Bitcoin and Ethereum Consolidate Gains, Key Hurdles Nearby

Bitcoin and Ethereum Consolidate Gains, Key Hurdles Nearby

 

  • Bitcoin price is struggling to gain pace above USD 39,000.
  • Ethereum is stuck below USD 2,700, XRP faced sellers near USD 0.720.
  • LUNA is still up over 24%, but struggling to continue higher.

Bitcoin price started a strong upward move above the USD 36,500 and USD 37,000 levels. BTC even rallied above USD 38,000, but faced sellers near USD 39,500. It is currently (11:25 UTC) consolidating gains near USD 38,500 and is up almost 10% in a day. 

Similarly, most major altcoins are facing important hurdles. ETH failed to settle above the USD 2,700 resistance zone but is up almost 11% in a day. XRP retreated lower from the USD 0.720 resistance. ADA spiked towards the USD 0.90 resistance, where sellers emerged.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a strong recovery wave, bitcoin price failed to settle above the USD 39,000 level. BTC corrected lower and traded below USD 38,500. The next key support is near the USD 37,500 level, below which the price may perhaps start a fresh decline. In this case, it could decline towards the USD 36,000 level.

On the upside, the price is facing resistance near the USD 39,000 level. The next key resistance is near the USD 39,500 level, above which the price might rally to USD 41,200.

Ethereum price

Ethereum price attempted an upside break above USD 2,700 and USD 2,720. ETH failed to extend gains and corrected below USD 2,650. The next key support is near the USD 2,550 zone, below which the price might test USD 2,500.

If there is another increase, the price might face resistance near USD 2,700. The next key resistance is near the USD 2,720 zone, followed by USD 2,750.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) rallied above the USD 0.82 and USD 0.85 resistance levels. However, the bears were active near USD 0.90. The price retreated lower and it might revisit the USD 0.80 support.

BNB faced sellers near the USD 370 level and corrected lower. The first major support is near the USD 350 level. If there is a downside break, the price might decline towards the USD 332 level.

Solana (SOL) is holding gains above the USD 85 resistance level. The next major resistance is near the USD 92 level, above which the bulls even clear the USD 95 resistance level. If not, it could correct lower towards the USD 80 level.

DOGE is now consolidating near the USD 0.120 level. On the upside, the bulls could face resistance near the USD 0.125 level. A clear move above USD 0.125 might start a steady increase towards USD 0.135.

XRP price spiked higher and tested the USD 0.720 resistance. The price is now consolidating gains and might decline towards USD 0.65 if there is no clear move above USD 0.720. The next major support is near the USD 0.620 level.

Other altcoins market today

Many altcoins are up over 10%, including LUNA, AVAX, MATIC, SHIB, CRO, WBTC, FTT, BCH, UNI, MANA, HBAR, SAND, XTZ, FTM, and HNT. Out of these, LUNA could extend gains if it manages to surpass USD 66.50.

To sum up, bitcoin price is trading in a positive zone above USD 38,000. However, BTC must clear USD 39,000 and USD 40,000 to set the stage for a larger increase.

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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-consolidate-gains-key-hurdles-nearby.htm
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