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Bitcoin and Ethereum Recover Losses, Upsides Limited

Cryptocurrency
24.05.2021
45
Bitcoin and Ethereum Recover Losses, Upsides Limited

Bitcoin price failed to move into a positive zone and it extended its decline below USD 35,000. BTC tested the USD 31,000 zone and formed a low near USD 31,150. It is currently (04:40 UTC) correcting higher, but the bears might remain active near USD 38,000.

Similarly, most major altcoins extended their decline. ETH broke the USD 1,850 support and tested the USD 1,750 zone. XRP/USD is down over 15% and it even tested the USD 0.650 zone.

Total market capitalization

Bitcoin price

Recently, bitcoin price extended its decline below the USD 35,000 and USD 33,200 support levels. BTC even traded below USD 32,000 and tested the USD 31,150 area. It is now correcting higher and trading well above USD 33,200. The price even recovered above USD 35,000, but it is facing many hurdles. An initial resistance is near the USD 36,500 level. The first major resistance is near the USD 38,000, above which the price might test the main weekly hurdle at USD 40,000.

Ethereum price

Ethereum price recovered over USD 1,000 and climbed above the USD 2,800 resistance zone. ETH is now facing a major resistance near the USD 2,980 and USD 3,000 levels. If there is a successful close above USD 3,000, the price could accelerate higher in the near term. If there is no break above USD 3,000, the price could correct gains. The first major support is now near the USD 2,650 level.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) declined heavily below the USD 300 level. BNB even broke the USD 250 support and it tested the USD 215 support. It is now correcting higher and trading above USD 250. However, the bears might remain active near USD 285 and USD 300.Litecoin (LTC) tumbled below the USD 200 support zone. LTC even broke the USD 150 level and it tested the USD 120 level. The price is now recovering higher and trading above USD 150. On the upside, the first major resistance is near the USD 165 level, followed by USD 180.Dogecoin (DOGE) extended its decline below the USD 0.320 and USD 0.300 levels. It tested the USD 0.250 support zone and it is now recovering losses. An immediate resistance is near the USD 0.320 level. The main breakout zone is now forming near USD 0.350.XRP price declined heavily below the USD 1.00 and USD 0.880 support levels. The price even declined below USD 0.75 and it tested the USD 0.650 level. It is recovering, but the bulls might struggle near USD 0.880 and USD 0.928. The main support is near the USD 0.650 level.

Other altcoins market today

A few altcoins gained over 5%, including HNT, STX, MKR, MATIC, ONE, XLM, and LEO. MATIC rallied by more than 20%. Conversely, NEXO, LUNA, CHSB, SNX, KLAT, and BTG are down over 20%.

Overall, bitcoin price is struggling below the USD 38,000 and USD 40,000 resistance levels. If there is a fresh decline, BTC might test the USD 30,000 level in the coming sessions. _____

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Bitcoin and Ethereum Recover Losses, Upsides Limited
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