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The new week brought further declines in Bitcoin prices, with BTC hitting a low at $61,765, below $62,000. The ongoing net outflows in the Spot Bitcoin ETF sector and concerns about the upcoming Wednesday Fed decision are fueling worries. With volatility expected to continue, what are the price targets for ETH, BNB, and SOL Coin?
Ethereum (ETH)
Bitcoin fell by approximately 12% in April. If it continues to linger in the current price range, BTC will have experienced its worst performance since November 2022. According to Farside Investors, the short-term uncertainty in Bitcoin prices led to three consecutive days of net outflows, indicating that investors are cautious and waiting for a sustained rise before buying again.
Ether specifically faced rejection at the 50-day SMA ($3,397) after rising above the 20-day EMA ($3,214) on April 27. If the decline continues, prices could fall to $2,850 after hitting $3,056.
Binance Coin (BNB)
BNB Coin price found buyers at $592 and experienced a daily loss of 2.3%. Bears, strongly defending the $635 resistance, are feeding off the negativity in the BTC price and starting to target new lows. If the selling continues, the price could drop to $495. Otherwise, a recovery from moving averages could see BNB Coin prices jump to $635 and $692.
Solana (SOL)
The ongoing decline for about 40 days has particularly affected Solana (SOL). SOL Coin bulls, overcoming resistance levels for a new ATH, have significantly weakened due to the overall negative market sentiment. Solana continues its decline and is preparing to test the support at $126. Here are two scenarios: either SOL Coin price bounces from $126, showing strong appetite at lower levels and targets $146, $162.
Or SOL Coin could lose the $126 support, targeting new lows below $107. News coming next Wednesday will likely clarify the outlook for SOL Coin and other cryptocurrencies. For now, investors should be particularly cautious of downward risks.
