Bitcoin and Ethereum Recovery Stalls, Altcoins Struggle

Fibo Quantum

  • Bitcoin price failed to clear USD 45,000 and started a fresh decline.
  • Ethereum is back below USD 3,000, XRP could retest USD 0.88.
  • OKB and HT rallied more than than 12%.

Bitcoin price attempted to clear the USD 44,500 resistance, but failed. As a result, BTC started a fresh decline below the USD 43,500 support. It is currently (04:27 UTC) trading below USD 43,000 and there is a risk of more downsides.

Similarly, most major altcoins are moving lower. ETH topped near USD 3,150 and it is back below USD 3,000. XRP is also moving lower towards USD 0.90 and USD 0.88. ADA is struggling to stay above the USD 2.12 support.

Total market capitalization

Source: https://www.tradingview.com/

Bitcoin price

After a steady recovery, bitcoin price failed to gain strength for a move above USD 44,500. BTC started a fresh decline below the USD 43,500 and USD 43,200 support levels. It even traded below USD 43,000. On the downside, an immediate support is near USD 42,150. The next key support is now forming near USD 42,000, below which the price could dive towards USD 40,000.

If there is a fresh increase, the price might face resistance near USD 43,200. The next key resistance is near the USD 43,500 level.

Ethereum price

Ethereum price also followed a similar pattern after it broke the USD 3,000 and USD 3,050 resistance levels. ETH struggled to clear the USD 3,150 level and started a fresh decline. It is now trading below USD 3,000, with an initial support at USD 2,900. The main support is now forming near the USD 2,880 level, below which it could revisit USD 2,750.

On the upside, the USD 3,000 is an immediate hurdle. The main breakout zone is now forming near the USD 3,120 and USD 3,150 levels.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is down more than 3% and is trading below the USD 2.20 pivot level. The price is struggling to stay above the USD 2.12 support. The next major support is USD 2.00, below which the bears might aim for a larger decline in the coming sessions.

Litecoin (LTC) declined by almost 4% and is trading below the USD 155 pivot level. An immediate support is near the USD 142 level. Any more losses may possibly spark a move towards the USD 125 support level. Conversely, the price could attempt a fresh increase above USD 155.

Dogecoin (DOGE) is sliding and it might decline below the USD 0.200 support. The next major support is near the USD 0.192 level. If the bulls fail to protect USD 0.192, the price could slide towards the USD 0.180 support.

XRP price stayed below the USD 1.00 resistance level. It is now trading below USD 0.950 and it might continue to move down. A clear downside break below USD 0.880 could start a stronger decline. The next key support is near the USD 0.750 level. 

Other altcoins market today

Many altcoins are down over 5%, including PERP, AR, SUSHI, CRV, AAVE, CELO, ICX, FTT, MINA, SNX, UNI, REN, XDC, and NEAR. Out of these, PERP declined over 10% and traded below USD 16.50. Meanwhile, OKB and HT are up over 12%, while DESO rallied by 17%.

Overall, bitcoin price failed to surpass a major hurdle and stayed below USD 45,000. If BTC breaks the USD 42,000 support, it could accelerate lower in the near term.

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