04 May 2022 · 2 min read

Bitcoin and Ethereum Test New Lows, FXS Accelerates

 

  • Bitcoin price tested USD 37,600.
  • Ethereum dropped below USD 2,800, XRP touched USD 0.59.
  • BNB, SOL, and ADA are gaining bearish momentum, FXS outperforms.

Bitcoin price failed to clear the USD 39,000 resistance level and started another decline, moving below USD 38,000. It is currently (04:09 UTC) trading near USD 38,100 again but it still might slide below USD 37,500. BTC is down 1% in a day and is unchanged in a week.

Similarly, most major altcoins are also moving lower. ETH declined below USD 2,800 and tested USD 2,750 before recovering. XRP might gain bearish momentum if it settles below USD 0.60. ADA could extend losses and trade below USD 0.75.

Total market capitalization

Source: tradingview.com

Bitcoin price

After facing resistance near USD 39,000, bitcoin price started a fresh decline. BTC even traded below the USD 38,000 level before recovering. The next major support is near USD 37,500. A clear move below the USD 37,500 level could even push the price below the USD 37,200 support in the near term.

An immediate resistance on the upside is near the USD 38,400 level. The key resistance is still near the USD 39,000 level, above which the price might start a decent increase.

Ethereum price

Ethereum price failed to stay above the USD 2,850 resistance level. ETH started another decline, tested the USD 2,750 level, and is currently consolidating near USD 2,800. ETH is down almost 2% in a day and is unchanged in a week. On the downside, an immediate support is near the USD 2,750 level. The next major support is near the USD 2,720 level, below which the price might test USD 2,650.

If there is a recovery wave, the price could struggle near USD 2,850. The main major resistance is still near the USD 2,900 zone.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is trading below the USD 0.80 resistance. It is moving lower and might trade below the USD 0.765 level. The next major support on the downside is near USD 0.750.

BNB is struggling and consolidating near the USD 385 level. On the downside, the USD 380 level is a major support. If there is a downside break below the USD 380, the price may perhaps slide towards USD 365.

Solana (SOL) extended its decline and tested the USD 85 support. The next major support is near the 82 level. Any more losses might open the doors for a move towards the USD 70 level.

DOGE spiked below the USD 0.130 level and tested the USD 0.1265 level before recovering to USD 0.130 again. If the bears remain in action, the price could test the USD 0.125 support zone.

XRP price is consolidating above the USD 0.605 support level. A downside break below the USD 0.600 support could spark a larger decline in the near term.

Other altcoins market today

Many altcoins are in the red zone, including LUNA, AVAX, DOT, LEO, FTT, APE, CAKE, MIOTA, MKR, NEXO, QNT, and KNC. Meanwhile, FXS jumped 12% and surpassed USD 28, erasing all its weekly losses and becoming the best performer among the top 100 cryptoassets today.

Overall, bitcoin price is showing bearish signs below USD 38,400 and USD 39,000. BTC could strengthen its bearish momentum if there is a clear move below USD 37,500 in the coming sessions.

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