27 Apr 2022 · 2 min read

Bitcoin Tests USD 38K, Ethereum Struggles, Altcoins in Red

 

  • Bitcoin price started another sharp decline below USD 39,000.
  • Ethereum declined over 5%, XRP is testing USD 0.65 support.
  • DOGE trimmed gains and traded below USD 0.140.

Bitcoin price struggled to extend gains above the USD 40,500 level and started a sharp decline below the USD 39,000 level. It even spiked below USD 38,000 and is currently (04:09 UTC) consolidating losses near USD 38,400. BTC is down 5% in a day and almost 8% in a week.

Similarly, most major altcoins started a strong decline. ETH declined 5% and traded below the USD 2,800 support zone before recovering. XRP extended its decline below USD 0.65 and traded close to USD 0.62 before recovering. ADA is moving lower towards the USD 0.805 support.

Total market capitalization

Source: tradingview.com

Bitcoin price

After struggling above USD 40,500, bitcoin price started a fresh decline. BTC bears took control and pushed the price below the USD 38,750 support. It even spiked below USD 38,000 and is currently consolidating losses near USD 38,400. An immediate resistance on the upside is near USD 38,800. The next major resistance might be USD 39,200, above which the price may perhaps gain pace.

On the downside, an initial support is near the 38,000 level. The next major support is near USD 37,800, below which the price might resume its decline.

Ethereum price

Ethereum price also followed bitcoin and started a sharp decline below the USD 2,920 support. ETH broke the USD 2,850 support and even spiked below USD 2,800. It is now attempting a recovery, with an immediate resistance at USD 2,850. The next major resistance is near the USD 2,920 level. ETH is now down almost 9% in a week.

On the downside, an initial support is near the USD 2,800 level. The next major support is near the USD 2,760 level, below which there is a risk of a move to USD 2,640.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) resumed its decline below the USD 0.85. The price might even struggle to stay above USD 0.82. In this case, there is a risk of a move towards the USD 0.805 support.

BNB settled below the USD 400 level. It is now approaching the USD 385 support level. If there are additional losses, the bears might test the USD 372 level.

Solana (SOL) is back below the USD 100 level. An immediate support is near the USD 95 level. A downside break below the USD 95 level could even push the price below USD 92.

DOGE trimmed most of its gains and traded below the USD 0.150 support. It is back below USD 0.145 and there is a risk of a move below the USD 0.140 support zone. DOGE is down almost 10% in a day and 2% in a week.

XRP price is down 7% and is trading near the USD 0.65 level. The next major support is near the USD 0.632, below which the price could test the USD 0.62 support zone.

Other altcoins market today

Many altcoins are down over 5%, including LUNA, DOT, MATIC, CRO, NEAR, LTC, ATOM, LINK, UNI, FTT, ALGO, ETC, and XMR. Out of these, XMR is down 13% and trading below USD 230.

Overall, bitcoin price declined heavily and traded below USD 38,500. If BTC slides below USD 38,000, there is a risk of a move towards the USD 36,500 level.

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