Market Summary 05/2: BTC Declines again, Trades below $47k, ETH Retraces below $1,500

On the hourly chart of the BTC/USD pair, there was also a drop below a significant bullish trend line with support around $49,500. The pair even managed to break through the $48,000 support mark and dipped to the $46,000 level. The price gained again and somewhat stabilized above $47,500. It tried to scale $48,000 but failed. However, the support at $47,500 is still holding, and It is currently trading above this level.

On the upside, $48,000 serves as an immediate resistance stage. Next to that, the $49,000 mark and the 100 hourly simple moving average is the major emerging resistance.

In their monthly Bitcoin Outlook survey, Bloomberg reported that Bitcoin is gradually displacing gold as a precious metal in investment portfolios. This is further bolstered by the decrease in Bitcoin's instability and its gaining credibility.

Ethereum News

Ethereum has begun a new decline after failing to remain above the $1,600 support level. ETH moved into a bearish zone after breaking the $1,580 and $1,550 support levels.

On the hourly chart of ETH/USD, there was a break below a critical bullish trend line with support around $1,560. It paved the way for a price decrease to under $1,500. The price of the pair dropped below the $1,450 support level.

It is trading above $1,470. The next resistance is at $1,500. The pair could correct higher, but gains above $1,550 may be minimal.

Other Altcoin News

Altcoins price performance summary.

1. Bitcoin Cash

Bitcoin Cash began the day in a decrease. Its lowest point was at $479. It seems to be still undergoing a minor correction. It is currently trading above $480.

2. Ripple

Ripple's highest peak was above $0.466. Its intraday low level was below $0.445. It is still trading above $0.455.

3. Litecoin

Litecoin reached an intraday decline of $169 before slightly increasing. It hit its peak at $176 and is still trading above $170.