Bitcoin And Ethereum Correct Gains After Recent Surge

After the recent price surge, Bitcoin is currently trading below $64,000 and there could be more downsides in the short-term. The largest crypto is not the only coin to have dropped in the last few hours with a number of other altcoins also correcting their gains. 

Ethereum traded below the $4,320 and $4,250 support levels. Ripple is still struggling to clear the $1.15 resistance and Cardano tested $2.30 before dropping lower. 

Bitcoin price correction 

After experiencing a new all-time high earlier this week, Bitcoin began a downside correction below $66,000. The coin continued to drop below the $64,200 support levels before testing $62,000 and is now consolidating the losses. There is initial support at $62,500 and the first major support sits at $62,000. If the price drops below this, it could test the $60,500 support. 

If there is an increase, the price may face some resistance near $64,200 with the next major resistance being at $65,000. If the price surges above this, the coin could potentially test a new all-time high. 

Minimum Deposit
Exclusive Promotion
User Score
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
CopyPortfolios: Innovative, fully managed investment strategies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Ethereum price 

Ethereum was able to clear the $4,200 support level and went on to pass the $4,350 level. The price failed to test the $4,400 resistance and a high was formed at around $4,375 before dropping lower. The price of Ethereum is now trading below $4,200 but could reach the $4,000 level. 

Ripple price 

Ripple has failed to gain strength above $1.15 and has started a downside correction. It is now trading around $1.10 and has an immediate support at $1.08. The next major support is around $1.05, below which the price could fall to $1.00. 

Dogecoin price

After weeks of optimism, Dogecoin has fallen back below $0.250. An initial support sits at $0.240 and the first major support is $0.232, below which the price could easily tumble towards the $0.220 level. If there is an increase above $0.250, the price could rise to $0.265. 

If you want to buy some DOGE, read our guide on where to buy dogecoin in 2021.

Cardano price

Cardano has broken the $2.18 and $2.20 resistance levels. It dropped below $2.32 before correcting lower and is now trading below $2.20 with a key support waiting at $2.15. Any further decrease could drop the price to $2.05.