07 Sep 2022 · 2 min read

Bitcoin and Ethereum Dive As Crypto Market Takes A Hit

  • Bitcoin price declined below the main USD 19,500 support.
  • Ethereum dived over 8%, XRP traded below the USD 0.32 support.
  • Most major cryptocurrencies are down over 8%.

Bitcoin price failed to surpass the USD 20,500 resistance zone. BTC started a major decline and traded below the USD 19,500 support. It is currently (04:00 UTC) down over 5% and might decline further towards USD 18,000.

Similarly, most major altcoins started a major decline. ETH dropped over 8% and even spiked below USD 1,500. XRP traded below the USD 0.325 and USD 0.320 support levels. ADA trimmed gains and tested the USD 0.45 support.

Bitcoin price

After many failed attempts, bitcoin price reacted to the downside below USD 20,000. BTC started a major decline and traded below the main USD 19,500 support. It is down over 5% and there was a close below the USD 19,000 level. On the downside, an initial support is near the USD 18,500 level. The next major support is near the USD 18,000 zone, below which the price could even test USD 17,600.

If there is an upside correction, the price might face sellers near USD 19,200. The next major resistance is now forming near the USD 19,500 level (the last major support).

Ethereum price

Ethereum price topped near the USD 1,685 level. ETH declined heavily and traded below the USD 1,600 support. It is down over 8% and there was a spike below the USD 1,500 support. On the downside, an initial support is now near the USD 1,450 level. The next major support is USD 1,420, below which price could drop to USD 1,350.

On the upside, the bears might remain active near the USD 1,550 level. The next major resistance is near USD 1,600, above which the price may perhaps start a fresh increase.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) faced sellers near the USD 0.512 level. It reacted the downside and broke the USD 0.48 support. It is now approaching the USD 0.45 support, below which it might drop to USD 0.420.

BNB gained bearish momentum below the USD 272 support. There was even a move below the USD 265 support. If the bears remain in action, the price may perhaps decline towards USD 250.

Solana (SOL) is down over 6% and there was a move below the USD 31.20 support. The main support sits at USD 30.00, below which there is a risk of a move towards USD 28.

DOGE declined nearly 8% and there was a push below the USD 0.060 support. If there are additional losses, the price could test the USD 0.0565 level.

XRP price failed to settle above the USD 0.335 resistance zone. It declined over 5% and traded below the USD 0.32 support. The key breakdown support sits at USD 0.30.

Other altcoins market today

Many altcoins are down over 8%, including DOT, MATIC, AVAX, ETC, UNI, LTC, LINK, CRO, XMR, BCH, FLOW, ICP, and EOS. Out of these, ETC trimmed most gains and declined over 15%.

Overall, bitcoin price traded below the USD 19,500 support. If the bears remain in action, BTC may perhaps test USD 18,000 or USD 17,800.

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