Bitcoin Corrects Lower, Ethereum and Altcoins Struggle To Gain Pace

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After trading above USD 55,500, bitcoin price started a downside correction. BTC traded below the USD 54,500 and USD 54,000 levels. It is now moving lower towards the USD 53,500 support zone. The next major support is near the USD 53,200 level, below which there are chances of a sharper decline. In this case, the price could dive towards the USD 52,000 level.

On the upside, the price is facing resistance near USD 54,500. The first key resistance is now forming near the USD 55,000 level, above which the price might start a fresh increase.

Ethereum price is showing positive signs above the USD 3,500 pivot level. ETH even surpassed the USD 3,600 level, but there was no proper close. If there is a daily close above USD 3,600, the price could accelerate higher towards the USD 3,700 and USD 3,750 levels.

On the downside, an initial support is near the USD 3,510 and USD 3,500 support levels. The next major support is near USD 3,440, below which the price might move down towards the USD 3,350 support.

Cardano (ADA) gained pace above the USD 2.25 and USD 2.30 levels. It even spiked above USD 2.32, but the bulls failed to remain in action. As a result, there was a downside correction and the price is now trading below USD 2.30.

Litecoin (LTC) broke the USD 180 and USD 185 resistance levels. However, it faced a strong resistance near the USD 188 level. The price is now correcting lower and trading below USD 180. If there is a break below USD 172, the price could move down towards the USD 165 level.

Dogecoin (DOGE) broke the USD 0.250 level before it corrected lower. The price is now consolidating near the USD 0.240 level. If there is a fresh increase above USD 0.250, the bulls might test the USD 0.265 level in the near term.

XRP price attempted an upside break above the USD 1.08 resistance. The price failed to clear the USD 1.10 level and it is now correcting lower. The price might soon make another attempt to clear the USD 1.10 resistance in the near term.

Many altcoins are up over 5%, including FTM, BSV, CHZ, EGLD, LUNA, NEAR, REV, SC, ALGO, KSM, YFI, ONE, and DOT. Out of these, FTM rallied 25% and it broke the USD 2.10 level before correcting lower.

Overall, bitcoin price is correcting gains below the USD 54,000 level. However, BTC could remain stable near USD 53,000 and it might start a fresh increase in the near term.

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