Bitcoin Price and Ethereum Reverse Sharply, Key Support Nearby

cryptonews.com:

Bitcoin price attempted a strong increase above the $20,000 resistance zone. BTC failed and declined sharply below $19,000. It is currently (03:10 UTC) showing bearish signs, but it is testing a major support at $18,500.

Similarly, most major altcoins started a steady decline. ETH broke the $1,300 support and declined to $1,265. XRP is down over 10% and trading near the $0.42 support. ADA might move towards the $0.42 support zone.

After a decent increase above the $19,500 resistance, bitcoin price attempted more upsides. BTC cleared the $20,000 resistance zone and the 50-hour simple moving average. However, the bears were active below the $20,500 resistance. The price formed a short-term top and started a fresh decline below the $20,000 level. It declined over 5% and broke the $19,000 level. On the downside, an initial support is near the $18,500 level. The next major support is near the $18,350 zone, below which the price could slide to $17,500.

On the upside, the price is facing resistance near the $19,000 level. The next major resistance is near $19,150, above which the price might start a steady increase.

Ethereum price also followed a similar pattern after it was not able to clear the $1,400 resistance zone. ETH reacted to the downside below the $1,350 support. It even broke the $1,300 level and the 50-hour simple moving average. On the downside, an initial support is near the $1,265 level. The next major support is $1,255, below which price could test $1,200.

On the upside, the price is facing resistance near the $1,300 level. The next major resistance is near the $1,320 level, above which the price could visit the $1,350 resistance.

Cardano (ADA) started a fresh decline after it failed to clear $0.465. The price reacted