Bitcoin and Ethereum Trim Losses But Recovery Could Face Hurdles
- Bitcoin price is consolidating losses above USD 43,000.
- Ethereum could face resistance above USD 3,250, XRP is still below USD 0.80.
- ZIL, MKR, and CELO are down 6%-8%.
Bitcoin price spiked below the USD 43,000 level before recovering. BTC is currently (11:46 UTC) consolidating near USD 48,000 level. If there is an upside correction, the price could face resistance near USD 44,000.
Similarly, most major altcoins might struggle to recover losses. ETH might face resistance near the USD 3,300 level. XRP could extend its decline below the USD 0.75 support. ADA might find bids near the USD 1.05 level.
Total market capitalization
Bitcoin price
In the past three sessions, bitcoin price mostly saw bearish moves below the USD 45,000 level. BTC even briefly declined below the USD 43,000 level. It is now consolidating losses, with an immediate resistance near the USD 43,800 level. The next key resistance is near the USD 44,000 level, above which the price could attempt a stronger recovery wave.
On the downside, an initial support is near the USD 43,000 level. The next major support is near USD 42,500, below which the price might gain bearish momentum.
Ethereum price
Ethereum price also remained in a bearish zone and broke the USD 3,200 level. ETH tested the USD 3,150 level. It is now testing resistance near the USD 3,250 level. The next key resistance is near the USD 3,300 level.
If there is no upside break above USD 3,300, the price might continue to move down. The next major support is near the USD 3,120 level, where the bulls might take a stand.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) extended decline below the USD 1.10 level. It even traded below USD 1.05, but downsides were limited. On the upside, the bears might remain active near USD 1.12.
BNB traded below the USD 420 support level before the bulls appeared. The price is now back above USD 428, but it might face hurdles near USD 435. The next major resistance is near USD 440.
Solana (SOL) followed a bearish path below the USD 120 support. It even tested the USD 110 level before moving higher again. If the bears remain in action, there is a risk of a move towards the USD 100 level.
DOGE is down over 4% and trading below the USD 0.150 level. The next key support is near USD 0.142. Any more downsides might lead the price towards the USD 0.135 level.
XRP price settled below USD 0.80 and even briefly declined below USD 0.78. The next major support is at USD 0.75. If there is a recovery wave, the price might face a strong selling interest near the USD 0.80 level.
Other altcoins market today
Many altcoins are down over 5%, including LUNA, DOT, SHIB, MATIC, CRO, NEAR, LTC, ATOM, LINK, UNI, BCH, and FTT. MKR, ZIL, and CELO are among the worst performers today, having decreased 6%-8%. ZIL is also among the worst performers this week, as it dropped 31% in the past seven days.
To sum up, bitcoin price is now consolidating losses above the USD 43,000 level. If there is a recovery wave, BTC could struggle near the USD 44,000 level.
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