Bitcoin and Ethereum Respond To Key Support Levels

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After a close below USD 45,000, bitcoin price gained bearish momentum. BTC traded below the USD 43,200 and USD 42,000 support levels. The price even traded below USD 41,200 before the bulls appeared near USD 40,200 and pushed the price above the USD 42,000 level again. The bulls are now facing hurdles near the USD 43,000 level. The next major resistance could be near USD 43,500.

On the downside, an immediate support is near USD 42,000. The first major support is at USD 41,200, below which the price could test the main support at USD 40,000. 

Ethereum price also followed a similar pattern and it declined heavily below USD 3,200. ETH even dived below the USD 3,000 and USD 2,980 support levels. However, the bulls defended the USD 2,800 support zone. 

The price is now recovering higher and attempting a close above USD 3,000. The next major resistance is near USD 3,120, above which the price might start a steady upward move.

Cardano (ADA) declined sharply below the USD 2.20 support. It even spiked below the USD 2.00 level, but downsides were limited. The price is now recovering and trading near USD 2.10. The main hurdle for the bulls is now forming near USD 2.20. If there is another decline, the bulls might struggle to protect USD 2.00.

Litecoin (LTC) extended its decline below the USD 160 and USD 155 support levels. It tested USD 150 but managed to correct higher again. The price is trading near USD 160 and it might face resistance near USD 165. On the downside, the USD 150 level is a strong support.

Dogecoin (DOGE) declined heavily below USD 0.212 and USD 0.205. It tested the USD 0.199 level, where the bulls took a stand. The price is back above USD 0.205, but it must clear USD 0.212 to continue higher in the near term. The next major resistance is near USD 0.220.

XRP price declined almost 4% and it settled below the USD 1.00 level. The price traded below USD 0.950 and USD 0.920. It tested USD 0.865 and climbed back above USD 0.920. To move back into a positive zone, the price must settle above the USD 1.00 resistance.

Many altcoins are down over 10%, including NEAR, AUDIO, FTM, ATOM, CRV, BSV, KSM, HT, RUNE, CAKE, XTZ, MANA, and ICP. Out of these, NEAR declined 18% and it traded below USD 8.00. Meanwhile, OMG rallied by 20% and is inching higher towards USD 11.

Overall, bitcoin price declined heavily and tested the USD 40,000 support zone. BTC is now recovering, but it must settle above USD 43,500 to continue higher in the coming sessions.

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