Bitcoin price failed to settle above USD 43,500 and started a downside correction. It traded below USD 43,000 and is currently (04:24 UTC) consolidating near USD 42,800. If there is a downside break below USD 42,500, the bears might take control.
Similarly, most major altcoins are stuck in a range. ETH is consolidating near USD 3,300, with a major support at USD 3,250. XRP must clear USD 0.80 for a stronger upward move. Conversely, ADA rallied above the USD 1.45 resistance zone.
Bitcoin price
After a downside break below USD 43,500, bitcoin price extended decline. BTC even broke the USD 43,000 support level. On the downside, an initial support is near the USD 42,500 level. The main weekly support is near USD 42,000, below which the price might start a stronger decline. The next key support is near the USD 40,500 level.
If there is a fresh increase, an immediate resistance is near the USD 43,500 level. The next major resistance is near USD 44,000, above which the price might gain bullish momentum.
Ethereum price
Ethereum price also started a downside correction from USD 3,400. It is now consolidating near USD 3,300. An initial support is near the USD 3,250 level. The next major weekly support is near USD 3,200, below which the price might decline further.
On the upside, an immediate resistance is near USD 3,380. The next key resistance is near USD 3,400, above which the price might test USD 3,500.
Overall, bitcoin price is consolidating near the USD 43,000 level. To start a fresh increase, BTC must break the USD 43,500 and USD 44,000 resistance levels in the near term.