Market Direction

Market reversal or more pain? BTC, ETH, SOL, HYPE

Published: Mar 10, 2025

The crypto market remains volatile as Bitcoin, Ethereum, and Solana navigate crucial levels. While some assets hint at relief bounces, bearish sentiment dominates. Is a bigger move coming, or will markets continue drifting lower? Let’s break it down.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

BTC:

Open Interest has pulled back substantially over the last 10 days. 10 days ago, OI was at 644k BTC. Following the full retrace of the move on March 3rd, OI came down to 541k BTC. This whip-sawed traders on both sides and this saw a lot of realised loss-taking.
Funding Rates are now quite subdued, suggesting that there isn't the appetite to take large leverage bets at the moment.
In the below, we can see how subdued Funding Rates are today, in comparison back to November when the market was overheated post-Trump win.

BTC funding rates: btcoi10

Technical analysis

On Thursday, BTC rejected into the horizontal resistance at $91,700, losing the price range that had been supporting BTC, and since then, the price has retraced $10,000.
Zoomed out, the price remains in an overall downtrend, along with the RSI.
The RSI has now put in a bullish divergence though (a lower low in price, and a higher low on the oscillator), whilst the RSI is now also creeping above its moving average. This may help to generate a small relief rally.
So far, the rice has found support in the last $ 70k and the $80,000 level.
It's hard to identify a clean local resistance at the moment, although if we had to suggest, we'd say it's the $86,000 to $87,000 zone that can be that next local resistance.
The major overhead resistance is at $91,700. That's the level that'll need to be reclaimed in order to see a bullish reversal.

Next Support: $80,000
Next Resistance: $86,000
Direction: Neutral
Upside Target: $86,000
Downside Target: $75,000

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Cryptonary's take

We see on the timelines (Twitter etc) that sentiment is more bearish despite there still being the dip buyers out there. Price likely bottoms when the 'dip buyers' are no more. However, it is possible that we can get a small relief rally potentially in the immediate term just simply more as a slight mean reversion move.

We're also looking at the S&P and the Nasdaq, both of which are close to oversold and are likely to see a small bounce in the short also. The tricky part to this is that it's hard to know if we go lower before a relief bounce.

Therefore, the way to play this is to look for Shorts into meaningful relief bounces. That's how we're looking to play the short term. We still expect over the coming weeks for BTC to move into the low $70k's at least.

ETH:

ETH's Open Interest remains mostly unchanged as traders continue to take advantage of the basis trade. This doesn't give us much signal from a trading perspective.
ETH's Funding Rate has fluctuated between 0.01% and -0.01% as traders have flip-flopped in their positioning. Although Funding is contained, so by, there is little appetite amongst traders to make big leveraged bets.

ETH's open interest: ethoi10

Technical analysis

From a technical perspective, ETH doesn't look good here.
ETH has just lost the vital horizontal support at $2,160, with the next major support at $1,750.
Yesterday, the price broke below the $2,160 support. The price has since moved up to $2,160 and was rejected from that level. Old support now may have been turned into new resistance.
The RSI has broken out of its downtrend line, and it remains close to overbought territory. This could have helped towards ETH bouncing, but whilst the rice remains beneath $2,160, it's not a good setup for Longs.
If $2,160 can be reclaimed, then $2,420 is the next horizontal resistance level.

Next Support: $1,745
Next Resistance: $2,160
Direction: Neutral/Bearish
Upside Target: $2,420
Downside Target: $1,745

Stay updated on Ethereum price prediction-explore our full analysis for the latest market insights.

Cryptonary's take

ETH has just been such an underperformer for a long time now. With ETH now seemingly having lost this $2,160 horizontal support level, it's hard to get bullish on ETH anytime soon. We're expecting a slow move down to $1,745 in the coming weeks. In the immediate term, ETH might just keep butting up to $2,160 and rejecting into that level.

SOL:

SOL's Funding Rate has turned negative over the last 12 hours, indicating that there is now a bias amongst traders to be Short rather than Long. However, it's worth noting that this can change quickly.
SOL's Open Interest has been down only since the price's all-time high. This has been due mostly to the price of SOL going down. SOL's OI (by the number of coins) is up over the last few days though, indicating that there is still some appetite amongst traders to take on leverage.

SOL's funding rate: solfunding10

Technical analysis

From a TA perspective, SOL doesn't look too bad here.
SOL is at the bottom of the range and the price is just above the major horizontal resistance of $120.
The RSI has broken out of its downtrend line, whilst it's also sat on top of its moving average.
SOL has now also put in a bullish divergence on the RSI (a lower low in price, into support by the way, and a higher low on the RSI).
On the upside, the local resistance is at $137. Beyond that, it's $148 and $162.
On the downside, so if the $120 level is lost, then $98 is the next key level of support.

Next Support: $120
Next Resistance: $138
Direction: Neutral
Upside Target: $138
Downside Target: $98

Stay updated on Solana's price prediction. Explore our full analysis for the latest market insights.

Cryptonary's take

SOL is at major support here, having also just put in a bullish divergence. This might help SOL to get a small relief bounce, especially if the S&P and the Nasdaq can also get a small relief bounce just simply due to them being close to oversold.

In the medium term, we do expect more downside, so that potentially does put us off Longing SOL here at $130 into say $137. A Long here would be a trade against the macro trend, which we believe, for now, is still down.

HYPE:

After HYPE broke below the $23.00 level, the price quickly moved down to the $18.50 horizontal support where it formed a bear flag. The bear flag broke down as we expected it to.
Price has now moved down to the horizontal support of $14.50, where it might be possible that price could see a relief bounce.
The RSI is also oversold and it's now tilting up. It may find resistance at the moving average though.
In terms of further support, if HYPE loses the $14.50 level, it's hard to know where the next support will be. It's possible that the price just grinds lower until BTC bottoms.
To the upside, the next horizontal resistance is at $18.50, although we don't expect the price to recover that level in the short term.

Next Support: $14.50
Next Resistance: $18.50
Direction: Bullish (short-term)
Upside Target: $18.50
Downside Target: $12.00

Curious about DOGE's next move? Our HYPE price prediction offers a deep dive into market trends!

Cryptonary's take

It seemed that a lot of people/traders hid out in HYPE (its buybacks etc), whilst the market moved lower. But, HYPE has now lost its key levels following poor sentiment in the market and traders now selling down their "safer" HYPE position.

In the short-term, it's possible we see a small bounce, maybe to say $18.50, but we wouldn't expect much more than that for now. Beyond that, we are still of the view that HYPE will move back down to $14.50 and then likely lower.