Bitcoin and Ethereum Show Signs of Life, Hurdles Nearby
1: Bitcoin price is trying to recover above USD 47,500.
2: Ethereum moves higher above USD 3,880, XRP moved above USD 0.80.
3: SOL gained 4% and broke the USD 160 level.
Bitcoin price formed a base above the USD 46,000 zone. As a result, BTC started a steady recovery wave and climbed above the USD 47,500 zone. It is currently (04:19 UTC) facing strong resistance near the USD 48,500 zone.
Similarly, most major altcoins are attempting an upside correction. ETH recovered above USD 3,800, but it is facing strong resistance near USD 3,880. XRP is back above USD 0.800 and is now consolidating. ADA is above the USD 1.20 support zone.
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Bitcoin Price: After a fresh decline, bitcoin price found support near the USD 46,000 level. BTC formed a base and started a recovery wave above the USD 47,000 level. It even traded above USD 48,000, but the bears are active near USD 48,500. A close above USD 48,500 might spark a move towards the USD 50,000 level.
An immediate support on the downside is near USD 47,200. The next major support is near the USD 46,500 level, below which the price could retest USD 46,000.
Ethereum Price: Ethereum price recovered losses and traded above the USD 3,800 level. ETH even climbed above USD 3,850, but it failed to gain strength above USD 3,880. To continue higher towards USD 4,000, the price must clear the USD 3,880 barrier.
If there is a fresh decline, the price could test USD 3,750. The next key support is near the USD 3,650 level, below which the bears test USD 3,550.
ADA, BNB, SOL, SHIB, And XRP Price:
Cardano (ADA) spiked towards the USD 1.20 support. The price is rising and trading above USD 1.232. An immediate resistance is near the USD 1.25 level, above which the price could rise towards the USD 1.265 level.
Binance coin (BNB) tested the USD 510 level and remained stable above USD 500. It is recovering and trading above USD 525. The first key resistance is near USD 535, above which it may perhaps test USD 550.
Solana (SOL) is rising and there was a move above the USD 155 level. The price climbed above USD 160, but it is now facing resistance near USD 165. The next key resistance is near USD 172.
SHIB is stable above the USD 0.0000320 level. It is now consolidating near the USD 0.0000335 level. If there is a recovery wave, the bulls might attempt a break above the USD 0.000035 zone. The next major resistance is near the USD 0.000038 level.
XRP price tested the USD 0.780 support zone and is currently recovering losses. The price is back above USD 0.80, but there are many hurdles on the upside. The main breakout zone is near USD 0.82.
Other Altcoins Market Today:
Many altcoins are up over 5%, including CAKE, DOGE, AVAX, EGLD, MATIC, HNT, WAVES, KCS, OKB, XTZ, GRT, NEAR, DESO and XEC. Out of these, CAKE, DESO, and NEAR gained over 18%. Meanwhile, OHM is the worst performer among the top 100 coins and is now down almost 8%.
Overall, bitcoin price is recovering above the USD 47,500 level. To continue higher, the price must clear the USD 48,500 resistance level in the near term.
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