04 Jan 2022 · 2 min read

Bitcoin and Ethereum Fail Near Major Range Highs, FTM, NEAR Rally

 

  • Bitcoin price started a fresh decline below USD 47,000.
  • Ethereum retested the USD 3,680 zone, XRP is still below USD 0.85.
  • FTM and NEAR are up over 19%.

Bitcoin price failed to clear the USD 48,500 resistance zone and started a fresh decline. BTC traded below the USD 47,000 support zone. It is currently (04:34 UTC) trading near USD 46,400 and remains at a risk of a larger decline.

Similarly, most major altcoins are moving lower. ETH declined below USD 3,800, but the bulls are protecting USD 3,680. XRP is moving lower towards the USD 0.800 support. ADA retested the USD 1.30 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After another failure near USD 48,000, bitcoin price started a fresh decline. BTC traded below the USD 47,500 and USD 47,000 levels. The price is now consolidating near the USD 46,000 level. An immediate support is near the USD 46,000 level. The key support is near USD 45,500, below which there is a risk of a stronger drop.

On the upside, an initial hurdle is near the USD 46,800 level. The first major resistance is near USD 47,000, above which the price may perhaps accelerate higher. 

Ethereum price

Ethereum price also started a fresh decline below USD 3,800. ETH declined below USD 3,750 and retested the USD 3,680 level before recovering to USD 3,750 again. On the downside, an initial support is near the USD 3,700 level. The main breakdown support is near USD 3,680, below which the price could revisit USD 3,600.

An immediate resistance is near the USD 3,780 level. The next key hurdle is near USD 3,800, above which the price might attempt to clear USD 3,850.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down almost 3% and there was a move below the USD 1.32 level. It is now trying to recover, but, if it fails, a clear move below USD 1.30 might start a stronger decline in the coming sessions.

Binance coin (BNB) is also down 3% and the bears pushed the price below USD 512. It is now struggling to stay above the USD 500 level. A close below USD 500 may possibly start a stronger decline towards the USD 480 level.

Solana (SOL) declined below the USD 170 level. The price is now approaching the USD 165 support. If the bulls fail to protect USD 165, there could be a sharper decline. On the upside, the bears might remain active near USD 175.

DOGE declined below the USD 0.170 level. The price is gaining bearish momentum and might soon revisit USD 0.165. The next major support is near the USD 0.162 level.

XRP price moved lower and approached the USD 0.820 level. The next major support is near USD 0.80, below which the price could accelerate lower. On the upside, the USD 0.85 level is a key barrier.

Other altcoins market today

Many altcoins are up over 8%, including FTM, NEAR, SCRT, CRV, RVN, ALGO, AMP, ATOM, ROSE, and LINK. Out of these, FTM gained nearly 20% and reached the USD 2.90 level, increasing its weekly gains to almost 32%. Meanwhile, NEAR jumped 22% in a day, 17% in a week, and is now above USD 17.

Overall, bitcoin price is moving lower and consolidating near USD 46,000. If BTC fails to stay above USD 46,000, there could be a sharper decline in the near term.

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