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Short-term analysis of the market: the fall in the value of Ethereum can bring down the price of Bitcoin

تحلیل کوتاه مدت بازار:‌ سقوط ارزش اتریوم می‌تواند قیمت بیت کوین را به پایین بکشد

The successful end of the Ethereum rally also failed to pull the market out of the slump, which was affected by the August inflation rate and the expectation of interest rate hikes. Despite the positive signs that Bitcoin’s upward trend is returning, some analysts believe that the fall in the value of Ethereum could drag the price of Bitcoin down again.

to report Cryptoinosis, Bitcoin price failed to cross the $20,500 resistance zone and is currently trading below the $20,000 support zone (at a price of around $19,800). The author of this report believes that a drop in the price of Bitcoin below $19,500 could be followed by another price crash in the short term.

Most of the major altcoins in the market are also trying to start the trend of rising prices. However, Ethereum price is trading below the $1,500 support zone after falling 8% in the last 24 hours. The price of Ripple also decreased to the support of $0.32 and the price of Ada is likely to be corrected to the support level of $0.45.

Bitcoin price analysis

After several unsuccessful attempts, the price of Bitcoin finally reached below the support limit of $20,000. Bitcoin is now moving below the $19,800 area and the 50-hour simple moving average, and is above the $19,500 support. If the price breaks down, the next major support will be near the $19,350 area, after which it can test the $18,800 support.

Hourly chart of Bitcoin price with 50 simple moving average
Hourly chart of Bitcoin price with 50 simple moving average

In the upward trend, the price of Bitcoin faces the resistance of $19,880. The next main resistance will be the $20,000 range and the 50-hour simple moving average, crossing which could start a significant growth in the value of Bitcoin.

Ethereum price analysis

Ethereum price struggled to cross the $1,650-$1,655 resistance range. However, after Marj’s update ended, the market faced a sharp bearish reaction. The price of Ethereum moved below the $1,600 level and the 50-hour simple moving average with a drop of more than 10%. After that, it crossed the $1,500 support area and temporarily stabilized above the $1,460 support. If Ethereum continues its downward trend, the next major support areas will be $1,420 and then $1,350.

Hourly Ethereum price chart with 50 simple moving average
Hourly Ethereum price chart with 50 simple moving average

In the opposite direction, Ethereum should first cross the $1,500 resistance level and the next major resistance will be formed near $1,560.

Price analysis of Ada, Binance Coin, Solana, Dodge and Ripple

Cardano price could not cross the resistance range of $0.48 and then a bearish reaction was traded at the price of around 0.466. A further decline could see Ada fall towards the $0.45 support.

The price of Binance Coin also stabilized near the $272 support zone. If the Neroli trend of the past week continues, the price of Binance Coin can fall to the support levels of $265 and $250.

Solana price stabilized from just above the $32.2 support and is now trading around $32.9. If the bears continue to push, the price can drop to the 30.5 level. On the other hand, the rising price of Solana will face the resistance of $34.5.

The price of Dogecoin is trading slightly below the important support of $0.06, having fallen about 2% in the last 24 hours. The next major support for DogeCoin will be the $0.058 range, which could drop to the $0.0565 level if the price continues its downward trend.

The price of Ripple is also temporarily fixed in the support range of $0.32. If the bulls fail to hold this support limit, there is a possibility that the price of Ripple will fall to the levels of 0.305 or even 0.3.

The status of other altcoins in the market

Altcoins Atom, Golem, Terra Classic, Chiles, Cyber ​​Network, Quant, Chain Link, Neo, Neutrino USD and Lido have seen their price growth in the last 24 hours. In the meantime, the price of the atom increased by about 12% and reached close to $15.

Overall, Bitcoin price is trying to stay above the key support of $19,500, but if it breaks, it could drop around $18,500.

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