Bitcoin and Ethereum, the two leading cryptocurrencies by market capitalization, have seen their prices decline sharply in the past week, wiping out billions of dollars in value. The crypto market has been under pressure since Bitcoin and Ethereum reached their highest levels since 2022 earlier this month.

According to data from CoinMarketCap, Bitcoin was trading at $27,342 as of 7:07 AM GMT on April 25, down 1.62% in the last 24 hours and 13.5% in the last seven days. The world’s most popular digital currency hit an all-time high of $32,000 on April 14, but has since lost nearly 15% of its value.

Ethereum, the second-largest cryptocurrency by market cap, was trading at $1,833, down 2.06% in the last 24 hours and 8.3% in the last seven days. Ethereum also reached a record high of $2,000 on April 16, but has since dropped by more than 8%.

The crypto market slump has been attributed to various factors, such as profit-taking, regulatory uncertainty, environmental concerns, technical issues and increased competition from other tokens. Some analysts have also pointed out that the crypto market is still in a long-term uptrend and that the current correction is healthy and necessary.

One positive sign for Ethereum is that it has seen a record-breaking inflow of staked ETH following the Shanghai upgrade on April 12. The upgrade introduced several changes to the Ethereum network, such as reducing gas fees, burning ETH and improving scalability.

According to a report by CoinDesk, more than 571,950 ETH worth over $1 billion were deposited for staking in the past week, the largest weekly token inflow for ETH to date. This indicates that investors are confident in Ethereum’s future and are willing to lock up their ETH for rewards.

Both Bitcoin and Ethereum are facing strong support and resistance levels in the near term. For Bitcoin, the key support level is $25,000, while the key resistance level is $30,000. For Ethereum, the key support level is $1,800, while the key resistance level is $2,000.

The crypto market is known for its volatility and unpredictability, so investors should be cautious and do their own research before making any decisions. The crypto market may also be influenced by external events, such as news, announcements and developments from other projects and platforms.