After the war escalated between Iran and Israel, both international and crypto markets took a hit last night, closing the week on a bearish note. BTC is retesting the $100,000 mark, while ETH is rejecting its $2,400 support. Will these crucial support levels break next week? Let’s go over the possibilities together.
7 Days Heatmap
The 7-day heatmap is flashing all red, with BTC down over 3% and ETH nearly 9%, dragging the entire crypto market down with them.
BTC Analysis
As mentioned in our last BTC update, as long as the $100,000 round number and the previous major low hold, the overall long-term bias will remain bullish.
If the $100,000 level is broken to the downside, a bearish trend could begin, targeting $95,000 as short-term support and $90,000 as medium-term support.
ETH Analysis
As per our latest ETH update, it rejected the upper bound of the blue channel and dropped aggressively.
It is currently retesting the lower bound of the channel and the $2,400–$2,500 support zone.
As long as the $2,400 support level holds, the bulls will retain the upper hand.
If the $2,400 level is broken to the downside, a further drop toward the $2,100 support level would be very likely.
Quote of the week
When it’s raining gold, reach for a bucket, not a thimble.
~ Warren Buffett
Closing Remarks
In summary, following the escalation of conflict between Iran and Israel, global and crypto markets closed the week in the red.
BTC is retesting the $100,000 mark, while ETH is hovering near key support at $2,400. The 7-day heatmap reflects this pressure, with BTC down over 3% and ETH nearly 9%.
As long as $100,000 for BTC and $2,400 for ETH hold, the bullish long-term bias remains intact. However, a break below these levels could trigger further downside toward $95,000 and $90,000 for BTC, and $2,100 for ETH.
