The cryptocurrency market capitalization crushed to $994 billion from $1.07 trillion a week earlier. The reason behind it was a sell-off amid issues faced by the Silvergate crypto-focused bank along with the hawkish rhetoric of Fed Chairman Jerome Powell. Interestingly, the latter factor encouraged the increase of the U.S. dollar and reduced risk appetite.
In the course of 7 days, Bitcoin lost 7.25%, Ethereum lost 5.99%, Ripple gained 4.59%, and Litecoin fell by almost 13.00%.
Bitcoin
Bitcoin failed to stay at 22,557 support and dropped to the next level at 21,511, with a likely cautious recovery from this boundary.
If the fundamental background remains unfavorable and support at 21,511 fails, the key cryptocurrency may continue to drop to 20,443.
Ripple
In the course of recovery, Ripple reached the upper limit of the 0.3735 - 0.3956 sideways range. If the current resistance is broken out, the next growth target will be 0.4169 marked with dotted lines.
An alternative technical scenario would be a decline in the pair in the 0.3735 - 0.3956 sideways range.
Ethereum
Ethereum is trading under pressure, dropping towards the support of the 1484.77 - 1678.21 sideways range.
Once 1484.77 is reached, there may either be a reversal upwards or a level breakout with a consolidation below it, which will open the way for ETH/USD to the south to the next target at 1422.27 marked with green dotted lines.
Litecoin
Litecoin has reached 82.90 support. At the time of writing, the price is attempting to recover while maintaining the technical potential of growth toward the resistance at 91.12.
If the support at 82.90 fails to hold ground and the price consolidates below it, the next target to the south for LTC/USD will be 79.43 marked with green dotted lines.
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