Amid the latest market recovery, Ethereum (ETH) attempted to break out from its multi-month downtrend, leading some market watchers to suggest that a new rally could start soon. However, as price struggles to hold the $1,600 level as support, the cryptocurrency risks losing recent momentum. Related Reading: Ethereum Enters Historic Buy Zone As Price Dips Below Key Level – Insights Ethereum Breakout Eyes Key Resistance On Easter Sunday, the crypto market saw a positive end-of-week after jumping 4.2%. Bitcoin (BTC) closed the week above the $85,000 barrier for the first time this month, while Ethereum surged 5.4% to attempt to reclaim the $1,600 resistance for the third time in the past seven days. ETH closed the week around the $1,640 mark before climbing to $1,658 during Monday’s early hours. Amid this performance, the cryptocurrency attempted to break out of its multi-month downtrend for the first time. Crypto analyst Ted Pillows highlighted that Ethereum broke out of its descending resistance on Monday morning. According to the post, the cryptocurrency has been in a downtrend in the one-day chart since early February, retesting the trendline thrice over the past few months, but always being rejected. Its latest rejection from the descending resistance sent the cryptocurrency below the $1,700 mark, which fueled the bearish sentiment brewing toward ETH. The start-of-April retraces, driven by the ongoing tariff war between the US and China, further sent Ethereum to lower levels, hitting its two-year low below $1,400 and retesting the 2018 highs. The analyst noted that ETH could rally toward $2,000 during April’s last leg if the cryptocurrency holds the $1,600 support, which it hasn’t been able to do for most of the month. Is The ETH Bottom Close? Analyst Carl Runefelt also highlighted ETH’s downtrend breakout, affirming that it “might go absolutely parabolic starting from here.” According to Runefelt, the resistance breakout eyes the $3,000 mark, which was lost during the February retraces. However, Ethereum has lost its short-term momentum, retracing its 24-hour gains in the past few hours. Its price dropped below the $1,600 mark into the key $1,500 support level, trading around the $1,570-$1,580 price range. This retracement could hint that ETH’s recovery failed to gain strength, risking a drop to the current level’s lows. However, a bounce from this zone to hold the $1,650 mark could confirm the breakout and propel the cryptocurrency’s price toward $1,700-$1,800 resistance. Analyst Ali Martinez considers that ETH’s new rally won’t start again until it breaks through the $2,330 supply wall, where over 12.6 million addresses purchased around 68-63 million ETH. Related Reading: XRP Wyckoff Pattern Maps Bullish Run To $3.70 This Summer Meanwhile, another market watcher suggested that Ethereum’s trading pair against Bitcoin is “the only chart to look at right now.” Crypto Fella affirmed that the bottom of the ETH/BTC chart is close, as it has reached its lowest level since 2020. Per the chart, the last time ETH/BTC dropped below the 0.022 mark, it hovered between the 0.016-0.022 zone for some months before bouncing toward its late-2021 high. As of this writing, Ethereum trades at $1,571, a 1% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Solana (SOL) has seen a nearly 40% retrace over the past month, losing key support levels since February. As its price retests a key horizontal level, some analysts warn of a potential 50% correction to a yearly low. Related Reading: Solana Falls Under Realized Price: Here’s What Happened Last Time Solana Loses Key Support Level Solana has been one of the leading cryptocurrencies of the cycle, fueled by the market’s memecoin frenzy. The altcoin climbed over 270% in a year to its latest all-time high (ATH) of $270, registered nearly two months ago. Nonetheless, SOL’s bullish sentiment has significantly decreased since January, recently plummeting to its lowest point in over a year. As a result, the cryptocurrency has dropped over 50% from its January 19 ATH. Solana lost the key $200-$220 support zone at the start of last month, with the February market crashes sending SOL to retest its next crucial levels. After losing the $180 mark two weeks ago, its price hovered between the $130-$150 range, surging to the $179 mark at the start of March. This week’s market correction, which saw Bitcoin (BTC) drop to $76,000 for the first time in four months, has sent Solana to new monthly lows. On Tuesday, SOL’s price briefly dropped to $111, a level not seen since the August 2024 market crash, before