Bitcoin and ETH Turn Bearish, SOL Reaches Crucial Support

Key Insights:

• Bitcoin is gaining bearish momentum below $41,550.
• Ether (ETH) declined sharply below $3,165.
• SOL trimmed gains after it broke the $120 support.

Bitcoin

After a failed attempt near $43,800, bitcoin price started a fresh decline. The price dropped below the $42,400 support level and the 21 simple moving average (H1).

It even traded below the $41,450 support, opening the doors for more downsides. The next major support is near the $40,750 level, below which the price might dive towards the $40,000 support zone in the near term.

On the upside, bitcoin is now facing resistance near the $41,800 level. The main resistance is now near forming near the $42,400 zone (the recent breakdown zone). A clear break above $42,400 could set the pace for another upward move.

Ethereum (ETH)

ETH also followed a similar pattern from the $3,300 resistance zone. There was a clear move below the $3,165 support level and the 21 simple moving average (H1).

Besides, the price traded below a key bullish trend line with support near $3,250 on the hourly chart. It is now trading near the $3,020 zone. On the downside, the $3,000 level is a key support, below which there is a risk of a larger decline towards the $2,850 support.

On the upside, ether price is facing hurdles near $3,145 and $3,165. The next key barrier is $3,200, above which the price could rally to $3,300.

Solana (SOL)

SOL formed a major top near the $140 level. It started a downside correction below the $132 and $130 support levels.

The bears took control and were able to push the price below the $120 support. There was a break below a key bullish trend line with support near $110 on the daily chart. Besides, the pair broke the 50% Fib retracement level of the main increase from the $77 swing low to $142 swing high.

It is now trading below $110 and the 21-day simple moving average. The bulls are struggling to keep the price above the key $102 and $100 support levels.

The 61.8% Fib retracement level of the main increase from the $77 swing low to $142 swing high is acting as a support. If SOL fails to stay above $100, it could dive towards the $80 level.

ADA, BNB, and DOT price

Cardano (ADA) is down over 8% and there was a move below the $0.95 support. If the bears remain in control, the price might soon test $0.92.

Binance Coin (BNB) is struggling to stay above the $400 support. A daily close below $400 could put a lot of pressure on the bulls.

Polkadot (DOT) declined 9% and there was a break below $18.00. The next major support is near $17.50, where the bulls might emerge.

A few trending coins are ZIL, KNC, and GMT. Out of these, KNC is gaining pace above the $4.00 resistance level.