3 Altcoins Poised to Break Below Key Support Levels Amid Heavy Selling

• Bitcoin crashes below key support, dragging altcoins down.
• Ethereum struggles to find support after initial ETF hype fades.
• Solana, BNB face crucial tests as overall market sentiment weakens.
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The cryptocurrency market continues its relentless slide, with major coins like tumbling sharply since yesterday. Heavy trading volume accompanied these losses as key support levels were broken across the board.

Bitcoin, in particular, suffered a brutal breakdown today. The daily candle closed decisively below the critical $60,000 support zone, a level that had held firm since March. This aggressive plunge by the leading cryptocurrency raises serious questions about where buyers will find their next line in the sand.

The pain extends beyond Bitcoin. , , and , all major altcoins with significant market capitalization, have fallen alongside their leader. However, these altcoins are historically known for their higher volatility, which could also translate into faster recoveries. Identifying new support levels for these altcoins becomes even more critical in this environment as they attempt to regain their footing.

1. Ethereum Retreats After Initial ETF Approval Surge

Ethereum gave back its gains following the ETF approval announcement. The cryptocurrency initially surged over 25% after the SEC opened the door for spot ETFs in May. However, prolonged uncertainty surrounding the ETF process, coupled with a general market decline, weakened demand for ETH, causing it to fall below the key support level of $3,380 last week.

Since yesterday, heavy selling pressure has pushed Ethereum below its next support level at $3,260 (Fib 0.618), with increased volume sales. The daily outlook now shows a gap down to an average of $3,090, which is the critical last support zone to prevent further declines. A loss of support just below $3,100 (Fib 0.786) could strengthen the sell signal indicated by EMA values.

Despite the bearish trend, the Stochastic RSI is worth monitoring for a potential trend reversal. Currently, the Stoch RSI is turning down rapidly, suggesting the bearish momentum may continue. However, if Ethereum attracts new buyers around $3,100, it could challenge the resistance at $3,265. Breaking this resistance would signify a recovery in ETH and a break from the short-term downtrend. If not, Ethereum could retreat further to $2,865, a demand zone highlighted during the April-May period, in daily closures below $3,100.

2. Solana Approaches Support Level

Solana (SOL) recorded a strong bullish performance from October 2023 to March this year, riding the general recovery trend. However, over the last three months, the cryptocurrency has lost momentum and entered a consolidation phase. Despite this, SOL has shown more resilience compared to Bitcoin, which recently broke below its consolidation zone.

Solana has found support in the $125-$130 range on average, maintaining this horizontal outlook…