27 May 2022 · 2 min read

Ethereum, Altcoins Keep Dropping Against Bitcoin

 

  • Bitcoin price fluctuates around USD 29,000.
  • Ethereum declined 9% and tested USD 1,725, XRP is testing USD 0.40.
  • ADA, SOL, and DOT are down 9%-11%.

Bitcoin price failed to stay above the USD 28,500 support zone and declined to USD 27,500 before there was a recovery wave. It is currently (04:05 UTC) consolidating losses near USD 29,000  and is down almost 3% in a day and 4% in a week.

Besides, most major altcoins gained bearish momentum but are not trying to recover losses. ETH is still down 9% and is trading below the USD 1,800 level. XRP is might extend losses toward USD 0.365. ADA declined 9% and tested USD 0.455.

Total market capitalization

Source: tradingview.com

Bitcoin price

After another failure above USD 30,000, bitcoin price reacted to the downside. BTC dropped below the USD 29,000 support zone and even tested USD 27,500. However, there was a sharp recovery from USD 27,500. The price is now facing resistance near USD 29,000 and USD 29,500. A clear move above the USD 29,500 level might start a stronger increase.

On the downside, an immediate support at USD 28,500. The next major support is near the USD 28,000 level, below which the price could retest the USD 27,500 support zone.

Ethereum price

Ethereum price declined heavily below the USD 1,850 support and tested the USD 1,725 level. It is currently trading near USD 1,770 and is down 9% in a day and 12% in a week.

On the upside, an immediate resistance is near the USD 1,800 level. The next major resistance is near USD 1,850, above which the price could start a steady increase.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined 9% and settled below the USD 0.50 support. There was a break below the USD 0.48 support zone. If there are additional losses, the price could test the USD 0.45 support zone.

BNB is gaining bearish momentum and trading below USD 305. It is down 8% and struggling to stay above USD 300. A close below USD 300 may perhaps spark a sharper decline towards the USD 288 level.

Solana (SOL) is down 12% and trading well below the USD 45 level. The first major support is near the USD 40 level. A downside break below the USD 40 level may perhaps send the price towards USD 38.

DOGE is gaining pace below the USD 0.080 support zone. It even traded below the USD 0.078 level. If the bears remain in action, the price could even test the USD 0.075 support level in the near term.

XRP price accelerated lower below the USD 0.40 level before recovering to the same level. The next major support is near USD 0.365. If there is a break below the USD 0.365 support, the price could test the USD 0.35 level.

Other altcoins market today

Many altcoins are down over 8%, including DOT, TRX, AVAX, SHIB, MATIC, LTC, CRO, NEAR, UNI, XMR, XLM, LINK, and ATOM. Out of these, AVAX is down 17% and is trading below USD 23.

Overall, bitcoin price is showing bearish signs below the USD 29,500 level. If BTC settles below USD 28,500, there is a risk of a sharper decline in the near term.

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