Bitcoin and Ethereum Struggle To Break Key Hurdles

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After struggling to clear the USD 48,000 resistance, bitcoin price started a downside correction. BTC traded below the USD 47,500 level and it seems like the bears are aiming for a test of the USD 47,000 support zone. If there are additional losses, the price could even break USD 46,500. The next major support is near the USD 46,000 level.

On the upside, an initial resistance is near the USD 48,000 level. The main hurdle is near the USD 48,500 level, above which the price could rise steadily. 

Ethereum price failed to clear the USD 3,600 resistance. ETH started a fresh decline and it broke the USD 3,500 support. It is down over 4%, but the bulls are active near USD 3,450. If there is a close below USD 3,450, the price could even decline towards the USD 3,380 level.

If there is a fresh increase, the price might face resistance near USD 3,500. The next major resistance for the bulls is near the USD 3,550 level.

Cardano (ADA) failed to settle above the USD 2.45 level. As a result, there was a bearish reaction below the USD 2.40 level. The price is now approaching the USD 2.32 support. If there are additional losses, the price could revisit the USD 2.25 support in the near term. On the upside, the USD 2.45 level is a key hurdle, followed by USD 2.50.

Litecoin (LTC) topped above the USD 192 level and reacted to the downside. It traded below the USD 188 and USD 185 support levels. If the bears remain active, there could be a drop towards the USD 175 support level. The next major support is near USD 172. 

Dogecoin (DOGE) made an attempt to settle above USD 0.250, but it failed. It tested the USD 0.260 level and started a downside correction. The price is back below USD 0.250 and it might continue to move down towards USD 0.235. The next major support is near the USD 0.220 level.

XRP price failed to clear the USD 1.12 resistance zone. It reacted to the downside below USD 1.08. The price is now approaching the USD 1.05 support. The main breakdown support is near USD 1.00. If there is a close below USD 1.00, the price could accelerate lower towards the USD 0.88 level.

Many altcoins are down over 5%, including SOL, PERP, SNX, RUNE, SUSHI, ICX, HBAR, REN, ALGO, ONE, XEC, CRV, and COMP. Out of these, SOL declined over 13% and it broke the USD 140 level.

To sum up, bitcoin price is moving lower and is trading well below USD 48,000. If BTC breaks USD 47,000, it could even slide towards the USD 46,000 level.

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