Bitcoin and Ethereum Struggle To Gain Momentum
- Bitcoin price failed to settle above USD 43,500 and corrected lower.
- Ethereum is back below USD 3,000, XRP topped near USD 1.00.
- OMG rallied over 13% and broke the USD 11.50 level.
Bitcoin price broke the USD 43,500 resistance. However, BTC struggled to continue higher and failed to test USD 44,000. It is currently (11:55 UTC) correcting lower and trading below USD 43,200.
Similarly, most major altcoins are also losing strength. ETH topped near USD 3,050 and corrected below USD 3,000. XRP spiked towards USD 1.00 before trimming gains. ADA is moving lower towards the USD 2.02 support zone.
Total market capitalization
After a break above USD 43,200, bitcoin price even surpassed the USD 43,500 level. However, BTC failed to continue higher and started a downside correction below USD 43,500. It traded below the USD 43,200 and USD 43,000 levels. On the downside, an initial support is near USD 42,500. The next key support is at USD 42,000, below which the price could revisit USD 40,800.
If there is a fresh increase above USD 43,500, the price could test USD 44,000. The next key resistance is near the USD 44,400 level, followed by USD 45,000.
Ethereum price spiked towards the USD 3,050 level, where it faced resistance. ETH started a downside correction and traded below USD 3,000. It even tested the USD 2,950 level. If there are additional losses, the price could test the USD 2,880 support. The main support is still near USD 2,750.
On the upside, the USD 3,000 level is an initial hurdle. The next key hurdle could be USD 3,050, above which the price could rise towards the USD 3,150 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down more than 2% and it is approaching the USD 2.05 level. The first major support is near USD 2.02, followed by USD 2.00. If there is a clear break below USD 2.00, there is a risk of a larger decline towards the USD 1.88 level.
Litecoin (LTC) is still holding gains near the USD 150 level. An immediate resistance is near USD 155. A clear break above the USD 155 level could start an increase towards the USD 165 level. If not, the price might trim gains and revisit the USD 140 level.
Dogecoin (DOGE) is struggling to stay above the USD 0.200 level. A downside break and close below USD 0.200 could open the doors for a larger increase. On the upside, an immediate resistance is near the USD 0.205 level, above which the price could test the USD 0.212 pivot level.
XRP price is moving lower after tagging the USD 0.990 level. It is back below USD 0.950 and it might test USD 0.920. The next major support is near USD 0.900, below which the bears may possibly gain strength in the near term. The next major support is near the USD 0.850 level.
Other altcoins market today
Many altcoins are down over 5%, including COMP, CELR, REN, NEAR, ATOM, RUNE, ONE, PERP, OKB, IOST, XDC, ALGO, AR, CELO, REV, and HNT. Conversely, OMG, LEO, ZIL, and AXS are up over 5%.
To sum up, bitcoin price is correcting gains below USD 43,200. As long as BTC is above USD 42,500, it could attempt another increase towards the USD 44,400 level.
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