ALONE _ TRADER 18

Bitcoin BTC$65,431.20 fell back toward last week's lows, giving up nearly all of its recent gains above $70,000 and resuming its slide alongside weakness in the broader tech sector, as the crypto now trades back around $65,000.

Bitcoin was down 2% over the past 24 hours, with losses in ether ETH$1,916.07 and solana SOL$76.98 roughly tracking.

The decline mirrored broad price action in the Nasdaq, which fell 2% on Wednesday and more particularly in the software sector, where the iShares Expanded Tech-Software Sector ETF (IGV) tumbled 3%. The IGV is now down 21% year to date as investors question the sector's pricey multiples in a world where the coding abilities of artificial intelligence agents appear to be rising exponentially.

"Software stocks are struggling again today," wrote macro strategist Jim Bianco. "IGV is essentially back to last week's panic lows."

"Don't forget there's another type of software, 'programmable money,' crypto," Bianco added. "They are the same thing."

Precious metals not immune
Cruising along with modest gains through most of the day, gold and silver suffered quick, steep plunges in the mid-afternoon. Late in the session, silver was lower by 10.3% to $75.08 per ounce and gold was down 3.1% to $4,938.
$BTC

Ethereum price started a recovery wave above $2,000. $ETH is now consolidating and remain at risk of another decline below $1,980.

Ethereum struggled to extend gains above $2,120 and corrected lower.
The price is trading below $2,050 and the 100-hourly Simple Moving Average.
There is a contracting triangle forming with resistance at $2,040 on the hourly chart of $ETH/USD (data feed via Kraken).
The pair could start a fresh decline if it stays below the $2,120 zone.
Ethereum Price Dips Again
Ethereum price managed to form a base above $1,950 and started a recovery wave, like Bitcoin. $ETH price traded above the $1,980 and $2,020 resistance levels.

The pair even spiked above $2,140. A high was formed at $2,168, and the price is now moving lower. There was a drop below $2,050. The price tested the 38.2% Fib retracement level of the upward move from the $1,745 swing low to the $2,168 high.

Ethereum price is now trading below $2,050 and the 100-hourly Simple Moving Average. If the bulls remain in action above $2,000, the price could attempt another increase. Immediate resistance is seen near the $2,050 level. There is also a contracting triangle forming with resistance at $2,040 on the hourly chart of $ETH/USD.

The first key resistance is near the $2,065 level. The next major resistance is near the $2,120 level. A clear move above the $2,120 resistance might send the price toward the $2,165 resistance. An upside break above the $2,165 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,250 resistance zone or even $2,280 in the near term.

Another Drop In $ETH?
If Ethereum fails to clear the $2,065 resistance, it could start a fresh decline. Initial support on the downside is near the $2,000 level. The first major support sits near the $1,950 zone or the 50% Fib retracement level of the upward move from the $1,745 swing low to the $2,168 high.

A clear move below the $1,950 support might push the price toward the $1,900 support. Any more losses might send the price toward the $1,850 region. The main support could be $1,820.

Technical Indicators

Hourly MACD – The MACD for $ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for $ETH/USD is now below the 50 zone.

Major Support Level – $2,000

Major Resistance Level – $2,065
$ETH