A Prodigious bloodbath has ensued in the crypto market as the total crypto market capitalization has fallen by 11% with nearly $200 billion losses in a matter of a few hours. Bitcoin Price saw devastating losses reaching $43k with major altcoins falling nearly 20%.
Crashes are nothing new for Bitcoin and the market’s bull structure appears to still be intact. Here are the next target levels for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) following the dramatic correction.
Bitcoin Price Analysis
The flagship cryptocurrency is now undergoing corrective momentum that took the price as low as the $43,173 mark. The price of BTC has fallen below the support at $45,000. At the time of writing, BTC price is trading at
If the bearish trend continues, the flagship currency must hold, the next major levels of support at $42.6k and $41.3k. Initial support is seen at $40K-$42K, which could stabilize the pullback.
Ethereum Price Analysis
Even the second largest crypto followed the same bearish path. Ethereum price Lost more than $800 in a few hours retesting the $3,000 support zone. At present, the immediate resistance is at $3150. If it successfully breaks this level ETH might test second resistance at 3230.
On the flip side, A break below $3000 can take ETH’s price drop to 2890 level. In the case of Extended losses, we can expect strong support at $2650.
Cardano Price Analysis
Since the start of September cardano price is failing to overcome $3 after multiple attempts over the weekend. Despite the hype of its smart contacts launch, the token suffered more than a 10% loss. Cardano’s price has shed roughly 24% over the past nine days as it retests the $2.188 support floor.
At press time ADA price is trading at $2.06 as the altcoin failed to stay above the $2.65 support level. The price plunged heavily below $2.5. To start afresh massive rally, the price must reclaim the $2.65 pivot level.
If the Market rebounds well, it might trigger an uptrend to the immediate resistance level at $2.30. breaking this level will pave the way for a retest of the $2.638.
on the other hand, if Cardano’s price fails to recover above the $2.188 level, it will indicate increased selling pressure. The price might also drop to $1.924.