15 Aug 2022 · 2 min read

Bitcoin and Ethereum Correct Gains, Key Support Intact

  • Bitcoin price started a downside correction from the USD 25,000 resistance.
  • Ethereum declined over 4%, XRP is dropping towards USD 0.355.
  • SOL, ADA, and AVAX are down over 5%.

Bitcoin price attempted another upside break above the USD 25,000 resistance but failed. BTC formed a short-term top and corrected lower below USD 24,500. It is currently (11:30 UTC) showing a few negative signs, with major support at USD 23,500.

Besides, most major altcoins are correcting lower. ETH is down over 4% and trading below USD 1,920. XRP declined and traded below the USD 0.3666 level. ADA is struggling to stay above the USD 0.55 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After another failed attempt near USD 25,000, the bitcoin price reacted to the downside. BTC traded below the USD 24,500 support level. It even declined below the USD 24,200 level and now approaching USD 24,000. On the downside, immediate support sits at USD 24,000. The next major support is near the USD 23,500 zone, below which the price could gain bearish momentum.

On the upside, the price might face resistance near the USD 24,500 level. The next resistance is now forming near the USD 25,000 level, above which the price might rise steadily.

Ethereum price

Ethereum price failed to stay above the USD 2,000 pivot level. ETH started a downside correction below the USD 1,960 level. It is down over 4%, and there was a break below USD 1,920. On the downside, initial support is near the USD 1,880 level. The next major support is near the USD 1,850 zone, below which the price could decline heavily.

Immediate resistance is near the USD 1,940 level. The next key resistance is near the USD 1,960 level, above which the price may perhaps retest the USD 2,000 resistance zone.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) failed to clear the USD 0.60 resistance. It is now moving lower and trading below USD 0.565. If there is a downside break below USD 0.55, the price might dive to USD 0.532.

BNB is moving lower and trading below the USD 320 level. The price is approaching the USD 312 support. Any more losses may perhaps send the price towards the USD 300 level.

Solana (SOL) is down over 6% and there was a clear move below the USD 45 support. The price is now approaching the USD 43.20 level, below which it might test the USD 42 support.

DOGE trimmed gains and traded below the USD 0.080 support. It is down over 3% and trading near the USD 0.075 level. Any more losses might open the doors for a move towards the USD 0.072 level.

XRP price failed to clear the USD 0.388 resistance. It is now declining and trading below USD 0.370. The next major support is USD 0.355, below which the bears might gain strength.

Other altcoins market today

Many altcoins are in the red zone, including DOT, AVAX, UNI, MATIC, LTC, LINK, NEAR, FLOW, BCH, ALGO, ICP, AAVE, and AXS. Conversely, ANKR is up over 7% and trading above USD 0.047.
To sum up, the bitcoin price is correcting lower from the USD 25,000 level. If BTC stays above USD 23,500, it could start another increase in the near term.
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