Bitcoin and Ethereum Struggle to Recover, Smaller Altcoins Trim Losses
This past weekend, bitcoin price started a strong decline below the USD 40,000 support. BTC traded below the USD 35,000 level to move further into a bearish zone. It is currently (05:36 UTC) consolidating losses near USD 35,000.
Similarly, most major altcoins declined sharply. ETH traded below the key USD 2,650 support zone. XRP declined and even spiked below USD 0.60. ADA tumbled and there was a sharp move below USD 1.00 before recovering.
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In the past two days, bitcoin price saw a sharp decline below the USD 40,000 support. BTC declined heavily below the USD 38,000 and USD 37,000 level. It even broke the USD 35,000 support and tested USD 34,000. It is now recovering and facing resistance near USD 35,500. The next major resistance is near USD 36,500, above which the price might start a wave towards USD 38,000.
On the downside, an initial support is near the USD 34,500 level. The next major support is near USD 34,000, below which the price could resume its downtrend.
Ethereum price also started a major decline below the USD 3,000 support level. ETH even settled below the USD 3,650 level. It tested USD 2,400 and is currently consolidating losses. On the upside, an immediate resistance is near USD 2,500. The next key resistance is near USD 2,650, above which the price might start a stronger correction wave.
An initial support is near the USD 2,400 level. The next major support is near USD 2,350, below which the price might dive towards USD 2,120.
Cardano (ADA) gained bearish momentum below USD 1.10. It even spiked below USD 1.00 before there was a recovery wave. The price is back above USD 1.00, but it is facing resistance near USD 1.12.
Binance coin (BNB) settled below the USD 400 level and tested USD
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