Bitcoin and Ethereum Resume Decline, Altcoins Trim Gains

Bitcoin and Ethereum Resume Decline, Altcoins Trim Gains

 

  • Bitcoin price dropped below USD 38,000.
  • Ethereum failed near USD 2,750, XRP struggled to clear USD 0.800.
  • LUNA, MANA, AXS, QNT, and other altcoins trimmed gains.

Bitcoin price faced sellers near USD 39,500 and is currently (11:57 UTC) trimming gains near USD 37,500 while remaining at risk of more downsides.

Similarly, most major altcoins are struggling to recover. ETH struggled near USD 2,750 and dropped below USD 2,650. XRP is approaching the USD 0.75 level. ADA could retest the USD 0.92 support.

Total market capitalization

Source: tradingview.com

Bitcoin price

After testing USD 38,000, bitcoin price started an upside correction. BTC climbed above the USD 39,000 level but the bears were active near USD 39,500. The price failed to extend gains and started a fresh decline below USD 38,000. The next key support is near the USD 37,500 level.

On the upside, the price is facing resistance near the USD 38,000 level. The next key resistance is near USD 39,500, above which the price might rise to USD 40,000.

Ethereum price

Ethereum price managed to recover above the USD 2,700 and USD 2,720 levels. However, ETH faced sellers near USD 2,750. It is now moving lower and trading below USD 2,650. The next key support is near the USD 2,620 and USD 2,600 levels. 

An immediate resistance is near the USD 2,720 level. The next key resistance is near the USD 2,750 zone, above which the price may perhaps test USD 2,880. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) was able to climb above USD 0.95 and USD 0.98, but it faced sellers near USD 1.00. The price is again declining and trading below USD 0.95. The next key support is near USD 0.92.

BNB spiked above USD 390, but there was no upside continuation. The price trimmed gains and moved to USD 370. The next major support is near the USD 365 level.

Solana (SOL) settled above the USD 92 level. On the upside, the bulls are facing selling interest near USD 95 and USD 98. The main breakout zone is still near the USD 100 level. If there is a bearish reaction, the price might test the USD 85 support.

DOGE attempted a recovery but failed near USD 0.142. It is moving lower and might test the USD 0.135 level. Any more losses may perhaps open the doors for a move to USD 0.122.

XRP price attempted an upside break above USD 0.80 but failed. It is now trading well below USD 0.80, with a key support at USD 0.75. Any more losses might call for a move towards USD 0.72.

Other altcoins market today

After trimming their gains, a few altcoins are still up at least 2%, including AXS, LUNA, MANA, CEL, WAVES, and QNT. The latter jumped 8% and surpassed the USD 120 level before correcting lower again.

To sum up, bitcoin price completed a short-term upside correction near USD 39,500 and is now at risk of testing the USD 36,500 level in the near term.

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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-resume-decline-altcoins-trim-gains.htm
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