bouncing back to $125. Amid the ongoing retest, pseudonym trader Crypto Busy warned that SOL must “hold this crucial support to maintain a bullish sentiment above $100.” Crypto analyst Ali Martinez previously noted that the most crucial zone for Solana appears to be between $110 and $125, as this horizontal level served as a key support during its 2021 and 2024 rallies. The analyst suggested that “holding above this range could be key for the next move.” SOL Price Risks Move To $60 Martinez also pointed out that Solana could be on the verge of a breakdown, as it has broken below its key level. According to the post, SOL risks a 50% crash to the $60 mark if it fails to hold the $125 support zone. The analyst highlighted that the cryptocurrency has been forming a right angle ascending broadening pattern since March 2024, when it first reclaimed the level during this cycle. During this period, every higher high on Solana’s chart has created a rising trendline at the top of the pattern, while the $125 support has held “as a strong horizontal support trendline.” Related Reading: Ethereum Risks Another 15% Correction After Fall Below $2,000 – What’s Next For ETH? However, SOL’s break below this horizontal zone has increased the odds of a 50% price correction to the Q4 2023 levels. Additionally, Martinez recently warned of a potential correction based on Solana’s trading pair against Bitcoin, which started to resemble ETH/BTC’s chart. The analyst suggested that the SOL/BTC chart was looking like Ethereum’s trading pair against BTC’s past price action, adding that if it continued to follow this pattern, the SOL/BTC chart could see a drop to the 0.0008 region. After the recent price action, the trading pair hit a 15-month low of 0.0014624 on Tuesday. As of this writing, Solana trades at $124, a 14% decline in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin (BTC) continues to move within its one-week range after recovering from its recent drop to $91,000 but has failed to reclaim support above the $98,000 mark. Some analysts consider that BTC’s sentiment will remain neutral while it regains this support zone and builds up momentum toward a new high. Related Reading: Ethereum Holds ‘Bounce Or Die’ Level: Rebound To $4,000 Could Be Near Bitcoin Price Stability Could Lead To $101K Reclaim Following the start-of-February market correction, Bitcoin has been moving within the $96,000-$99,000 price range. The flagship cryptocurrency has recovered from its momentary fall to $91,000 and found support within its one-week range, only dropping 2% during this Sunday’s market retrace. The largest cryptocurrency has been hovering between $90,000 and $108,000 since the US Elections pump, moving in the mid-zone of its four-month price range for most of this period. Crypto analyst Rekt Capital pointed out Bitcoin’s positive performance, as it “continues to enjoy price stability” above a diagonal trendline support, a previous one-month downtrend line, broken during the latest all-time high (ATH) breakout. Since the DeepSeek-triggered correction, Bitcoin recorded price advances “that have been quickly getting canceled out, as evidenced by the recent upside wicks.” However, BTC’s price continued to hold the diagonal trendline as support over the week, which is necessary to build further momentum. According to the analyst, “As long as it continues to hold, the price will be positioned for a revisit of $101k over time.” After its most recent price action, BTC needs to reclaim the $97,700 mark to “build on this reversal with additional follow-through.” To achieve this, the flagship cryptocurrency must print a daily close above this level and reclaim it as support to build on its momentum toward the $101,000 resistance. BTC Remain Bullish in Higher Timeframes Daan Crypto Trades highlighted BTC’s range hasn’t changed, as it continues to move sideways while many altcoins have been losing ground. According to the X post, Bitcoin is consolidating while attempting a breakout on the lower timeframes. If the flagship crypto reclaims the highs from last week’s initial bounce, above the $100,000 barrier, BTC’s market structure will flip around. Daan stated BTC’s momentum is “pretty neutral” in the short term while bullish in the higher timeframes. Additionally, he pointed out that risk on sentiment will return once Bitcoin goes back into price discovery. According to Rekt Capital, BTC’s Second Price Discovery Uptrend should come in the next few weeks, as the cryptocurrency is trying to “trend reverse out of its 1st Price Discovery Correction,” which