Crypto

Bitcoin and Ethereum Look for Direction, Altcoins in Red

  • Bitcoin price fluctuates around USD 42,000.
  • Ethereum is down over 5%, XRP is still below USD 0.95.
  • ALGO and CRV declined over 9%.

Bitcoin price started a fresh decline below the USD 43,200 support. BTC even traded below USD 42,000 before moving back above this level. It is currently (12:05 UTC) showing bearish signs, with a risk of a move towards USD 40,000.

Similarly, most major altcoins are trading in the red zone. ETH declined over 5% and it is trading below USD 3,000. XRP is struggling to stay above USD 0.90 and it could extend losses. ADA is facing a major resistance near USD 2.20.

Total market capitalization

Source: https://www.tradingview.com

Bitcoin price

Recently, bitcoin price saw a fresh bearish wave below the USD 43,200 support. BTC settled below USD 43,000 and it even traded below USD 42,000. An initial support on the downside is near USD 41,200. The next major support is near USD 40,650, below which the price could accelerate lower. In this case, there is also a risk of a move below the USD 40,000 support.

On the upside, the price might face resistance near USD 42,500. The next key resistance is now forming near the USD 43,200 level.

Ethereum price

Ethereum price declined and settled below the USD 3,000 level. ETH is now struggling to stay above USD 2,880. If there is a clear break below USD 2,880, the price could slide further. The next major support is near the USD 2,750 level, below which it could revisit USD 2,650.

On the upside, the USD 3,000 is a key breakout zone. A close above USD 3,000 could start a fresh increase towards the USD 3,120 and USD 3,150 levels.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is down 4% and it is trying to stay above the USD 2.10 level. The next key support is near USD 2.05, below which the bulls might defend USD 2.00. If they fail, the price may possibly decline towards USD 1.88 support in the near term.

Litecoin (LTC) settled below the USD 150 level, with a bearish angle. An immediate support is near the USD 142 level. A successful close below USD 142 could push the price towards USD 135. Any more losses may possibly lead the price towards the USD 125 support level.

Dogecoin (DOGE) could decline below the USD 0.200 support, but it managed to return to this level. The next major support is near the USD 0.192 level, below which the price might decline towards the USD 0.180 support. If there is a fresh increase, the bears could take a stand near the USD 0.208 level.

XRP price is sliding and trading below USD 0.950. If there is a downside break below USD 0.900, the price could even decline below USD 0.880. The next major support is USD 0.850. On the upside, an immediate resistance is near USD 0.950, followed by the main USD 1.00 handle. 

Other altcoins market today

Many altcoins are down over 8%, including PERP, CRV, SRM, RUNE, SOL, ICX, DCR, COMP, HBAR, AAVE, FTT, ALGO, and DYDX. Out of these, ALGO dropped by 9%, reaching USD 1.67, while CRV lost 11% of its value, hitting USD 2.4.

To sum up, bitcoin price is showing bearish signs below USD 43,200. If BTC fails to recover, there is a risk of a move towards the USD 40,000 support in the coming sessions.

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