Ethereum, Altcoins Outperform Bitcoin, while SOL, ADA, and DOT Rally
After testing the USD 21,000 support zone, bitcoin moved higher and touched USD 23,000 before correcting lower again. It is currently (11:44 UTC) consolidating losses near USD 22,000 and is down almost 8% in a day and 29% in a week.
Similarly, most major altcoins are consolidating losses. ETH dived below the USD 1,200 support before the bulls appeared. XRP is fluctuating above the USD 0.30 support. ADA is up 9% and is eyeing an upside break above USD 0.50.
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After a sharp move below the USD 25,000 support, bitcoin price extended its losses. BTC even tested the USD 21,000 zone before moving above the USD 22,000 level again. On the upside, an immediate resistance is near the USD 23,200 zone. The next major resistance is now forming near the USD 23,500 level.
If there is no move above USD 23,500, the price could resume its decline. An initial support is near the USD 21,500 level. The next major support is near the USD 21,000 zone, below which the bears could test the USD 20,000 support.
Ethereum price also declined below the USD 1,320 support. ETH even spiked below the USD 1,120 level. It found support near USD 1,080 and corrected higher. The price is now trading near USD 1,160 while the next key resistance is near the USD 1,250 level, above which ETH could start a move towards USD 1,320. ETH outperformed BTC in a day and is down 3%, but its weekly losses reached 36%.
If ETH fails to gain strength, there could be a fresh decline toward the USD 1,120 level. The next major support is near USD 1,080, below which the price might test USD 1,000.
Cardano (ADA) remained well bid and recovered above USD 0.465. The price jumped 9% and climbed above the USD 0.48 level. If it clears USD 0.50, the bulls might gain
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