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At the beginning of this week, the crypto assets market continued the downward trend from the weekend. Bitcoin and Ethereum both experienced significant falls, especially during the European trading session where performance was volatile. Although the decline eased somewhat after the US market opened, the overall market sentiment remains weak.
In the past three trading days, these two major Crypto Assets have both reached their respective key support levels. Bitcoin is seeking support around $114,000, while Ethereum is hovering around $4,200. Currently, the market seems to have found a temporary balance near $116,000 (Bitcoin) and $4,350 (Ethereum), with the falling trend slowing down.
From a technical perspective, the 4-hour chart shows some signs of a rebound, which may indicate a potential technical rebound in the short term. However, upward pressure still exists, with Bitcoin facing resistance at $117,000, and Ether needing to break through $4,400 to confirm a reversal signal.
For Bitcoin, the short-term focus should be on the range of $117,200 to $117,600. If it cannot break through, it may fall back to around $114,000. Similarly, the key range for Ether is between $4,425 and $4,455. If it fails to break through, it may fall back to the range of $4,280 to $4,430.
Market participants should closely monitor the fluctuations of these key price levels, while also paying attention to the overall market sentiment and external factors affecting the prices of Crypto Assets. In the current weak market, risk management and patiently waiting may be a prudent choice.