09 Aug 2022 · 2 min read

Bitcoin and Ethereum Correct Gains, Altcoins Turn Red Too

 

  • Bitcoin price started a downside correction below USD 23,500.
  • Ethereum is testing the USD 1,700 support, XRP might revisit USD 0.355.
  • SOL and ADA are down almost 6%.

Bitcoin price failed to gain pace for a move above the USD 24,000 level and started a downside correction below USD 23,500. It is currently (12:01 UTC) trading near USD 23,300 and is down almost 4% in a day and is unchanged in a week.

Similarly, most major altcoins are also moving lower. ETH is at risk of breaking the USD 1,700 support while XRP might decline towards the USD 0.355 support. ADA is moving lower towards the USD 0.50 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After facing rejection near the USD 24,000 level, bitcoin price started a downside correction. BTC is now approaching the USD 23,000 level. On the downside, an immediate support is at USD 22,650. The next major support is near the USD 22,500 zone, below which the price could decline sharply.

On the upside, an initial resistance is near the USD 23,800 level. The next main resistance is now near the USD 24,000 level, above which the price might gain bullish momentum. (Learn more: Galaxy Digital’s Novogratz Doubts Bitcoin Will Pass USD 30,000 Barrier Soon)

Ethereum price

Ethereum price failed to clear the USD 1,800 resistance zone and started a downside correction, moving below the USD 1,750 level. The price is now approaching the USD 1,700 level and is down almost 5% in a day, but is still up almost 4% in a week. On the downside, an initial support is near the USD 1,680 level. The next major support is near the USD 1,650 zone, below which the price could retest USD 1,550.

An immediate resistance is near the USD 1,750 level. The next key resistance is near the USD 1,800 level, above which the price might rise to USD 1,880.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) failed to surpass the USD 0.55 resistance zone and is now moving lower and approaching the USD 0.505 support. The main support is near the USD 0.50 level.

BNB started a downside correction below the USD 325 level and broke the USD 320 level. The next major support is near USD 312, below which the price might test the USD 300 level.

Solana (SOL) is moving lower below the USD 42 level. The first major support is near USD 40.50. The main support is near the USD 40.00 level, below which the price might decline stronger in the coming sessions.

DOGE failed to stay above the USD 0.0700 level and is now approaching USD 0.69. The price is down almost 2% in a day and up also 2% in a week.

XRP price struggled to gain pace for a move above the USD 0.38 level. If there is a stronger bearish reaction, the price might decline towards the USD 0.355 level.

Other altcoins market today

Many altcoins are in the red zone, including DOT, AVAX, MATIC, SHIB, UNI, ETC, LTC, NEAR, XLM, BCH, VET, APE, and FIL. Out of these, FIL is down 10% and is approaching the USD 8.25 level.

To sum up, bitcoin price is moving lower towards the USD 23,000 level. If BTC settles below USD 23,000, the price would be at risk of a stronger decline. 

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