17 Aug 2022 · 2 min read

Bitcoin and Ethereum At Risk of More Downsides

  • Bitcoin price could extend losses below USD 23,200.
  • Ethereum might test USD 1,800, XRP is struggling below USD 0.38.
  • SHIB and EOS are down over 7%.

Bitcoin price settled below the USD 24,000 support zone. BTC traded below the USD 23,500 level before it started a consolidation phase. It is currently (11:20 UTC) showing a few bearish signs, but a break above USD 24,000 might spark a decent increase.

Similarly, most major altcoins are trading near support zones. ETH is stuck near USD 1,850 with a bearish angle. XRP might attempt another move above USD 0.38. ADA is facing resistance near the USD 0.55 zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a break below USD 23,500, the bitcoin price found support. BTC remained well bid near the USD 23,200 level. It started a consolidation phase near the USD 23,500 level. On the upside, the price might face resistance near the USD 23,850 level. The next resistance is near the USD 24,000 level, above which the price might start a decent increase.

If there is no upside break above USD 24,000, the price might start another decline. The key support is near the USD 23,200 zone, below which the price could test USD 22,500.

Ethereum price

Ethereum price tested the USD 1,820 level and remained stable above USD 1,800. ETH is now consolidating near the USD 1,850 level. On the upside, the price is facing resistance near the USD 1,880 level. The next key resistance is near the USD 1,920 level, above which the price might gain bullish momentum for a move to USD 2,000.

On the downside, the price might find support near the USD 1,820 level. The next major support is USD 1,780, below which the price could decline to USD 1,700.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) remained stable near the USD 0.532 support level. It is now moving higher, but the bears might remain active near the USD 0.55 resistance zone.

BNB tested the key USD 300 support zone. It is now correcting higher and trading above USD 305. Immediate resistance is near USD 312, above which the price might rise to USD 320.

Solana (SOL) found support near the USD 40 level. The price is now recovering, but there is a key hurdle near USD 42. The main resistance is now forming near the USD 43.50 level.

DOGE is moving lower and trading near the USD 0.0800 support. If there is a downside break, the price may perhaps test the USD 0.078 level. On the upside, the price might face sellers near USD 0.082.

XRP price is still above the USD 0.362 support zone. If the bulls gain strength, they might attempt an upside break above the USD 0.380 and USD 0.388 levels.

Other altcoins market today

A few altcoins are moving higher, including ATOM, XMR, FLOW, CHZ, ZEC, CEL, and OKB. Out of these, CEL is still up over 10% and is showing positive signs above the USD 2.72 level.

To sum up, the bitcoin price is consolidating near the USD 23,500 level. If BTC stays above USD 23,200, there are chances of a steady increase towards the USD 24,500 level.

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