Bitcoin, Ethereum, and other major alt cryptocurrencies have again fallen sharply. Bitcoin price remained in a range below the USD 41,200 resistance zone. BTC is currently moving lower and trading below USD 39,500. If the bears remain in action, the price could drop to USD 39,000. It’s now down almost 3% in a day and 7% in a week.
The price of bitcoin bounced around $40,000 in 2021 and for most of 2022 as the bulls and the bears trend alternate. Meanwhile, the price of Ethereum has fallen below the $3,000 mark per ETH for the first time since mid-March.
Ethereum price also struggled to gain traction above USD 3,000. ETH is currently correcting losses, but it might face resistance near USD 2,950 and USD 2,975. XRP price dropped sharply below the USD 0.75 level and it even spiked below USD 0.72.
The general cryptocurrency market has lost almost $400 billion since the start of April. The top 10 cryptocurrencies including Ripple’s XRP, luna, and avalanche have also struggled in this period.
“The signal for a break of the mild upward trend would be a consolidation below the $38,000 per bitcoin levels,” Alex Kuptsikevich, FxPro senior market analyst, wrote in comments sent out through email. “If the bulls capitulate, the first cryptocurrency could be pushed into the $32,o00 to $35,000 range without much resistance.”
Bitcoin remains in a bearish zone below the USD 40,000 level. The price corrected lower recently, but it found support near the USD 38,500 area. There was a solid rebound as the price climbed above the USD 39,000 level.
However, BTC faced a fresh wave of selling pressure near the USD 39,500 level. As a result, there was a bearish reaction and the price declined below USD 39,000. The main support is near the USD 38,500 level, where the bulls are likely to take a stand.
The price of Ethereum also suffered and went below the USD 3,000 support, continuing its bearish trend. The price traded as low as USD 2,895 and it is currently correcting higher. There was a break above the 23.6% Fib retracement level of the recent decline from the USD 3,175 high to USD 2,895 low.
ADA, SOL, DOGE, and XRP Prices
The price of Cardano (ADA) remained below the USD 0.98 resistance zone. It is currently consolidating near the USD 0.96 level and it might correct higher in the short term. The next major resistance is near the USD 1.00 level, above which the price could test USD 1.02.
The price of Solana (SOL) dropped below it’s USD 100 pivot level. It traded close to the USD 90 level and it is currently correcting higher. On the upside, there are two key resistances near the USD 95 and USD 100 levels.
XRP price is currently lower below the USD 0.7515 level and might test the USD 0.72 support zone today. The price of XRP is now down over 5% in a day.