Bitcoin Price and Ethereum Struggle After Fed Decision, XRP Consolidates
- Bitcoin price started a fresh decline below the $19,000 level.
- Ethereum declined over 5% and traded below $1,250, XRP is consolidating gains above $0.40.
- CEL, ALGO, and CHZ are up over 5%.
Bitcoin price struggled to clear the $19,500 resistance. BTC is currently (03:10 UTC) trading below $19,000. The fed rate hike to 3.25% increased selling pressure and now there is a risk of a move below the $18,000 level.
Similarly, most major altcoins are moving lower. ETH gained bearish momentum and even spiked below the $1,250 level. XRP is now consolidating gains above the $0.40 level. ADA is moving lower towards the $0.432 level.
After struggling to clear the $19,500 resistance, bitcoin price reacted to the downside. BTC declined sharply below the $19,250 level and the 50-hour simple moving average. The price even spiked below the $18,380 support zone and tested the $18,150 zone. It is now correcting higher, with an immediate resistance at $18,780. The next major resistance is near $19,000 and the 50-hour simple moving average, above which the price might rise to $19,500.
On the downside, an initial support is near the $18,380 level. The next major support is near the $18,150 zone, below which the price could move to $17,800.
Ethereum price started a strong decline from the $1,410 resistance zone. ETH declined over 5% and traded below the $1,300 level. There was a move below a connecting bullish trend line at $1,330 on the hourly chart and the price settled below the 50-hour simple moving average. It tested the $1,220 zone and is currently correcting higher. On the upside, the price is facing resistance near the $1,315 level. The next major resistance is now forming near the $1,345 and $1,350 levels.
On the downside, an initial support is near the $1,240 level. The next major support is $1,220, below which price could test $1,165.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is slowly moving lower below the $0.45 level. The first major support is near $0.432, below which it could even test $0.42.
BNB declined below the $268 level. It is now moving lower and might revisit the $262 support. The next major support is $255.
Solana (SOL) is slowly moving lower towards the $30.50 level. The next major support is near the $30.20 and $30.00 levels, below which the bears might gain strength.
DOGE declined below the $0.0580 level. It seems like the price may perhaps revisit the $0.0550 support. If not, it could attempt a move towards the $0.060 resistance zone.
XRP price is consolidating gains above the $0.40 resistance. If the bulls remain in action, there might be a fresh move towards the $0.425 resistance zone.
Other altcoins market today
A few altcoins are in the green zone, including CEL, ALGO, CHZ, RVN, UNI, COMP, USDN, KSM, KLAY, and LDO. Out of these, CEL gained over 8% and traded above the 1.55 level.
Overall, bitcoin price is facing an increase in selling pressure below $19,000. If the bears remain in action, BTC could slide below the $18,000 level.
Compare eight potential Bitcoin price predictions post FOMC here.