Major Crypto Slump: Bitcoin and Ethereum Break Key Supports Amid Bearish Momentum
Bitcoin and Ethereum both plunged sharply this week, breaking critical support levels amid growing bearish momentum. BTC fell below $105,500, $103,000 and $102,000, testing a low near $98,277 and trading under the 100-hour SMA. Immediate resistance for BTC sits at $101,250 and $103,500, with key support at $100,150, $98,500 and $95,000. Meanwhile, ETH dropped over 10%, breaching $2,350 and $2,250 and dipping to the $2,120 zone beneath its 100-hour SMA. ETH faces resistance at $2,250 and a bearish trend line near $2,280; a clear break above $2,340–$2,400 could spark a rebound toward $2,500 and $2,620. Failure to reclaim $2,340 risks further declines to $2,150, $2,120 or the critical $2,000 level. Both MACD indicators show weakening momentum below zero, and RSI readings remain under 50, underscoring cautious market sentiment. Traders should watch for decisive closes above key resistance levels to signal potential reversals, while breakdowns below critical supports may trigger deeper losses.
Bearish
The sharp breaks of key supports and sustained trading below the 100-hour SMA for both BTC and ETH signal prevailing bearish pressure. In the short term, traders may see further downside testing critical levels (BTC at $95,000; ETH at $2,000) before potential relief rallies. Long-term recovery depends on decisive reclaiming of resistance zones ($103,500 for BTC; $2,340–2,400 for ETH). Given weakening MACD and RSI under 50, caution prevails and momentum favors sellers until those thresholds are convincingly surpassed.