started in December. Related Reading: Can Bitcoin Hold $97K? – 1-3 Month Holders’ Data Reveals Crucial BTC Demand Bitcoin has historically begun its second leg up around the 16th week of its Post-Halving Parabolic Phase, suggesting Bitcoin could start its next run to new highs soon. Moreover, February has also been a historically positive month for the flagship crypto. Several analysts have pointed out that BTC’s post-halving year performance has generally been favorable during Q1, generally struggling throughout the first few weeks of the year but gaining momentum throughout February and March. As of this writing, Bitcoin trades at $96,091, a 1.2% decrease in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Ahead of its monthly close, Bitcoin (BTC) has seen another unsuccessful attempt to reclaim the $72,000 resistance as a support level. Despite the drop, some analysts consider the cryptocurrency is still in a strong position for an upcoming breakout, setting the next levels to watch. Related Reading: Analyst Says It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests $2,700 BTC’s Sweet 16 Party Turns Spooky Bitcoin, the largest cryptocurrency by market capitalization, recorded an impressive rally in ‘Uptober,’ surging around 13% in the last 30 days. BTC’s price has jumped from the $58,900 monthly low to near its all-time high (ATH) price of $73,737, reaching the $73,300 mark on Wednesday. Following the green September close, the flagship crypto is set to have its best monthly close since March, potentially registering around 13$ to 14% in monthly returns despite its most recent price action. On its whitepaper’s 16th birthday, Bitcoin recorded a spooky 2% drop, driving the rest of the market to a red Halloween party. BTC’s price fell below the $71,000 mark, reaching an intraday low of $70,600. Meanwhile, the second largest cryptocurrency by market capitalization, Ethereum (ETH), pulled back around 5.1%, losing the $2,600 support zone. Crypto analyst Ali Martinez pointed out that today’s drop is the fifth consecutive rejection BTC faces at $72,000. Since its ATH, Bitcoin has been rejected from this resistance level five times, dropping between 8.2% and 18% the four previous times. Analyst Altcoin Sherpa suggested that BTC could see a 4% to 5% dip if the largest cryptocurrency doesn’t hold the $70,000 support zone. Nonetheless, Sherpa considers that the cryptocurrency should “see some sort of bounce” from the $70,800-$71,400 area in the short term. BTC is expected to have an extremely volatile week ahead of the US presidential elections. Bitfinex analysts predicted that Bitcoin volatility will peak between November 6 and November 8, as speculation and anticipation about the election outcome affect the cryptocurrency’s performance. Is Bitcoin Gearing Up For End-Of-Year Breakout? Cryptoinsightuk weighed in on Bitcoin’s performance, noting that BTC is still at ATH by Open Interest (OI). The crypto investor considers that the Daily Relative Strength Index (RSI) could potentially “cross bearish” today. He also highlighted that $69,600 should work as a key support level for Bitcoin bulls but warned that losing the $66,500 range could be “messy” as BTC’s open interest would “flush.” Meanwhile, Crypto Kaleo posted a more bullish outlook for BTC’s price action. The analyst highlighted that the flagship crypto didn’t break above its ATH when it retested the $20,000 mark in 2020. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Instead, Bitcoin initially pulled back nearly 20% during Thanksgiving, moving from $19,400 to $16,100. Moreover, BTC’s price accumulated within that range for 30 days before breakout, seeing the next leg up in late December 2020. The analyst pointed out the breakout happened 219 days after May 2020’s Halving. As Bitcoin is currently 194 days post-halving, the analyst considers that “a little bit of a pullback here isn’t any reason for concern.” As of this writing, Bitcoin has held the $70,000 support level, currently trading at $70,522. Featured Image from Unsplash.com, Chart from TradingView.com
Despite the ongoing gradual recovery in crypto prices, the latest data has shown a shift in sentiment among retail investors, particularly those in the Korean market, who appear to be more cautious. A CryptoQuant analyst named Mac D recently published insights on the CryptoQuant QuickTake platform, highlighting the implications of this change. Related Reading: CryptoQuant […]
The upcoming 21,000 contract expiry is dwarfed by the significantly larger $4.3 billion options expiry on May 31, according to Deribit.