22 Feb 2022 · 2 min read

Bitcoin and Ethereum Consolidate Losses, Altcoins Struggle

  • Bitcoin price is consolidating losses above USD 37,000.
  • Ethereum tested the USD 2,500 support, XRP spiked to USD 0.665.
  • Many altcoins are still down over 10%.

Bitcoin price gained bearish momentum below the USD 38,000 level. BTC even tested the USD 36,500 level. It is currently (11:30 UTC) consolidating losses and might recover to USD 38,500.

Similarly, most major altcoins are consolidating losses. ETH tested the key USD 2,500 support, where the bulls emerged. XRP spiked to USD 0.665 before correcting higher. ADA tested USD 0.820 and settled below USD 0.880.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a close below USD 38,000, the bitcoin price extended decline. BTC traded above the USD 37,000 level. It tested the USD 36,500 zone and recently corrected a few points. It is now consolidating below USD 37,000. On the upside, the price might face resistance near the USD 37,800 level. The next key resistance is near the USD 38,000 level.

On the downside, the USD 37,000 level acts as immediate support. The next key support is near the USD 36,500 level, below which the price could resume decline.

Ethereum price

Ethereum price gained bearish momentum below USD 2,650. ETH tested the USD 2,500 level and recently corrected higher. It is back above USD 2,550 and facing resistance near USD 2,600. The next key resistance is near the USD 2,650 zone, above which the price may perhaps test USD 2,750.

If not, there could be a fresh decline to USD 2,500. Any more losses might open the doors for a move towards USD 2,420. The next major support is near the USD 2,350 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined heavily below the USD 0.90 support. There was a clear move below USD 0.850 and the price tested USD 0.820. If there is a recovery wave, the price might face resistance near USD 0.88 and USD 0.90.

BNB tested the USD 350 support level, where the bulls emerged. The price is recovering and trading above USD 360. The first key hurdle is near USD 370, above which the price might rise to USD 388.

Solana (SOL) spiked towards the USD 80 level. It is now consolidating near the USD 85 level. On the upside, the bears might take a stand near the USD 88 level. The main resistance is still near USD 95.

DOGE declined close to the USD 0.122 level. It is now recovering and approaching the USD 0.130 level. If there is an upside break, the price might test the USD 0.135 resistance zone in the near term.

XRP price spiked below the USD 0.700 level and tested the USD 0.665 support. The bulls emerged and the price recovered above USD 0.70. It is now facing resistance near the USD 0.72, above which it could rise to USD 0.75.

Other altcoins market today

Many altcoins are down over 10%, including SOL, AVAX, MATIC, NEAR, UNI, MANA, FTM, EGLD, ACX, VET, THETA, and XTZ. Out of these, XTZ declined 12% and traded below USD 3.

To sum up, the bitcoin price is consolidating losses above USD 37,000. BTC might correct higher, but the bears might remain active near the USD 37,800 and USD 38,000 levels.

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