- Ethereum and Bitcoin both dropped below key support levels, pulling the broader crypto market lower.
- ETH now risks further losses unless it reclaims $2,000.
The crypto market is under strong pressure as major assets extend losses. Ethereum, Bitcoin, and XRP all moved lower after failing to hold key support levels. Selling pressure has increased across the board, pushing the market into a clear downturn.
Ethereum Loses $2,000 Support as Bears Take Control
Ethereum struggled to maintain momentum above $2,000 and eventually broke below it. The price attempted a recovery move toward $2,200 but failed to sustain gains.
ETH also slipped below the 100-day simple moving average, signaling weakening strength in the market. It failed to hold the 76.4% Fibonacci retracement level of its previous recovery wave.
On the downside, buyers may attempt to defend the $1,720 and $1,700 range. If losses continue, Ethereum could move toward $1,650 and even $1,565 as the next major support zone.
On the upside, sellers are likely to remain active near $1,880 and $1,920. A strong recovery above $2,000 would be needed to restore bullish conditions and open the path toward $2,200.
Bitcoin Slides Below $68,000 as Selling Pressure Builds
Bitcoin also turned lower after failing to extend its upward movement. The price dropped below the $68,000 support zone, which now acts as a key resistance area.
Market sentiment has weakened as Bitcoin struggles to reclaim lost ground. This shift has added pressure across the broader crypto market, contributing to the ongoing selloff.
XRP Drops Alongside Broader Market Weakness
XRP also declined by more than 5% as selling pressure spread across major cryptocurrencies. The coin fell below $1.18, reflecting the overall weakness in the market.
The move highlights how closely altcoins are tracking Bitcoin and Ethereum during this downturn.
Ethereum remains at a critical point. A recovery above $2,000 could shift sentiment and open the way toward higher levels near $2,200. However, failure to reclaim this level may keep pressure on the downside, with $1,700 acting as a key area to watch. A break below it could accelerate losses.
Economic Data Adds Pressure on Crypto Sentiment
Recent US initial jobless claims data showed a forecast of 213K compared to 215K previously. While the change is small, broader economic uncertainty continues to influence risk assets like crypto. Investors remain cautious as macroeconomic signals mix with technical weakness across the market.
The crypto market now sits at a fragile stage. Ethereum and Bitcoin are both testing important levels, and the next moves could set the tone for the coming sessions.
ALSO READ: Bitcoin Drops to Lowest Since February as IPO Boom Drains Crypto Liquidity
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