Crypto Price Roundup: Bitcoin (BTC) price tests $10,000 while Ethereum (ETC) closes below $350

The cryptocurrency market cap declined over 2% yesterday, nearing a break below $300 billion. Bitcoin (BTC) price closed below the 100-DMA, which could pave the way for a deeper correction. Ethereum is trading in a similar fashion as the sellers take control of the price action below $350.

BTC price closes below the 100-DMA

Bitcoin price closed down 2.44% yesterday as sellers continue to dominate the price action. The consolidation phase is now taking place near the $10,000 level which could potentially lead to an activated bear pennant.

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BTC/USD daily chart (TradingView)

The 100-DMA that was broken yesterday will now act as an intraday resistance for the buyers. Furthermore, the horizontal resistance line around $10.6000 will reinforce this resistance if we see an attempt to break out higher.

On the downside, the obvious target for sellers is the horizontal support near $9,500. Before that, a move below $9,700 activates the bear pennant that could eventually take the price action to $8,100.

ETH price falls below $350

Given that Bitcoin dominates the entire cryptocurrency market, it’s no surprise that major altcoins are following BTC’s lead. Ethereum price is trading in a similar fashion as the consolidation phase is now taking place after a sharp sell-off.

ETH/USD daily chart (TradingView)

Sellers are yet to reach the 100-DMA in ETH/USD, which is at $307 today. This area is a key target for sellers this week with a confluence of support levels located around $300. For investors looking to buy ETH in a dip, this level offers an excellent risk-to-reward ratio.

TRX looks good

Elsewhere, TRON (TRX) price had a great day yesterday as it gained nearly 9%. You can read more about why TRX price has increased recently in a separate analysis here. Chainlink (LINK) has also performed well over the past few days, as has Binance (BNB) coin.

Daily chart of the entire crypto market (TradingView)

Looking at some smaller altcoins, the biggest climbers today are yearn.finance (YFI), which is up over 16% on the day. On the other hand, Hyperion has been the worst performer by a wide margin, trading over 30% lower.

Summary

The market cap of the cryptocurrency market fell nearly 2.5% yesterday after major digital assets continued their retreat. Although BTC price closed below the 100-DMA, it has yet to break the key support near $10,000, while Ethereum price seems primed to rally to a low $300.

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