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  • BTC Dominance: 38.01%

Bitcoin and Ethereum Struggle to Clear Hurdles, Altcoins Dip

Published: Thursday, 4th August, 2022 - 13:56
  • Bitcoin price struggled to surpass the USD 23,500 resistance.
  • Ethereum dipped below USD 1,620, XRP failed to rise to USD 0.388.
  • Among the top 25 coins, only BNB is still in the green.

Bitcoin price attempted an upside break above the USD 23,500 resistance zone. BTC struggled to gain momentum and declined below USD 23,000. It is currently (11:40 UTC) trading near USD 22,900 and is down over 2% in a day and is unchanged in a week.

Similarly, most major altcoins are also moving lower. ETH failed to clear the USD 1,680 resistance and corrected lower. XRP is struggling and might decline to USD 0.355. ADA might take a hit if it breaks the USD 0.50 support.

Total market capitalization

Source: coincodex.com

Bitcoin price

After a failed attempt to clear USD 23,500, bitcoin price reacted to the downside. BTC declined and traded below the USD 23,000 support. An immediate support is near the USD 22,500 level. The next major support is near the USD 22,250 zone, below which the price could test USD 21,500.

On the upside, an initial resistance is near the USD 23,200 level. The key hurdle is still near USD 23,500, above which the price could accelerate.

Ethereum price

Ethereum price made a couple of attempts to clear the USD 1,680 resistance zone. However, the bulls struggled and ETH moved below the USD 1,620 level. ETH is down almost 3% in a day and 1% in a week. The next major support is near the USD 1,550 zone, below which the price could decline stronger.

On the upside, the bears might remain active near USD 1,650. The next key resistance is near the USD 1,680 level, above which ETH might start a stronger increase.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is trimming gains and struggling to stay above the USD 0.50 level. A clear move below USD 0.50 may start a move towards the USD 0.485 support or even USD 0.462.

BNB spiked above the USD 305 level before the bears appeared. The price is now moving lower and trading near USD 300. BNB is still up almost 4% in a day. If the bears remain in action, the price might decline towards the USD 288 support.

Solana (SOL) failed to clear the USD 40 resistance. It is moving lower towards the USD 38 support. If there are more losses, the price may perhaps decline towards the USD 36.20 support.

DOGE failed to gain strength and remained below the USD 0.0680 resistance zone. It is now moving lower towards the USD 0.065 support zone, below which the price might gain bearish momentum.

XRP price failed to stay above the USD 0.372 level. The next major support is near USD 0.362, below which the price might test USD 0.355. The main support is at USD 0.35.

Other altcoins market today

A few altcoins are showing bearish signs, including MATIC, UNI, ETC, CRO, ICP, FLOW, MKR, CRV, SNX, and NEXO. Meanwhile, LDO is the best performer among the top 100 coins as it jumped 8% in a day and surpassed USD 2.55, increasing its weekly gains to 31%.

To sum up, bitcoin price failed to clear the USD 23,500 resistance zone. If BTC fails to stay above USD 22,500, there could be a fresh round of selling.

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This post first appeared on: Crypto News

Author: Aayush Jindal
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