01 Apr 2022 · 2 min read

Bitcoin and Ethereum U-Turned, Altcoins Slide

 

  • Bitcoin price failed to clear USD 48,000 and declined 5%.
  • Ethereum traded below USD 3,250, XRP spiked below USD 0.80.
  • Multiple altcoins are down over 5% while WAVES is up 8%.

Bitcoin price failed to clear the USD 48,000 resistance zone and traded below USD 45,000. It is currently (04:29 UTC) down 5% and trading near USD 44,700.

Similarly, most major altcoins are gaining bearish momentum. ETH is down 4% and there was a move below the USD 3,250 support. XRP is struggling to stay above the USD 0.80 support. ADA tested the USD 1.05 support before recovering.

Total market capitalization

Source: tradingview.com

Bitcoin price

After multiple failures near USD 47,500, bitcoin price started a downward move and even traded below the USD 45,000 support. An immediate support is near the USD 44,000 level. The next major support is near USD 43,500, below which the price might test USD 42,000.

On the upside, the price might face resistance near the USD 45,200 level. The next major resistance is near the USD 45,500 level, above which the price could test the USD 46,000 level. 

Ethereum price

Ethereum price also reacted to the downside from the USD 3,450 resistance zone. ETH is down 4% and there was a clear move below the USD 3,320 support. The price even declined below USD 3,250 before recovering. The next major support is near the USD 3,200 level, below which the bears could aim for USD 3,050.

On the upside, the price might struggle near USD 3,300. The next key resistance might be near the USD 3,320 level, above which the price may perhaps rise to USD 3,400. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined sharply below the USD 1.15 and USD 1.12 support levels. The price even tested the USD 1.05 support before recovering to USD 1.13. If the bears remain in action, the price may perhaps test the USD 1.00 support.

BNB declined sharply from the USD 450 resistance zone. It dropped 5% and traded below the USD 420 level. Any more losses may possibly send the price towards USD 405 or even USD 400.

Solana (SOL) is still holding daily gains and trading near the USD 120 level. If there is a bearish reaction, the price might test USD 115. The next major support is near the USD 112 level.

DOGE is down 6% and trading near the USD 0.135 support. The next key support is near the USD 0.132 level. If there are more downsides, the price could test the USD 0.120 support.

XRP price dropped below the USD 0.85 and USD 0.82 support. It even dived below USD 0.80 and is currently consolidating losses near USD 0.82 again. On the upside, the previous support at USD 0.85 could act as a resistance.

Other altcoins market today

Many altcoins are down over 5%, including LUNA, AVAX, DOT, SHIB, CRO, LTC, NEAR, ATOM, LINK, UNI, and FTT. Meanwhile, WAVES is up 8% and is trading near USD 55.

Overall, bitcoin price is trimming gains and trading below USD 45,000. If BTC slides below USD 43,500, it could face increased selling pressure.

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