Crypto prices are stuck in a narrow range as Bitcoin price remains stagnant. Prominent crypto assets like Ethereum (ETH) and Solana (SOL) are also exhibiting a similar price action. The biggest cryptocurrency by all metrics, Bitcoin, has failed to break above $43,500 resistance despite repeated attempts in the last few days.
Consequently, bulls are getting exhausted, suggesting that the bears may have another chance to aim for more downside. The prolonged sideways price action has also caused a decrease in the trading volume of the whole crypto market.
In one of the significant developments in the crypto industry, Binance announced to delist Aragon (ANT), Multichain(MULTI), Vai (VAI) and Monero (XMR). Of these coins, the biggest surprise was the privacy-focused coin Monero, considered one of the oldest and is a well-established crypto project.
As a result, XMR price dipped 30% on the Binance announcement as the investors tried to get rid of their holdings, anticipating liquidity concerns after delisting. The coins mentioned above are still trading on Binance, with the delisting to occur on 20 February.
BTC Technical Analysis And Price Outlook
The pioneering digital asset is changing hands just below the $43,000 mark at press time. BTC price has been stuck within the Monday ranges for the past few days. After a 0.91% uptick in its previous session, Bitcoin slid 0.43% in the first of Wednesday.
The most significant resistance remains at the $43,500 level, which is also the weekly high for the most valuable cryptocurrency. If bulls fail to find strength above $43,000, a move toward $42,222 support will become likely.
Ethereum Price Hits $2,392
After showing a lot of weakness against Bitcoin, the ETH/BTC pair has been rallying this week. In the first three days of the week, the pair is up 2.21% which indicates that the investors are selling their Bitcoin for Ethereum. If the trend continues, ETH price may soon break out above $2,400 resistance toward fresh 52-week highs.
However, so far, the bulls have been unsuccessful in reclaiming the $2,400 level, as ETH/USD faced a rejection from $2,392 on Tuesday.
Solana Finds Support At $93
Despite multiple attempts by the bears to push the price down, SOL is still holding onto the $93 level. Any breach of this support may trigger a huge sell-off toward the $85 level, which is the next major support, as per the following chart. This outlook can only be avoided by reclaiming the $97 resistance which is also marked on the chart below.
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