Table of Content

• Current Price Action and Support Levels
• Bearish Market Sentiment
• Key Technical Levels to Watch

Ethereum price (ETHUSD) has sharply broken through the 2600.05$ support level strongly, triggering firther intraday losses. As it surpassed 2550.00$, it is now approaching the $2496.20 mark, signaling a continued downward trajectory.This movement suggests Ethereum may aim for additional lower targets, potentially extending down to the $2432.00 level.

Ethereum’s price has been on a steady decline in recent days, struggling to stay above the $2,700 mark. Currently trading at $2500 levels, the market sentiment remains bearish. Although long-term objectives such as achieving 1,000 transactions per second could spark some optimism, these ambitions may have impact if Ethereum cannot break through the critical $2900 resistance level.

ETH faces several ongoing factors to the downward pressure, including a notable 2% drop in Ethereum’s Total Value Locked (TVL) in decentralized finance(DeFi) over the last 30 days. Market confidence has further waned amid reports of the Ethereum Foundation has been liquidating some portion of its ETH holdings, signaling a cautious stance from the foundation itself. Together, these elements contribute to the current bearish sentiment surrounding Ethereum.

Bitcoin Price (BTCUSD) Extends Losses – Will the Downtrend Continue?”

The Bitcoin price (BTCUSD) continue its downward trend, reaching the previously suggested target of $69605.00 in our last technical update. Falling under more negative pressure,BTC has now breached this level and head towards achieving more expected decline in the upcoming sessions, with the next anticipated support level at $67,480.00.

Therefore, we anticipated further intraday declines for Bitcoin, though breaking above $70,555.00 could halt the current downward pressure and potentially signal a shift back toward the main bullish trend.