Ethereum struggles to find support after initial ETF hype fades.Bitcoin, in particular, suffered a brutal breakdown today. The daily candle closed decisively below the critical $60,000 support zone, a level that had held firm since March. This aggressive plunge by the leading cryptocurrency raises serious questions about where buyers will find their next line in the sand., all major altcoins with significant market capitalization, have fallen alongside their leader.
Despite the bearish trend, the Stochastic RSI is worth monitoring for a potential trend reversal. Currently, the Stoch RSI is turning down rapidly, suggesting the bearish momentum may continue. However, if Ethereum attracts new buyers around $3,100, it could challenge the resistance at $3,265. Breaking this resistance would signify a recovery in ETH and a break from the short-term downtrend.
If SOL closes below $130 this week, it could trigger a pullback to the $110 region. Conversely, if the current selling pressure eases, SOL might find support around $130, potentially setting the stage to break the falling trend line and anticipate a new rebound. In a possible recovery, reaching the $160 region could end the lower peak formation and quickly increase upward momentum. However, daily closes below $130 present a significant risk for SOL.
Recent inconsistencies between Nonfarm Employment data and other employment indicators have increased uncertainty among market participants. As a result, the upcoming US macroeconomic data has the potential to heighten volatility in the crypto market.
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