Ethereum (ETH): Things are not improving, the volatile Bitcoin (BTC) market is certainly causing issues...

Due to the inability of the asset to form a clear direction, Bitcoin price movement is still confined within a sideways channel. Due to the lack of volatility, Bitcoin is experiencing a stagnant environment, raising questions about the entire cryptocurrency market. Bitcoin is trading in a narrow range, making it difficult for investors to determine clear signals for the next move. Currently, Bitcoin is oscillating between support at $92,500 and a key resistance at $107,000.
Buyers or sellers were unable to control the market based on this prolonged sideways movement. Although there are instances when a strong breakout precedes a consolidation phase, the current market structure indicates a lack of momentum that could persist for weeks. Beyond just Bitcoin itself, there are implications from its volatile price movement.
Historically, Bitcoin prices have influenced the largest cryptocurrency market, so its current downturn may be a red flag for other cryptocurrencies. Many investors base their trading decisions on Bitcoin's direction, and given the lack of a clear trend in the market, trading volumes may continue to decline. Additionally, more investors may turn to riskier assets if Bitcoin fails to overcome major resistance levels.
This could lead to a new uptrend if the asset manages to break above the $107,000 resistance level. On the other hand, a deeper correction could pull the entire cryptocurrency market down if Bitcoin drops below the $92,500 support level. Bitcoin remains uncertain at the moment, so traders should closely monitor key price levels to predict the next big move.
Ethereum remains weak
Ethereum price movement continues to indicate weakness as the asset struggles to rise under current market conditions. Despite short-term recovery attempts, Ethereum has failed to reclaim important resistance levels and remains in a prolonged downward trend. The ongoing dominance of meme coins is a key reason for Ethereum's stagnation.
Ethereum has struggled to attract investor attention as speculative assets like meme coins have significantly absorbed available liquidity. With traders focusing on the most speculative opportunities, Ethereum is sidelined as current market conditions favor short-term high volatility plays. With resistance around $3,100, Ethereum is currently trading near $2,865. The fact that the asset remains below important moving averages such as the 50-day moving average indicates that selling pressure is still strong.
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Ethereum could continue to decline towards the $2,600 support level if it fails to break above $3,100. Although a strong push above $3,200 would be needed to signal a true trend reversal, a clear move above $3,100 could shift sentiments to some extent. For now, Ethereum remains in an unstable position where downside risks outweigh opportunities for upside.
The overall market structure indicates that Ethereum will not see significant improvement until the market as a whole moves beyond the current phase driven by meme coins. Traders and investors should not expect a strong recovery until liquidity returns to major assets like Ethereum. Short-term expectations for Ethereum remain pessimistic if it continues to struggle below $3,000 for an extended period.
Solana is under pressure
According to reports, the recent launch of the meme currency Libra has caused losses exceeding $100 million for investors, and Solana is currently facing serious difficulties in the market. Concerns about the environmental system of the largest cryptocurrencies have increased as a result of this incident, making investors more cautious about speculative assets, which could lead to market liquidity loss.
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The technology refers to the possibility of a prolonged decline through breaking Solana below the critical 200-day moving average. Critical support levels around $190 are tough to hold, and if selling pressure increases, it may push further downside movement of SOL towards the $175-$160 range. Market indicators showing a decline in bullish momentum, such as decreasing volume and deteriorating RSI, increase the likelihood of an extended consolidation or even further declines.
Due to the powerful developer ecosystem and high transaction capabilities, Solana's long-term potential is unaffected by current challenges. However, market recovery will require new optimism and an increase in capital, which may take some time given the recent change in investor sentiment.
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