Cryptocurrencies experienced a sharp decline during the early hours in Asia, driven by heightened fears of a prolonged US-China trade conflict. Investors are bracing for President Donald Trump’s sweeping new tariffs to take effect. Bitcoin, Ethereum, and Solana, along with other major cryptocurrencies, are all trading in the red as global financial markets face significant pressure due to escalating trade tensions.
We shall understand the price action, key support & resistance levels and trading strategies of Bitcoin, Ethereum, and Solana in detail, along with charts.
Bitcoin dropped 8.5% to $76,000 while Ethereum slipped 8% to $1,450 and Sola dropped to $103.9 by 7.8%. The broader cryptocurrency market also came under pressure in the last 24 hours.
Now let’s understand the key support and resistance levels of Bitcoin, Ethereum and Solana and discuss the potential trading strategies for the next trading session. All charts mentioned below are based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Bitcoin is currently trading around $76,100 with an immediate first level of support at $75,760. If the price manages to break this level, we can see a downfall to the next support at $74,480, and a decline in price below this level will push the price to fall further.
On the upside, we can see in the chart that the first level of resistance is at $77,900. 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 $80,830 and $82,768, as it is marked.
Ethereum Chart Analysis & ETHUSD Price Action.
With the Bitcoin movement the Ethereum is also trending lower. Currently, it is priced at $1,453. If the price manages to break below the first level of support at $1,411, we can observe the price moving towards the next price level at $1,383. Also, if price manages to break the second level, we can observe a further downside.
If Ethereum tends to move towards the upside, we can see resistance to the price action at levels $1,489, $1,540, and 1615. 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 managed to stay in green in the previous trading session following the sharp selloff but failed to hold it, causing it to fall sharply.
The coin is presently priced at $103.9. If the price manages to break the first level of support at $102.8, we can see a more bearish trend. The next level of support is observed at $101.2. If the price fails to hold this level, we can observe a free fall to the next level at $97.0.
On the upside movements, we can observe key resistance levels at $107.7 and $112.2. If price manages to break the first resistance levels, we can observe further price movements to the next resistance levels.
Trade setup Summary.
In the current market situation, we can observe that the cryptocurrency market will follow a bearish trend for more short time, which can be observed in the next trading sessions.
If the price of the cryptocurrency manages to break the resistance levels, we can observe a more uptrend. Also, if resistance levels are not taken off, the market can experience a range-bound 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 more accurate 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.
