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Bitcoin and ETH Price Prediction: Strengthening Bearish Case, Why SOL Might Dive

By:
Aayush Jindal
Published: Jun 29, 2022, 15:03 GMT+00:00

Bitcoin price could resume decline below $20,000, Ethereum’s ether might trade below $1,100, and SOL is struggling to stay above the key $34.50 support.

Solana

Key Insights:

  • Bitcoin is showing signs of more downsides below $20,000.
  • Ether (ETH) could dive further below the $1,100 support.
  • SOL is testing a major bullish trend line on the daily chart.

Bitcoin

Recently, bitcoin price attempted a fresh move above the $21,250 resistance zone. However, the bulls failed to gain strength and there was a bearish reaction below $21,000.

The price declined below the $20,550 support and the 21 simple moving average (H1). It even spiked below the $20,000 level and is currently consolidating losses. On the downside, there is a crucial support near $19,850.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

A clear move below the $19,850 zone could spark a major decline in the coming sessions. On the upside, bitcoin is now facing resistance near the $20,550 level and a bearish trend line.

Ethereum (ETH)

ETH also followed a similar pattern after it failed to clear the $1,250 resistance zone. There was a fresh decline below the $1,200 level and the 21 simple moving average (H1).

There was a move below the $1,155 support level. Ether spiked below $1,100 and is currently stuck in range. On the upside, there is a hurdle forming near $1,125 and a bearish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there is no recovery above $1,125, the price could accelerate lower below the $1,100 level. The next major support sits near the $1,020 level.

Solana (SOL)

SOL formed a base near the $25 zone and started a recovery wave. There was a slow increase above the $28 and $30 resistance levels.

The price even moved above $35 and the 21-day simple moving average. The bulls pushed the price towards the 50% Fib retracement level of the downward move from the $59 swing high to $25 swing low, where the bears emerged.

SOL Daily Chart
SOL Daily Chart by FXEmpire

Recently, there was a bearish reaction towards the $35 level and the 21-day simple moving average. SOL price is now trading near a key bullish trend line with support near $34.50 on the daily chart.

A downside break below the trend line support could spark a drop towards the $25 level. Conversely, the price might recover and rise towards the $45 level.

ADA, BNB, and DOT price

Cardano (ADA) settled below the $0.50 level. The price is showing bearish signs and might continue to move down towards the $0.45 support.

Binance Coin (BNB) is down 5% and trading below the $220 and $225 levels. The next major support is near the $210 level.

Polkadot (DOT) is moving lower towards the $7.00 support. A downside break and close below $7.00 could set the pace for a move towards $6.62.

A few trending coins are LEO, ZRX, and SNX. Out of these, ZRX is gaining pace above the $0.35 resistance zone.

About the Author

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specializes in market strategies and technical analysis, and has spent over a decade as a financial markets contributor and observer

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