08 Sep 2021 · 2 min read

Bitcoin, Ethereum and Altcoins Remain At Risk

  • Bitcoin price started a major decline below USD 50,000 and USD 48,000.
  • Ethereum declined heavily towards USD 3,000, XRP spiked below USD 1.00.
  • SOL is still holding gains above the USD 160 support level.

Bitcoin price saw a sharp bearish wave below the USD 50,000 support. BTC declined over 15% and it even tested the USD 43,000 zone before rebounding sharply. It is currently (04:26 UTC) correcting losses below USD 47,000, while upsides might be capped near USD 48,000.

Similarly, most major altcoins are down over 15%. ETH declined more than USD 800 and it even tested the USD 3,000 support zone. XRP broke the key USD 1.12 support and it even spiked below USD 1.00. ADA declined sharply and tested the main USD 2.00 support zone.

Total market capitalization

Source: https://www.tradingview.com

Bitcoin price

In the past two sessions, bitcoin price saw a major decline below the USD 50,000 support. BTC broke many supports near USD 48,000 and USD 46,200. It even tested USD 43,000 before the bulls appeared. The price is now correcting losses and it is back above USD 45,000. An immediate resistance is near the USD 47,200. The next major resistance is near the USD 48,400 level, above which the price could test USD 50,000.

If there is no recovery above USD 48,400, the price could resume its decline. The main support is near USD 45,500, below which the price could revisit USD 43,000. 

Ethereum price

Ethereum price also followed a similar path after it broke the USD 3,800 support. ETH declined over USD 800 and it even tested the USD 3,000 support zone. Recently, there was a recovery wave above USD 3,200 and USD 3,350. The price is now facing resistance near the USD 3,500 level. 

The next major resistance is now forming near USD 3,550, above which the price might start a steady increase towards the USD 3,680 level in the near term.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) failed to stay above the USD 2.65 support. It declined heavily below the USD 2.50 and USD 2.20 support levels. The bulls appeared near USD 2.00 and the price recovered above USD 2.40. To start a fresh increase, the price must reclaim the USD 2.65 pivot level.

Litecoin (LTC) trimmed all its gains and declined heavily below USD 200. The price even broke the USD 188 support level and tested USD 162. It is now recovering, but the previous support at USD 185 and USD 188 could act as hurdles in the coming sessions.

Dogecoin (DOGE) declined nearly 20% and it traded below the USD 0.280 support. The price even declined below USD 0.250 and tested USD 0.220. It is now consolidating near the USD 0.250 level. If it clears the USD 0.265 resistance, there might be a move towards USD 0.280.

XRP price fell sharply below USD 1.25 and USD 1.20. It even traded below USD 1.12 and spiked below USD 1.00. However, the bulls defended more losses and the price recovered above USD 1.05. On the upside, an initial resistance is near the USD 1.15 level. The first key resistance is now near the USD 1.20 level.

Other altcoins market today

Many altcoins are down over 10%, including BNB, DOT, BCH, FIL, EOS, UNI, OMG, ICX, SXP, COTI, ORN, and DIA. Conversely, SOL is still trading well above the USD 150 and USD 160 levels.

To sum up, bitcoin price is now trading well below USD 50,000 and USD 48,000. If BTC fails to stay above USD 45,500 and USD 45,000, it could resume its decline.

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