If Bitcoin breaks below the crucial support at $29,000, selling could intensify and that is likely to pull major altcoin prices lower.
ETH/USDT daily chart. Source: TradingView
The ETH/USDT pair has pulled back to the 20-day EMA , which is just below the psychological support of $2,000. This is an important support for the bulls to defend because a break and close above it may tilt the advantage in favor of the sellers. The pair may first collapse to $1,800 and later to $1,700.
Instead, if the price rebounds off the 20-day EMA, it will suggest that the bulls are trying to flip the $2,000 level into support. If they can pull it off, the pair may rally to $2,200. A break and close above this level will clear the path for a potential rally to $3,000.Buyers defended the $338 level on April 17 and 18 but failed to push the price above the $350 resistance. That may have emboldened the bears who pulled BNB to the 20-day EMA on April 19.
Another possibility is that the price turns up quickly from the 20-day EMA. If that happens, it will suggest that the bulls are buying the pullbacks. They will then make another attempt to kick the price above $350. If they can pull it off, the pair may shoot up to $400.
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