17 Dec 2021 · 2 min read

Bitcoin and Ethereum Struggle to Recover, YFI Rallies

  • Bitcoin price is at risk of a move below USD 46,500.
  • Ethereum could revisit USD 3,650, XRP might decline below USD 0.80.
  • YFI rallied over 31% and broke the USD 27,800 level.

Bitcoin price struggled to stay above the USD 47,500 level. BTC extended decline and traded below USD 47,000. It is currently (11:55 UTC) facing an increase in selling and there is a risk of a move towards USD 46,500.

Similarly, most major altcoins are gaining bearish momentum. ETH traded below USD 3,920 and the next key support is near USD 3,650. XRP might correct below the USD 0.80 support. ADA may possibly revisit the USD 1.20 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After another failure above USD 49,000, bitcoin price started a fresh decline. BTC traded below the USD 48,000 and USD 47,500 levels. It is showing bearish signs and there is a risk of a move below USD 46,500. In this case, the price could slide towards the USD 45,500 support.

On the upside, an initial resistance is near USD 47,500. The main resistance is near the USD 48,500 zone, above which the price could revisit USD 49,500.

Ethereum price

Ethereum price is down almost 6% and there was a clear move below the USD 3,880 support. ETH might soon retest USD 3,750. If the bears remain in action, the price could test USD 3,650. The next key support is near the USD 3,550 level, below which the price might test USD 3,500.

If there is a fresh upward move, the price might test USD 3,920. The next key resistance is near the USD 4,000 level. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down 7% and there was a close below the USD 1.25 level. The next key support is near the USD 1.22 level, below which the bears might test the USD 1.20 support zone.

Binance coin (BNB) is consolidating above the USD 520 support zone. If there is an upside correction, the price might test the USD 535 level. The main resistance is still near the USD 550 level.

Solana (SOL) is trading in a range near the USD 175 support. If there is a downside break, the price might decline towards the USD 165 level. The next major support is near the USD 150 level.

DOGE is down almost 7% and is trading below USD 0.180. The next major support is near the USD 0.165 level, below which the price might test the USD 0.150 level. On the upside, the USD 0.188 level is a key resistance.

XRP price is struggling to stay above the USD 0.800 support. If there is a downside break below USD 0.800, the price could test the USD 0.780 level. If not, the price might break USD 0.820 and rise towards the USD 0.845 level.

Other altcoins market today

Many altcoins are down over 5%, including EGLD, KDA, IMX, NEAR, STX, ICP, DOT, LRC, RUNE, ROSE, FTM, and HOT. Conversely, YFI gained over 31% and moved above the USD 27,800 level, increasing its weekly gains to 32% and trimming monthly losses to less than 10%. The price is almost unchanged in a year.

To sum up, bitcoin price is showing bearish signs below USD 48,000. If BTC remains below USD 48,000, there could be a drop towards the USD 45,500 support zone.

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