Weakness In Major Cryptos: What Key Technical Metrics Indicate For Bitcoin, Ethereum, And Solana

Despite a slight recovery in cryptocurrency prices on Wednesday, experts remain divided on the future direction of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The market is at a crossroads, with some analysts anticipating a deeper correction, while others see the potential for a renewed ￰0￱ Bitcoin Trust ETF Hits 52-Week Low According to a report from Barron’s, all three cryptocurrencies have attracted attention from major exchange-traded fund (ETF) issuers and President Trump’s administration, spurring hopes that increased institutional adoption could help stabilize ￰1￱ Reading: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000 The iShares Bitcoin Trust ETF is currently trading more than 20% below its recent 52-week high, which was reached less than a month ￰2￱ peak coincided with the formation of a bearish evening star pattern, and the ETF experienced a notable decline of 3% on October ￰3￱ drop below the $70 mark has added to the bearish sentiment, with the ETF declining in three of the last four weeks, closing within the lower half of its trading ￰4￱ week alone has seen an 8% drop, and the ETF recently undercut its 200-day simple moving average, marking a steep 5.5% decline—the largest single-day drop since April ￰5￱ investors to regain confidence, analysts assert that it is crucial for the ETF to hold near current levels and reclaim the 21-day exponential moving average (EMA), a key indicator of bullish momentum.

Historically, recoveries have taken about six sessions, as seen back in ￰6￱ ETF Faces 17% Weekly Decline Ethereum, represented through the Grayscale Ethereum Trust ETF, has experienced a more pronounced decline, now down 34% from its annual peak and showing a negative year-to-date performance of 5%. This week alone, the ETF has dropped 17%, roughly double the decline seen in the Bitcoin Trust ETF. However, the sharp pullback follows a significant increase of over 220% from early April to late August, making the current retreat appear both prudent and necessary. Notably, the fund has not yet pierced its 200-day simple moving average, having touched it recently while retesting a breakout above a bullish inverse head-and-shoulders ￰7￱ behavior of the ETF around this critical moving average in the coming week will be crucial; if stability can be achieved, it may present an attractive buying ￰8￱ facing resistance at the $40 level on August 22, recent price action could be forming a double-bottom base, provided that the recent lows ￰9￱ Concerns For Solana Solana’s performance has been the most concerning, with its ETF plummeting 41% from its most recent 52-week high set in ￰10￱ heightened volatility may reflect the asset’s relative newness, as it began trading only in ￰11￱ Reading: Ethereum Price Needs To Reclaim This Key Level To Prevent Drop To $1,700 The Solana ETF peaked on September 18 and has since formed a bearish island reversal ￰12￱ the past seven weeks, it has fallen in five of those, with three weeks recording double-digit ￰13￱ week alone, the ETF has dropped another 19% through just two trading ￰14￱ the daily chart, a break below the bearish head-and-shoulders pivot at $19 raises concerns of a potential measured move down to $12.

Ultimately, the report suggests that a potential recovery for the trio would imply further inflows into these exchange-traded ￰15￱ would also indicate a new wave of bullish sentiment returning to the ￰16￱ the time of writing, Bitcoin is trading at $104,190, marking a 3% surge over the past 24 ￰17￱ the same time frame, ETH and SOL also recorded gains of 5% and 4%, ￰18￱ image from DALL-E, chart from ￰19￱