Bitcoin Tests Support, Ethereum Uptrend Intact, OMG Crashes from High

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Fredrik Vold

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Fredrik Vold

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June 26, 2023

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• Bitcoin (BTC) fell during the day before finding support at USD 61,200.
• Ethereum (ETH) also fell until reaching support at USD 4,470 around noon UTC time.
• OMG has fallen through the trading day after soaring higher yesterday, kadena (KDA) reversed an earlier fall after finding support at USD 10.

After trading lower through much of the day yesterday, bitcoin rose during the Asian trading session today, before bears later took control and sent the coin down from a peak of USD 62,595 to support around USD 61,200. A further move below that support zone could trigger more selling.

Ethereum followed a similar trading pattern, with gains during Asian trading and lower prices during the European hours. As of 15:20 UTC, ETH is sitting at around USD 4,530.

Total market capitalization:

Bitcoin price

Bitcoin’s price moves today follow three-day period of largely lower prices for the number one cryptocurrency, after reaching a local peak of USD 64,270 on November 2. Since then, the asset is down by roughly 5%, trading at USD 61,790 as of 15:20 UTC.

If bitcoin were to move higher in the near future, the 62,400, which has served as strong resistance on several occasions, will be relevant to keep an eye on. Similarly, the USD 63,600 level is also a notable resistance area that has stopped attempts at higher prices in the past few days.

In terms of downside support, USD 60,700, the bottom from yesterday’s trading session, marks the first line of defense.

Ethereum price

For ethereum, the price has failed to establish itself above the USD 4,600 level, with the price currently sitting around USD 4,530. On the daily timeframe, however, ETH’s recent uptrend, which started in late September, remains intact.

On the downside, USD 4,440 is a key support level, as illustrated by yesterday’s bounce off of that level. To the upside, any move above USD 4,570 could trigger more buying and a further price rise towards the all-time high of USD 4,665.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) was rejected strongly at the USD 2.14 level on Wednesday, and is currently sitting at USD 1.97. A move above USD 2.14 could spark more buying, while a move below USD 1.91 would be a sign that bears are taking control.

Binance coin (BNB) is currently looking bullish on the 1-hour chart, after having traded up sharply since the US trading session yesterday. The next obvious resistance for the coin on the longer time-frames is the all-time high from May of USD 691, while shorter-term support to the downside can be found around USD 540. At press time, BNB stood at USD 601.

Solana (SOL) has weakened somewhat during the day today, after a strong performance earlier in the week. The coin is currently testing support in the USD 233 area, and a break below this level could trigger further selling. To the upside, a move above USD 248 would be a sign of strength.

Shiba inu (SHIB) is still struggling after having reached an all-time high last week. On the shorter time-frames, the meme coin has seen some bullish momentum today. Resistance to the upside exists around USD 0.00005820, while support to the downside is found around USD 0.00004300. SHIB is currently trading at USD 0.00005553.

XRP is currently in the process of breaking support at the USD 1.16 level, trading at USD 1.15 at press time after having fallen throughout the day. If support breaks, the USD 1.12 to USD 1.13 zone would be the next area to watch for support. To the upside, resistance is found around yesterday’s high of USD 1.26.

Other altcoins markets today

In terms of other altcoins on the move today, crypto.com coin (CRO) and loopring (LRC) stood out with strong 24-hour gains of 35.5% and 19%, respectively.

Among the worst performers were AMP, the sandbox (SAND), and olympus (OHM), which over the past 24 hours fell by 15%, 11%, and 10.5%, respectively.