Bitcoin and Ethereum Tumbled as Solana Remained Under Pressure

Bitcoin experienced a sharp decline, falling to $94,000 from its peak of over $100,000. The price of Ethereum has fallen precipitously from its recent peak of over $4,000 to $3,197. Solana is still under a lot of bearish pressure.

Bitcoin dropped sharply from its peak of over $100,000 to $94,000. As the market grpples with a shift in momentum, a retracement seems to be on the horizon.

While the price correction may concern some, there are key trends and dynamics to monitor that hint at what Bitcoin might do next.

The short-term rising trendline, which acted as support during Bitcoin's recent rally, is now broken to the downside on the chart.

This breakdown suggests that the short-term bullish momentum is weakening. The next key support levels to watch are the psychological level of $90,000 and the 50 EMA at $91,798.

If buyers step in, these levels could provide some cushion against further declines.

Volume analysis shows a significant increase in selling pressure over the past few sessions.

However, the RSI, which currently sits at 43, indicates that Bitcoin is approaching oversold territory.

This dynamic, which often precedes a possible relief rally or a period of consolidation, could allow the bulls to regroup.

On the broader time frame, Bitcoin is still trading above its 100 EMA ($82,971), which has historically acted as a strong support level during market downturns.

As long as this level holds, the overall bullish structure remains intact.

Reclaiming $97,000 to the upside would signal a recovery and potentially spark another leg up.

Looking ahead, Bitcoin's trajectory will depend on the market's ability to hold key support levels.

If selling pressure persists, a deeper correction could test the $85,000 zone.

On the other hand, if buyers regain control, Bitcoin could stabilize and attempt to recover $100,000, indicating renewed market confidence.

Ethereum tumbles From recent highs above $4,000, the price of Ethereum has plunged drastically to $3,197.

The current state of affairs presents a challenging scenario for the second-largest cryptocurrency, making it difficult for it to regain the $4,000 mark and recover more than 30% of its value.

As a result of the recent sell-off, Ethereum is now trading below important support levels, including the 50 EMA, which was once a strong bullish indicator.

When this level is breached, it indicates that ETH has lost a significant amount of momentum, putting the market at risk.

The high trading volume that coincided with the sell-off also raises concerns, as it suggests that the market is actively participating in the decline.

At $3,033, the 100 EMA provides the next major support level.

If it fails to hold, Ethereum could be set for further declines and a potential test of the psychological $3,000 round number.

To restore investor confidence and pave the way for a possible rally, ETH needs to rise back above $3,800.

At 35, the Relative Strength Index (RSI) indicates that Ethereum is approaching oversold territory.

This could give bulls some hope, as similar conditions have historically resulted in relief rallies.

However, any upward movement is likely to face strong resistance at the $3,500 and $3,800 levels.

On a broader scale, Ethereum's market struggles reflect the mood of the entire market, with riskier assets coming under pressure amid tightening macroeconomic conditions.

Solana under pressure Solana continues to face bearish pressure as its price drops below key support levels.

SOL is currently trading at $183 and is approaching the 200 EMA at $174, which is often a critical level for determining trends.

The asset's bearish outlook is strengthening as it fails to maintain its position above the 50 and 100 EMA's.

As Solana broke out of its descending channel, indicating heightened bearish sentiment, the market saw a spike in volume.

This volume spike, coupled with the asset's downward price action, suggests that more traders are agreeing on the possibility of additional downside.

With increasing market participants adopting a bearish stance, this downward move reflects a general lack of confidence in Solana's performance going forward.

This downturn has serious implications for the asset.

If the 200 EMA is breached, Solana could be set for support at $150, a crucial psychological level, which may lead to even lower price points.

The Relative Strength Index (RSI), at 31, is approaching oversold territory but not yet indicating a definitive reversal, allowing for further downward movement before a potential rebound.

Solana's difficulties are magnified on the larger market stage by the bearish sentiment in the