, with prices breaking below critical support levels. Technical analysis across both leading cryptocurrencies indicates a strong bearish trend, suggesting that further declines could be imminent as market sentiment remains negative. Traders are closely monitoring key resistance and support zones for any signs of reversal amidst this downward momentum.
Ethereum's Bearish Outlook Persists Below $2,000
Ethereum (ETH) initiated a fresh decline, falling below the $2,000 mark and consolidating in a bearish zone. The price is trading beneath $2,010 and the 100-hourly Simple Moving Average. A clear break below a bullish trend line with support at $2,015 on the ETH/USD chart signals continued downside risk. While an attempt at recovery was noted, bears remained active near $2,040. Immediate resistance for ETH is seen near $2,020, followed by key resistance at $2,030 and $2,050. A successful breach above $2,050 could pave the way for a recovery toward $2,085 or even $2,120. Conversely, if Ethereum fails to clear the $2,050 resistance, it could start another decline, with initial support near $1,980 and major support at $1,965. Further losses might push the price towards $1,920, $1,850, or potentially $1,780. Technical indicators, including the Hourly MACD gaining momentum in the bearish zone and the RSI below the 50 mark, reinforce the prevailing negative sentiment.
Bitcoin Bears Eye Further Breakdown Below $73,000
Bitcoin (BTC) also experienced a fresh decline, dropping below the $73,800 zone after failing to hold above $74,200. The leading cryptocurrency is now trading below $73,800 and its 100-hourly simple moving average. A critical break occurred below a rising channel with support at $73,550 on the BTC/USD chart, indicating increased bearish momentum. Despite a minor recovery wave, resistance near $74,000 held firm, suggesting that upside attempts are being met with strong selling. If Bitcoin fails to rise above the $74,200 resistance zone, it could trigger another decline. Immediate support is near $73,000, with major support levels at $72,500 and $72,000. Sustained pressure could push the price towards $71,500 and eventually the main support at $70,850, below which BTC might struggle significantly to recover in the near term. Similar to Ethereum, Bitcoin's Hourly MACD is gaining pace in the bearish zone, and the RSI for BTC/USD is below the 50 level, reinforcing the potential for continued downward movement.