Tensions in the Middle East have risen again, causing the cryptocurrency market to plummet within minutes of the news breaking. According to Nick Valdez of VerifiedInvesting.com, if Bitcoin continues to decline, several key support levels will determine how far Ethereum, XRP, and the entire market will fall.
What triggered the decline?
Valdez attributed this sharp decline to the renewed escalation of tensions in the Middle East, as well as a post by President Trump on social media. Some cryptocurrencies experienced even greater declines:
- Cardano ( ADA ): Down nearly 7%
- Avalanche ( AVAX ): Down 6.6%
- XRP: Fell by about 4.5% within about half an hour
- Solana ( SOL ): Down about 4%
- Ethereum ( ETH ): There were almost no changes at first.
Bitcoin: Drivers of the Trends of Other Cryptocurrencies
Valdez The judgment on altcoins all depends on one thing: whether Bitcoin will continue to fall. BTC This week, it fell below $81,000, breaking through the support range of $81,600 to $82,930 previously identified by other analysts. The next level of attention for the market is around $78,200, which is where the 50-week moving average is located, followed by $75,000.
Ethereum: Bullish flag pattern under pressure
Valdez believes that Ethereum is currently trading within a bull flag pattern, which usually indicates a potential upward trend in the future. The bottom of this flag pattern provides support around $2,357 to $2,360. If this level is held, ETH suggests that prices might later test the resistance level around $3,200, but first, it is necessary to break through the current range.
He also mentioned Tom Lee's company BitMine, stating that the company holds approximately 5% of the circulating ETH and can earn about 3% in annual income through staking. If the selling continues, he is paying attention to the closing price of BitMine stocks on September 16th; that gap has not yet been filled to date.
XRP: Tracking the trend lines since August
XRP has attempted to break through resistance on the four-hour chart multiple times, but failed each time. Valdez is currently focusing on a trend line drawn from XRP's high point on August 26th, which previously served as resistance.
If Bitcoin continues to fall, he expects this level to provide support at a position slightly above $1.278, which is also slightly below $1.30.
Other cryptocurrencies he follows
- Solana: $100 is a significant psychological barrier. If it breaks below that, Valdez is watching $97, followed by $90, which is close to an old downward trend line.
- Cardano: The support level is a level that was tested in July, August, and September. ADA It once approached 30 cents, around 28 cents, before sellers regained dominance.
- Avalanche: The support level is slightly below $10.
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