- ETH faces a critical test at $2,000 amid rising selling pressure and liquidations
- SOL’s bearish trend persists as it struggles to hold support near $122-$124
- ADA and AVAX show weakness, with key support levels at risk of breaking down
The cryptocurrency market is seeing strong selling pressure. Because of this, many are starting to worry about even bigger price drops.
To note, Ethereum (ETH), Solana (SOL), Cardano (ADA), and Avalanche (AVAX) are all losing value quickly. In fact, their short-term price trends look bearish. And as market volatility and trading volumes rise, investors are closely watching key support and resistance levels.
They want to see if prices might recover or if they will fall further. This report offers a price analysis to help understand the situation.
Ethereum (ETH) Tests Key Support Level at $2,000 – Price Check
ETH is currently trading at $2,065.75 after a sharp 5.43% decline.
The price initially started at $2,183.2 but soon faced strong selling pressure. Currently, the most immediate support level appears to be around $2,000. This psychological level is an important price point that could determine the next price move. If ETH manages to stay above this level, it has a chance to stabilize before attempting a recovery.
Resistance at $2,100-$2,150; $2,000 Support Level Crucial for ETH Direction – Price Analysis
On the other hand, resistance is clearly present between $2,100 and $2,150. ETH has faced selling in this area before. Now, if the price can break above this range, bullish momentum could possibly return.
However, if it instead breaks down below $2,000, prices could potentially drop further to $1,950-$1,970. It’s also important to note that ETH’s trading volume increased dramatically, rising by 116.92% to $21.38 billion. This significant increase indicates strong market activity, which may be from liquidations and profit-taking.
Related: Altseason Watch: XRP, ADA, SUI Lead Price Surge Plus Five More to Watch
Solana (SOL) Plummets During Heavy Selling, Support at $122-$124 – Price Alert
SOL has plummeted by 8.54%, now trading at $127.39.
The price began the day at $138.52 but then slowly declined. As it fell, it created lower highs and lower lows. This pattern directly confirms a short-term bearish trend.
SOL Support at $122-$124; Breakdown Could Lead to $115 – Price Check
Key support currently sits between $122 and $124. The price has previously demonstrated some stability at this level. Resistance, conversely, is located around $130-$133.
Bulls have consistently struggled to take control in this area. If SOL can successfully recover above $124 and then break through $130, it could realistically aim for $135 and higher.
If SOL Weakens Further, $118-$120 Next Support Zone – Price Analysis
Despite this potential for recovery, further weakness could still push the price down to $118-$120. And in a more negative scenario, it could even fall to the $115 support level.
Adding to the bearish signals, volume has also increased significantly, jumping by 113.26% to $4.19 billion. This volume surge strongly suggests high market nervousness and the possibility of further volatility.
Cardano (ADA) Tests $0.72 Support After Sharp 8.88% Drop – Price Alert
ADA is experiencing a sharp 8.88% decline, trading at $0.7408.
It started the day at $0.8125 before undergoing a steep fall. The overall downward trend is quite clear with the formation of lower highs and lower lows.
ADA Faces Make-or-Break at $0.72-$0.725 Support Zone – Price Check
The price is now directly testing the $0.72-$0.725 support range. A rebound from here could potentially push ADA back to the $0.76-$0.78 resistance zone. However, should it instead break below $0.72, we could see further price drops toward $0.70 or even $0.68.
Also, trading volume has also jumped, up by 58.20% to $1.77 billion. This significant increase in selling activity may very well cause even greater volatility in the short term.
Avalanche (AVAX) Down Nearly 10%, Key Support at $17.80-$18.00 – Price Analysis
AVAX is down 9.67%, trading at $18.28.
The price opened at $20.13 but then faced consistent selling throughout the day. The lower highs and lower lows clearly show a bearish outlook.
AVAX Needs to Hold $17.80-$18.00 Support for Potential Rebound to $19.50-$20.00 – Price Check
The most immediate support level lies between $17.80 and $18.00. If AVAX can manage to stay above this zone, a possible price recovery toward $19.50-$20.00 becomes more likely.
On the other hand, a clear breakdown below $17.80 could then push the price even further down to $17.00 or even $16.50. The $16.50 zone has historically acted as a strong demand zone.
Related: Crypto’s Odd Rally: SUI, SOL, LINK, ONDO, LTC, HBAR, AAVE, and ADA Surge Despite Bitcoin’s Dip
Adding to the bearish picture, trading volume has also increased, by 31.30% to $367.69 million. This increase in volume further reinforces the market’s present selling bias.
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