17 Aug 2022 · 2 min read

Bitcoin and Ethereum Could Break Lower As Bulls Struggle

  • Bitcoin price might struggle to stay above USD 23,500.
  • Ethereum is struggling below USD 1,900, XRP failed to test USD 0.40.
  • EOS rallied over 20%, and XTZ is gaining bullish momentum.

Bitcoin price struggled to stay above the USD 24,000 level. BTC is currently (11:20 UTC) moving lower and approaching the USD 23,500 support. A clear move below USD 23,500 might spark a sharp decline.

Besides, most major altcoins are slowly moving lower. ETH is approaching the USD 1,850 support zone. XRP failed to retain gains and stayed below USD 0.388. ADA might dive if it breaks the key USD 0.55 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a downside break below USD 24,200, the bitcoin price struggled to regain bullish momentum. BTC even settled below the USD 24,000 level. It is now moving lower towards the USD 23,650 level. The next major support is near the USD 23,500 zone, below which the price could even struggle to stay above the USD 23,200 level.

On the upside, the price might face resistance near the USD 24,200 level. The next resistance is near the USD 24,500 level. A close above USD 24,500 could start a steady increase. 

Ethereum price

Ethereum price is showing a few bearish signs below the USD 1,900 level. ETH is now approaching the USD 1,860 level. The main support sits near the USD 1,850 level. If there is a downside break below USD 1,850, the price could decline 3%-5% in the short-term. The next key support might be USD 1,780 or USD 1,750.

On the upside, the price is facing resistance near the USD 1,920 level. The next major resistance is near the USD 1,950 level. A close above USD 1,950 might start a steady increase. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is slowly moving lower towards the USD 0.55 support zone. If the bulls fail to protect USD 0.55, there might be a sharp decline. In the stated case, the price could slide towards the USD 0.52 level.

BNB is still below the USD 320 level. An immediate support is near the USD 312 level. If the bears remain in action, the price may perhaps retest the USD 300 support zone in the near term.

Solana (SOL) is down over 2% and is approaching the USD 42.50 support zone. A clear move below the USD 42.50 support could open the doors for a test of USD 40.

DOGE struggled to settle above the USD 0.085 level and started a consolidation phase. If there is a downside correction, it might find bids near the USD 0.082 level.

XRP price failed to clear the USD 0.388 level. It is now consolidating and might test the USD 0.362 level. The main support sits near the USD 0.355 and USD 0.350 levels.

Other altcoins market today

Many altcoins are in the red zone, including DOT, AVAX, MATIC, UNI, ETC, NEAR, LINK, XMR, FLOW, MANA, SAND, and AXS. Conversely, EOS rallied over 20% and broke the USD 1.55 level.

To sum up, bitcoin is slowly moving lower below USD 24,000. If BTC breaks the USD 23,500 support, it could accelerate lower in the near term.

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