Benzinga - Major cryptocurrencies traded in the red on Friday with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) declining over 4.6% as news of troubles at Silvergate Capital Corp (NYSE:SI) sparked a panic sell-off.
See Also: How To Buy Bitcoin (BTC)
Strong economic data suggestive of sticky inflation and tough talk by Federal Reserve officials about longer rate hikes are also not helping the assets in the current environment. Investors and traders will be keenly watching out for whether these major tokens will breach their key support levels in the coming days or bounce back from the mark. Here's a look at what the charts indicate about crucial levels for these tokens:
1. Bitcoin: The daily chart of Bitcoin shows the token has declined after nudging a crucial resistance close to the $25,200 level. The level is important because the cryptocurrency tried to nudge the level back in August 2022. However, it failed to breach the mark on the upside and initiated a downward trend, hitting close to the $15,600 level by Nov. 2022. As the token witnesses a sell-off, the next support will be close to the $21,500 level. If this mark is breached, levels close to $18,400 could be tested.
Source: Trading View
2. Ethereum: Ethereum, too, has nudged levels close to $1,740 before declining in the current sell-off. The $1,500 level will be a crucial support in the short term and if the token breaches this mark, further slide towards $1,380 levels could be expected.
Source: Trading View
Read Next: Harvard’s Jason Furman Backs 50 Bps Rate Hike In March: Fed Should ‘Stick With Reaction Function It Set Out’
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
