Ethereum breaks down first, followed closely by Bitcoin, continuing the bearish trend

Author: Juejin Old Cat
Today, ETH has already broken below previous lows, confirming a unilateral downtrend, while BTC is currently under pressure and declining. Following ETH's weakness is only a matter of time. Looking back at intraday movements, BTC has been falling from the high of 84,600, with the current price oscillating around 82,900. The bulls are no longer able to mount an effective counterattack, and market bearish sentiment is rapidly intensifying.
From a news perspective, the overall cryptocurrency market is highly correlated. ETH's breakdown has directly led to a collective weakening of major coins. Coupled with the ongoing fermentation of US SEC regulatory investigations and the risk control upgrades on some exchanges for high-leverage contracts, funds are accelerating their withdrawal from high-risk assets. These series of negative factors are jointly pushing the market downward under pressure.
Technically, on the 30-minute chart, BTC's price has broken below the middle band of the Bollinger Bands, with the moving averages showing a short-term bearish alignment. The KDJ indicator is in the oversold zone but has not yet turned, and the MACD green bars are continuously enlarging, indicating ongoing bearish momentum. With ETH's breakdown, the support at BTC's previous low of 81,800 is becoming precarious, and the probability of further decline below this level is very high.
Strategy-wise, we continue to firmly maintain a bearish outlook, adopting a rebound-to-sell approach. Reserve some tolerance space above, with the core resistance zone around 83,500-83,800. If the rebound within this zone is weak, it is an entry point for short positions. The initial target is the previous support at 81,800; if broken effectively, further downside targets are 81,000-80,500. In trading, strictly set stop-losses, control position sizes, and enter calmly based on resistance levels to seize wave opportunities in the bearish market.
Disclaimer: This article is for market analysis and strategy reference only and does not constitute any investment advice. Trading involves risks. Investors should make independent decisions based on their own risk tolerance and actual market conditions. The author is not responsible for any trading results.