Bitcoin, Ethereum and Altcoins approach major supports

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The price of Bitcoin has not recovered above $ 49,000 and has started to decline further. BTC traded below the support level of $ 48,000, topped $ 47,500 and is currently (04:00 UTC) struggling to recoup its losses.

Likewise, most of the major altcoins are dropping. ETH extended its decline below $ 3,150 and even peaked below $ 3,100. XRP is trading well below $ 1.20 and it might even test $ 1.05. ADA could find support near the $ 2.50 level.

Total market capitalization

Source: www.tradingview.com Bitcoin price

After struggling to recover above $ 49,000, the price of bitcoin has started to fall again. BTC traded below the support levels of $ 48,000 and $ 47,500. If the bears stay in action, the price could even test the level of $ 46,800. The next major support is near $ 46,500, below which bears could aim for $ 45,000.

On the upside, the $ 48,000 level is short term resistance. The first major resistance is near the $ 48,500 level, followed by $ 49,000. A close above $ 49,000 could start a steady rise.

Ethereum price

The price of Ethereum did not return above $ 3,220 and continued to decline. ETH traded below the support levels of $ 3,150 and $ 3,110. It now holds the $ 3,050 area, below which the bulls could try to protect the $ 3,000 support. If they fail, the price may eventually drop to $ 2,880.

On the upside, immediate resistance is near the $ 3,200 level. The first major resistance is near the $ 3,220 level, above which the price could test $ 3,300.

ADA, LTC, DOGE and XRP prices

Cardano (ADA) is down 7% and trading below the support level of $ 2.72. It even broke $ 2.65 and it may continue to fall towards the $ 2.50 level. Further losses could open the door for a move towards the $ 2.20 support area.

Litecoin (LTC) is struggling to stay above the $ 170 level. The next major support is at $ 165, below which the price could test $ 155. The main support for the current wave is near $ 150. On the upside, the price could possibly encounter obstacles close to the $ 180 level.

Dogecoin (DOGE) fell 8% and even peaked below the $ 0.280 support. The next major support is near the $ 0.265 level. If there are more losses, the bears could aim for a test of the $ 0.250 level. On the upside, initial resistance is near the $ 0.292 level. Major resistance is now forming near the $ 0.300 level.

The price of XRP extends its decline below $ 1.20 and $ 1.15. The next major support is near $ 1.05, below which the price could test the major support at $ 1.00. On the upside, the previous support at $ 1.20 could act as resistance. The next key resistance is near the $ 1.22 level.

Other altcoins market today

Many altcoins are down 10% including TEL, LUNA, XDC, ONT, SOL, HBAR, AUDIO, HNT, FTM, SUSHI, MIOTA, NEAR and ZIL. Of these, TEL is down 15% and trading below 0.023.

To sum up, the price of bitcoin is slowly falling below the $ 48,000 level. If BTC extends its decline below $ 46,800, there is a risk of moving towards the $ 45,000 level ._____

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