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Crypto Price Today: The crypto market volatility has decreased significantly in the past 24 hrs as the Bitcoin price consolidates below the key $40,000 mark. Ethereum (ETH) price is also barely holding the $2,200 level. These market conditions depict a cautious sentiment among investors after a huge sell-off in the last two weeks.
On Friday, BTC and ETH prices are changing hands in a very narrow range. Most traders are waiting for a major move to trade the momentum in either direction. However, such a move remains elusive as of Friday morning.
Crypto Market Overview
Due to the sideways movement in Bitcoin, other major altcoins like Solana (SOL), Cardano (ADA), Ripple (XRP), and Chainlink (LINK) have also barely moved since yesterday. Consequently, the market capitalization of the whole crypto market remained unchanged.
A few altcoins like Manta Network (MANTA) and Dogwifhat (WIF) which were performing well earlier, are having a pullback now. Both coins are down 12% and 11% from their weekly highs.
Bitcoin Price Analysis: What’s Next?
On a 1H timeframe, Bitcoin (BTC) price is facing strong resistance from the $40,169 level. As shown in the following chart, the price is trading within a range with a bottom of $38,633. If bulls fail to push the price above $40,169 soon, I expect another retest of the range lows in the coming days.
Ethereum Price Barely Holds $2,200
After the recent delay in the approval of spot Ethereum ETF, Ethereum is showing weakness against Bitcoin. The ETH/BTC pair has tanked 6.75% this week. The pair is currently down almost 10% from the monthly highs.
The latest Ethereum technical analysis shows that the price may retest the range lows around $2,180 if bulls fail to defend the $2,200 level.
Manta Price Tanks After Double Top
It seems that the rally in the MANTA coin has finally stalled. The MANTA/USD pair shows a double top formation on the 1H timeframe and has also printed a lower low. The biggest resistance right now is the $3.33 level. Another retest of this level could be possible if the bulls reclaim the $3.16 level. In case of a deeper pullback, there could be a bounce from the $2.7-$2.8 zone.
