Etheruem Price Bearish Turn Could Drag Bitcoin Lower, ATOM and GLM Rally
- Bitcoin price could dive below the $19,500 support.
- Ethereum declined over 10% and traded below $1,500, XRP is approaching $0.32.
- ATOM and GLM are up over 10%, and LUNC is rising again.
Bitcoin price remained well below the $20,500 resistance zone. BTC is currently (03:30 UTC) trading below the $20,000 support zone. A downside break below $19,500 might start a major decline in the near term.
Similarly, most major altcoins are struggling to start a fresh increase. ETH started a major decline and traded below the $1,500 support. XRP is moving lower towards the $0.32 support. ADA might revisit the $0.45 support zone.
After many failed attempts, bitcoin price settled below the $20,000 support zone. BTC even moved below the $19,800 level and the 50-hour simple moving average. It is now consolidating above the $19,500 support zone. The next major support is near the $19,350 zone, below which the price could even test the $18,800 support zone.
On the upside, the price is facing resistance near $19,880. The next major resistance is now near the $20,000 level and the 50-hour simple moving average, above which the price could start a decent increase.
Ethereum price struggled to clear the $1,650 and $1,655 resistance levels. As a result, there was a sharp bearish reaction after the merge completed. ETH declined heavily below the $1,600 level and the 50-hour simple moving average. It even broke the $1,500 level and tested the $1,460 support. The next major support is $1,420, below which price could revisit $1,350.
On the upside, an immediate resistance is near the $1,500 level. The next major resistance is now forming near the $1,560 level.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) failed to clear the $0.48 resistance zone. It reacted to the downside and traded below $0.465. Any more losses might send the price towards the $0.45 support.
BNB is consolidating near the $272 support zone. If there is a downside break, the price may perhaps decline towards the $265 support. The next major support sits at $250.
Solana (SOL) is again moving lower towards the $32.20 support. If the bears remain in action, the price could even test the $30.50 level. Conversely, it might rise and test the $34.50 resistance.
DOGE traded below the key $0.060 support level. The next major support is near the $0.0580 level, below which the price may perhaps test the $0.0565 level in the coming sessions.
XRP price is moving lower towards the $0.32 support zone. If the bulls fail to protect the $0.32 support zone, there is a risk of a move towards the $0.305 level or even $0.30.
Other altcoins market today
A few altcoins are in the green zone, including ATOM, GLM, LUNC, CHZ, KNC, QNT, LINK, NEO, USDN, GMT, and LDO. Out of these, ATOM rallied over 12% and cleared the $15.10 level.
Overall, bitcoin price is struggling to stay above the key $19,500 support. If BTC fails to stay above $19,500, it could soon test the $18,500 level.