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Additionally, the 50-day exponential moving average (EMA), currently at $98,589, could serve as an intermediate resistance level on the way up.
However, failure to hold this support could spell trouble for BTC bulls. A decisive breakdown below the current range may trigger a deeper correction, potentially dragging prices toward the 200-day EMA, which is around $83,026.
The relative strength index (RSI), at 36.74, suggests that BTC is nearing oversold conditions. However, if market sentiment weakens, further downside pressure remains possible.
Ethereum Bounces Off Key Support
ETH is currently testing its .236 Fibonacci retracement level ($2,609) as the next upside target after showing signs of bullish reversal from its deeper support near $2,150, a historically significant area where buyers previously stepped in.
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