07 Sep 2021 · 2 min read

Bitcoin and Ethereum Correct Lower While SOL Keeps Surging

  • Bitcoin price started a downside correction from USD 53,000.
  • Ethereum corrected lower below USD 3,800, XRP is down almost 5%.
  • SOL extended its rally and it even spiked above USD 190.

Bitcoin price failed to clear the USD 53,000 resistance and started a downside correction. BTC traded below USD 52,000 and USD 51,500. It is currently (11:30 UTC) trading well below USD 52,000 and it might correct further towards USD 50,500.

Similarly, most major altcoins are correcting gains. ETH is down 4% and it even traded below the USD 3,800 support. XRP declined sharply after there was a rejection near the USD 1.415 zone. ADA is also down 7% and it traded below the USD 2.70 level.

Total market capitalization

Source: https://www.tradingview.com

Bitcoin price

After facing a rejection near USD 53,000, bitcoin price started a downside correction. BTC declined below the USD 52,000 and USD 51,500 support levels. The next major support is near the USD 50,500 level. Any more losses may perhaps lead the price towards the USD 50,000 support zone.

If there is a fresh increase, the price might face resistance near USD 52,000. The next major resistance is near the USD 52,500 level, above which the price could test USD 53,000.

Ethereum price

Ethereum price failed to clear the USD 3,980 and USD 4,000 resistance levels. As a result, ETH reacted to the downside, and it traded below the USD 3,850 support zone. The price even declined below USD 2,800 and it might continue to move down towards the USD 2,680 support.

On the upside, an immediate resistance is near the USD 3,820 level. The next major resistance is now forming near USD 3,850, above which the price might start a steady increase towards the USD 3,920 level in the near term.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) started a downside correction from the USD 3.00 zone. ADA broke the USD 2.88 and USD 2.80 support levels. It is now consolidating near the USD 2.65 support. If the bears remain in action, there is a risk of a move towards the USD 2.50 level in the near term.

Litecoin (LTC) is down almost 8% and it even broke the USD 212 support level. The bulls are now fighting to protect the USD 205 support zone. If they fail to protect USD 205, there is a risk of a breakdown below the USD 200 support. In this case, the price might slide towards the USD 188 level.

Dogecoin (DOGE) declined also nearly 8% and it traded below the USD 0.300 support. The price even declined below USD 0.292, and it is moving lower towards the USD 0.285 level. Any more losses could lead the price towards the USD 0.278 level.

XRP price fell sharply from USD 1.415 and traded below USD 1.32. The price even traded below the USD 1.30 support. It is now holding the USD 1.28 support zone. If there is a fresh increase, the price might test the USD 1.32 level.

Other altcoins market today

Many altcoins are down over 10%, including REV, AUDIO, AVAX, MIOTA, ZEN, ICP, FIL, ETC, CELO, SUSHI,  NEO, ENJ, COMP, DASH, UNI, and VET. Conversely, SOL remains elevated and it even broke the USD 190 level before correcting lower.

To sum up, bitcoin price is correcting gains below USD 52,000. If BTC fails to stay above USD 50,500, there could be a drop towards the USD 48,000 support zone.

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