Ethereum, Altcoins Tumble Against Bitcoin as BTC Trends Lower

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  • Bitcoin price is gaining bearish momentum below USD 35,000.
  • Ethereum declined 10% to USD 2,200, XRP tested the USD 0.55 support zone.
  • Many major altcoins are down over 10%.

Bitcoin price failed to recover towards the USD 36,500 level and started a fresh decline below USD 34,000. It is currently (12:00 PM UTC) down over almost 6% and there is a risk of a move towards the USD 32,000 level.

Similarly, most major altcoins declined heavily. ETH is down 10% and there was a test of USD 2,200. XRP is struggling to stay above the USD 0.550 support zone. ADA could dive further below USD 0.95.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a minor upside correction, bitcoin price started a fresh decline below the USD 35,000 level. BTC bears remained in action and there was a push below the USD 34,000 support level. It is down almost 6% and is trading near USD 33,800. The next major support is near USD 32,000, below which the price could dive towards USD 30,000.

On the upside, the price is facing resistance near USD 35,000. The next major resistance is near USD 36,500, above which the price might start a decent recovery wave. 

Ethereum price

Ethereum price also started a fresh decline below the USD 2,350 support level. ETH is down over 10% and it is now approaching the USD 2,200 support level. The next major support is near USD 2,120, below which the price might dive towards USD 2,000.

On the upside, an immediate resistance is near USD 2,320. The next key resistance is near USD 2,400, above which the price might rise towards the USD 2,500 level. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) failed to surpass the USD 1.10 resistance level and dropped more than 12% in a day. There was a clear move below the USD 1.02 support. If there is a close below USD 1.00, the price may even dive towards the USD 0.90 support.

Binance coin (BNB) is gaining pace below the USD 350 support level. The next key support is near USD 320, below which the bears might test the USD 300 level. If there is an upside correction, the bears might remain active near USD 365 or USD 380.

Solana (SOL) settled well below the USD 100 level after it dropped 18% in a day. It is now approaching the USD 82 support level. The next major support is near the USD 75 level, below which the bears could aim a test of USD 66.

DOGE traded below the key USD 0.135 support level and is down 7% in a day. It is now heading towards the USD 0.120 support level. Any more downsides could start a move towards the USD 0.100 level in the coming sessions.

XRP price is struggling to stay above the USD 0.55 support. The next major support is near USD 0.500, below which there is a risk of a move towards USD 0.420. On the upside, the price could face hurdles near USD 0.65.

Other altcoins market today

Many altcoins are down over 8%, including LUNA, DOT, AVAX, SHIB, MATIC, LTC, LINK, UNI, NEAR, ALGO, TRX, FTM, FTT, XLM, ICP, and HBAR. Meanwhile, CEL is down 20%, NEAR dropped 18%. 

To sum up, bitcoin price is accelerating lower below the USD 35,000 level. If BTC bears remain in action, the price may soon test the USD 30,000 level in the near term.

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