Bitcoin, Ethereum Try to Recover Losses, Risks Remain
Russia’s invasion of Ukraine has sparked a sharp selloff in bitcoin. BTC declined below the USD 35,000 level and is currently (11:50 UTC) trying to recover losses once again.
Similarly, most major altcoins are down over 10%. ETH declined below the USD 2,350 support level before recovering. XRP spiked below USD 0.65 and tested USD 0.620. ADA is down 18% and there was a clear move below the USD 0.80 support.
Total market capitalization
After the selloff, bitcoin price extended its decline below the USD 35,500 support and tested the USD 34,400 zone, before moving above the USD 35,500 level again. On the upside, the price might face resistance near the USD 35,800 level. The next key resistance is near the USD 36,200 level, above which BTC might rise to USD 37,000.
If there is no recovery, the price might revisit the USD 34,400 support zone. The next key support is near the USD 34,000 level, below which BTC could decline towards the USD 33,200 level.
Ethereum price declined almost 13% and there was a move below the USD 2,400 level. ETH even tested USD 2,300 and is now recovering above USD 2,380. On the upside, the price could face resistance near the USD 2,420 level. The next key resistance is near the USD 2,500 zone, where the bears might take a stand.
The next key support is near the USD 2,250 zone, below which the price might test USD 2,200.
Cardano (ADA) tumbled below the USD 0.720 and USD 0.700 support levels before recovering. It is still down 18% and is currently trading above the USD 0.750 level. If there are more losses, the price might test the USD 0.720 support.
BNB declined heavily below the USD 350 support level. It even tested the USD 332 level. The next major support is near the USD 320 level, below which the price
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