Bitcoin and Ethereum Grind Lower, CEL Rallies 15%

Bitcoin and Ethereum Grind Lower, CEL Rallies 15%
18 Aug 2022
· 2 min read

Bitcoin and Ethereum Grind Lower, CEL Rallies 15%

Bitcoin price declined further and tested USD 23,200.Ethereum traded below USD 1,850, XRP is still above USD 0.362.CEL rallied over 15% and surpassed the USD 2.90 level.

Bitcoin price started a fresh decline below the USD 24,000 support zone. BTC even traded below the USD 23,500 support zone. It is currently (04:00 UTC) down 2% and struggling to stay above the USD 23,200 support zone.

Similarly, most major altcoins are showing several bearish signs. ETH declined and traded below the USD 1,850 support zone. XRP is still consolidating near the USD 0.370 level. ADA traded below the key USD 0.55 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a clear downside break below USD 24,000, the bitcoin price extended its decline. BTC traded below the USD 23,600 and USD 23,500 levels. It even tested the USD 23,200 level, where the bulls emerged. It is now consolidating losses above the USD 23,200 level. On the upside, the price might face resistance near the USD 23,600 level. The next resistance is near the USD 24,000 level, above which the price might attempt a decent increase.

If there is no recovery wave, the price might slide further below the USD 23,200 support. The next major support is near the USD 22,800 zone, below which the price could test USD 22,500.

Ethereum price

Ethereum price also gained bearish momentum below the USD 1,900 level. ETH even traded below the USD 1,850 support and tested USD 1,820. If the bears remain in action, there might be a break below the USD 1,820 level. The next major support is USD 1,780, below which the price could accelerate lower in the near term.

On the upside, the price could face resistance near the USD 1,880 level. The next key resistance is near the USD 1,920 level, above which the price may start a steady increase.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) failed to stay above the USD 0.55 support zone. The price is now moving lower towards the USD 0.532 support level, below which it may test the USD 0.52 support.

BNB is down over 3%, and there was a move below the USD 312 support. On the downside, the main support sits at USD 300, below which the price might dive to USD 288.

Solana (SOL) is down over 6%, and there was a clear break below the USD 42 support. The bulls are now struggling to protect the USD 40 level. Any more losses might send the price to USD 38.

DOGE is down 5%, and the bears were able to push the price below USD 0.0820. It is now consolidating near USD 0.080. A downside break could send it to USD 0.0782.

XRP price is holding gains above the USD 0.362 support zone. If the bulls fail to protect losses, there is a risk of a move towards the USD 0.35 level.

Other altcoins market today

Many altcoins are moving lower today, including DOT, SHIB, AVAX, MATIC, TRX, UNI, NEAR, LINK, BCH, ALGO, VET, and MANA. Out of these, MATIC is accelerating lower towards the USD 0.88 support. At the same time, CEL rallied more than 15%.

Overall, the bitcoin price is moving lower and trading well below USD 24,000. If there is no recovery wave, BTC might slide further below USD 23,200 and USD 23,000.

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