The cryptocurrency market experienced a significant decline following the announcement of tariff news by U.S. President Donald Trump. Major cryptocurrencies have shown negative performance over the past 24 hours, with coins like Ethereum and Solana experiencing a substantial dip in their price. We shall explore Bitcoin, Ethereum and Solana Price Action further in detail.
Currently, Bitcoin is down by 2.15%, trading around $83,000. Ethereum has slipped in trade by 3.56% to $1795, and Solana is in deep red, down by 8%, trading at $115.5.Also, other leading cryptocurrencies are following this bearish trend.
Now let’s understand the key support and resistance levels of Bitcoin, Ethereum and Solana to understand the price movements in the trading session. All charts mentioned below follow the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Bitcoin Price behavior shows continuation of the downtrend in the next trading session, which is currently trading at $83,000. On the upside, we can see in the above chart that the first level of resistance is at $83,880. If the price manages to break above this level, we can observe a good price movement upside. The next resistance zone to watch is at $85,400.
On the other side, if the downtrend momentum continues, traders should keep an eye on key support levels to catch the downtrend movement.
If the price manages to move below the present levels, i.e $83,000, which is acting as a major support, we can observe the further price decline. The next major support levels are observed at $82.200 and $81,250, as it is indicated on the chart.
Ethereum Chart Analysis & ETHUSD Price Action.
Following the Bitcoin movement the Ethereum is also trending lower. Currently, it is priced at $1,794. Here, the coin is trading near the first level of support.
If it manages to break below the first level, the next price level at $1,780 acts as support. If the price continues to fall an another level at $1,754 will act as a support.
As the Ethereum changes the trend towards upside, we can see resistance to the price action at levels $ 1,820, & $1,850 and $1,880. So, if the price of Ethereum manages to break the first level of resistance, we can see an upside price movement to the next level of resistance, as shown in the chart.
Solana Chart Analysis & SOLUSD Price Action.
Solana has seen a deep downtrend following the tariffs announcement, as you can see on the chart, the coin is presently priced at $115.72. If the price manages to break the immediate support at $115.1,1, we can see a more bearish trend. The next level of support is observed at $111.93. If the price fails to hold this level, we can observe a free fall in the coming trading sessions.
On the upside movements, we can observe key resistance levels at $120.77, $123.28 and $127.89. If price reverses from its downtrend and manages to break the first resistance levels, we can observe further price movements to the next resistance levels.
Trade setup Summary.
We are currently seeing a bearish trend to a range-bound price action, which is to be followed in the next trading session. Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for clearer entry and exit points.
Note: Our Daily Crypto Market Analysis and Trade Setup is published every day at 6:00 PM IST on 72crypto.com.
