Bitcoin and Ethereum Try To Recover, Face Hurdles

Bitcoin and Ethereum Try To Recover, Face Hurdles


Bitcoin price started a decent upward move above the USD 32,200 pivot zone. BTC even climbed above USD 33,000, but it failed to stay above this level and is currently (04:35 UTC) showing bearish signs below USD 32,800.

Similarly, most major altcoins are also trying to recover. ETH increased by 5% and it even spiked above the USD 2,000 resistance, before moving lower again. XRP settled above USD 0.600, but it is struggling to gain pace above USD 0.620.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After extending its decline, bitcoin price found support near USD 31,550. BTC started an upside correction above the USD 32,200 and USD 32,500 levels. The price even traded above the USD 33,000 level, but the bears defended the USD 33,200 resistance zone. The first major resistance is still near USD 33,500, above which there are chances of a steady increase.On the downside, an initial support is near the USD 32,200 level. The first key support is near USD 32,000, below which the price may even trade below USD 31,550.

Ethereum price

Ethereum price found a strong buying interest near the USD 1,860 level. ETH climbed above the USD 1,940 and USD 1,950 resistance levels. It even spiked above USD 2,000, but the bulls faced a strong selling interest near USD 2,050. The price is struggling to settle above USD 2,000 and is moving lower. If there is a break below USD 1,925, the price might accelerate its decline.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) spiked sharply after it broke the USD 1.25 resistance but failed to test USD 1.30. The price trimmed gains and it is now consolidating near USD 1.25. The main support on the downside is now forming near USD 1.22.Litecoin (LTC) managed to stay above the USD 125 support level. It is now facing resistance near the USD 132 level. The main resistance for a larger increase is now near the USD 140 level. If there is a fresh decline, the bulls might struggle to protect the USD 125 support zone.Dogecoin (DOGE) tested USD 0.188 and it is now consolidating in a range. An immediate resistance is near the USD 0.200 level. The first key hurdle sits near USD 0.212. The next major resistance is near USD 0.220, above which the price might rise towards the USD 0.250 level.XRP price settled above the USD 0.600 pivot level. However, the price is facing resistance near USD 0.620. A close above USD 0.620 could push the price towards the USD 0.650 level. If not, it could extend losses towards USD 0.580.

Other altcoins market today

Many altcoins gained over 8%, including AXS, ENJ, MANA, BAKE, FLOW, CHZ, COMP, QNT, SOL, RUNE, XEM, and DGB. Out of these, AXS rallied by 37% and it broke the USD 25 level.

Overall, bitcoin price is attempting an upside correction above USD 32,500. However, BTC must settle above USD 33,000 and USD 33,200 to continue higher in the near term._____

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Bitcoin and Ethereum Try To Recover, Face Hurdles 102



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