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The overwhelming surge across the cryptocurrency market has greatly revived interest in the major cryptocurrencies. For instance, Bitcoin SV has more than tripled in value since the lows traded last December. The cryptoasset is trading at $345 after adjusting from highs at $450. Other assets that have improved greatly, include Bitcoin Cash, Bitcoin Gold and Dash.

However, the surge appears to be on the rocks as the cryptocurrenciesstartto reverse. The majority of the major cryptos are in the red on Wednesday led by Bitcoin, which is down 6%, Litecoin follows at 3% and EOS at 4.21%.

On the other hand, the cryptoassets that are still in the green include, Dash with its 31% rise on a daily basis, Bitcoin Gold is trading 27.7% higher and Ethereum Classic is up 4.3%.

Bitcoin is down 2% on the day following a surge towards $9,000. An intraday high formed at $8,899 saw the bears start to swing into action. At the time of writing, BTC is valued at $8,627 amid a growing bearish momentum. If the support at $8,600 fails to hold, the zone at $8,400 could rescue the bulls. More support can also be expected to emanate from the former resistance at $8,200.

Ethereum, on the other hand, retreated from the new January 2020 high at $171.67. Support appears to be establishing at $160. Meanwhile, ETH/USD is valued at $162 (market value). Additional support is expected at $155, the 50 SMA on the 1-hour chart, and the 100 SMA.

Ripple blasted its way through the resistance at $0.22 as well as $0.24. An adjustment in the price has occurred with Ripple slide back to $0.2342. Immediate support could be found at $0.23. Besides, the leveling RSI suggests that Ripple could settle the dust above $0.24 while the upside capped at $0.24 in the near term.

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Cryptocurrency Market Update: Two-day recovery on the rocks as Bitcoin, Ethereum and Ripple trim gains - FXStreet