Bitcoin and Ethereum are Eyeing Short-Term Breakout, OHM Rallies

Bitcoin and Ethereum are Eyeing Short-Term Breakout, OHM Rallies

 

  • Bitcoin price is eyeing an upside break above USD 48,000.
  • Ethereum could surge above USD 3,850, XRP is facing resistance near USD 0.85.
  • YFI and OHM are up over 8%.

Bitcoin price was able to recover above the USD 47,000 level. However, BTC is facing a strong resistance near the USD 48,000 level. It is currently (12:43 UTC) showing positive signs, but the USD 48,000 zone holds the key.

Similarly, most major altcoins are eyeing an upside break. ETH climbed above USD 3,800 and facing resistance near USD 3,850. XRP may accelerate if it clears the USD 0.850 zone. ADA is still consolidating above the USD 1.35 zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After forming a base, bitcoin price started an upside correction above USD 47,000. BTC even cleared the USD 47,200 level. An immediate resistance is near the USD 48,000 level. The next major resistance is now forming near USD 48,500. A close above USD 48,500 could send the price higher in the near term.

On the downside, an initial support is near the USD 47,000 zone. The first key support is near USD 46,500, below which the price may drop to USD 45,500.

Ethereum price

Ethereum price was able to recover above the USD 3,800 level. ETH is now facing a major resistance near USD 3,850. The next hurdle is near USD 3,880, above which the price could test the USD 4,000 level.

On the downside, an initial support is near the USD 3,750 level. The first major support is near USD 3,720, below which the price could retest USD 3,650.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is still consolidating above the USD 1.35 level. An immediate resistance is near the USD 1.38 level. A convincing move above USD 1.38 may send the price towards USD 1.40. If not, it could correct lower towards USD 1.32.

Binance coin (BNB) is rising and trading near USD 533. The next key hurdle is near the USD 545 and USD 550 levels, above which the bulls may gain strength.

Solana (SOL) is consolidating near the USD 175 level. An initial hurdle is near the USD 178 and USD 180 levels, above which the price could test USD 188. If not, it may possibly test the USD 165 support.

Dogecoin (DOGE) is stuck near the USD 0.173 support zone. If there is an upside reaction, the price might face resistance near the USD 0.180 level. On the downside, the bulls may remain active near the USD 0.165 level.

XRP price is facing a hurdle near the USD 0.85 level. A clear move above that level may set the pace for a larger increase. In this case, the price could rise towards the USD 0.92 level.

Other altcoins market today

Many altcoins are up over 5%, including YFI, OHM, AAVE, UNI, ONE, KLAY, COMP, LINK, ATOM, MKR, QNT, and NEXO. Out of these, OHM jumped 13% in a day, reached USD 333, and trimmed its weekly losses to less than 13%.

To sum up, bitcoin price is still struggling to clear the USD 48,000 resistance. If BTC breaks the barrier, there may be a steady move towards the USD 50,000 level.

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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-are-eyeing-short-term-breakout.htm
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