Bitcoin, Ethereum Try to Recover Losses, Risks Remain

Bitcoin price declined almost 9% and traded below USD 35,000 before recovering.
Ethereum tumbled below USD 2,400, XRP dived to USD 0.620.
All major altcoins are down over 10%.

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

Bitcoin price

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

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.

ADA, BNB, SOL, DOGE, and XRP price

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 might decline towards the USD 300 level.

Solana (SOL) is down 12% and trading below the USD 82 level. The next major support is near the USD 75 level. If the bears remain in action, the price could decline towards the USD 65 level.

DOGE declined over 17% and there was a move below the USD 0.12 level. The price is now approaching the USD 0.11 level. Any more losses might set the pace for a move towards USD 0.105.

XRP price fell 13% and there was a move below the USD 0.650 support zone. It even tested the key USD 0.62 support. The next major support is near USD 0.60, where the bulls might take a stand.

Other altcoins market today

Many altcoins are down over 15%, including AVAX, SHIB, MATIC, CRO, ATOM, LTC, LINK, FTT, BCH, UNI, ALGO, MANA, and HBAR.

To sum up, bitcoin price is down almost 9% but is trying to recover above the USD 35,000 level. If it fails, there is a risk of a move towards the USD 32,000 support zone.

_____