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Bitcoin and Ethereum Test Key Support

Cryptocurrency
03.08.2021
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Bitcoin and Ethereum Test Key Support

Bitcoin price started a downside correction below the USD 39,200 support. BTC even traded below USD 38,500, but the bulls were active near USD 38,000. It is currently (12:12 UTC) testing USD 38,000 and it might move lower.

Most major altcoins trading above important supports. ETH extended its decline below USD 2,500, but it stayed above USD 2,450. XRP is also correcting lower, but it is holding the USD 0.700 support.

Total market capitalization

Bitcoin price

After a downside break below USD 40,000, bitcoin price extended its decline. BTC even traded below USD 39,000 and USD 38,500. However, the bulls were active near the USD 38,000 zone. It is now trading in a range without clear direction. If the bulls gain strength, there could be a sustained upward move towards the USD 40,000 level. A downside break below USD 38,000 could put a lot of pressure on the bulls.

Ethereum price

Ethereum price also extended its decline below the USD 2,500 level. ETH tested the USD 2,450 level, where the bulls appeared. On the upside, an immediate barrier is near the USD 2,500 level, above which the price might try to clear USD 2,550. If there is another decline, the price might find bids near USD 2,450. Any more losses might open the doors for a drop towards the USD 2,350 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) traded close to the USD 1.25 support level. It is now correcting losses and trading above USD 1.28. The first key resistance is near USD 1.30. A proper close above USD 1.30 might increase the chances of a move towards the USD 1.35 level.Litecoin (LTC) is holding the USD 135 support level. If LTC recovers above USD 140, there are chances of a stronger increase. In this case, the price might rise toward the USD 150 level. Conversely, a break below USD 135 could lead the price towards the USD 125 support.Dogecoin (DOGE) traded below the USD 0.200 support zone. The price is moving lower and it might continue to dive towards the USD 0.180 level. The next major support on the downside is near the USD 0.165 level.XRP price extended its decline below the USD 0.720 support, but it stayed above the USD 0.700 zone. It is now consolidating above USD 0.700 and it might rise towards the USD 0.750 level. If there is a break below USD 0.700, the price might test USD 0.650.

Other altcoins market today

A few altcoins climbed over 10%, including VGX, PERP, STX, EGLD, RUNE, and LUNA. Out of these, VGX rallied over 35% and it surpassed the USD 3.0 level.

To sum up, bitcoin price is testing the USD 38,000 support. If BTC recovers above USD 39,000, it could revisit the USD 40,000 resistance zone in the near term. However, a clear break below USD 38,000 might push the price even lower. _____

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Bitcoin and Ethereum Test Key Support
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