Bitcoin and Ethereum Face Key Mid-Term Hurdles
- Bitcoin price is struggling to clear the USD 39,000 resistance.
- Ethereum might struggle near USD 2,880, XRP faces an uphill task near USD 0.80.
- Multiple altcoins are down more than 5%.
Bitcoin price made a few attempts to clear the USD 39,000 resistance but corrected lower and is now (13:53 UTC) trading near USD 38,000.
Similarly, most major altcoins are facing important hurdles. ETH must clear USD 2,880 and then USD 3,000 for a mid-term trend change. XRP could continue to face hurdles near USD 0.80. ADA may perhaps gain bullish momentum if there is a clear move above USD 1.00.
Total market capitalization
After a downside correction, bitcoin price attempted another upward move above USD 38,000. However, BTC failed to settle above the USD 39,500 level. A successful daily close above USD 40,000 could start a mid-term uptrend. The next major resistance is near USD 41,200, above which it could rise to USD 43,500.
If there is no upside break above USD 40,000, the price might correct lower. The main breakdown support is near USD 36,500, below which the price may perhaps decline to USD 35,000.
Ethereum price is trading near USD 2,600 and is facing a crucial hurdle near USD 2,880. The main medium-term resistance is still near USD 3,000. If there is a close above USD 3,000, the price could start a steady increase.
If not, there is a risk of a sharper decline below the USD 2,500 support. The next key support is near the USD 2,350 zone, below which the price might test USD 2,220.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is still well above the USD 0.80 pivot level. If the bulls remain in action, there are chances of a move above the USD 1.00 resistance. The next major resistance might be USD 1.20.
BNB is stuck below the USD 388 resistance. The main mid-term resistance is near USD 400. A daily close above USD 400 may possibly start a steady increase towards the USD 450 level.
Solana (SOL) might continue to face selling interest near USD 95 and USD 100. If the bulls succeed in clearing USD 100, there might be a move towards USD 120. If not, it might drop to USD 75.
DOGE is consolidating near the USD 0.120 level. To start a stronger increase, the price must clear the USD 0.135 and USD 0.142 resistance levels. In this case, it could even rise above the USD 0.150 level.
XRP price might continue to face selling interest near the USD 0.80 level. On the downside, the USD 0.65 level is a major monthly support. A close below USD 0.65 might call for a move towards USD 0.500.
Other altcoins market today
Many altcoins are down over 5%, including AVAX, DOT, SHIB, MATIC, ATOM, LTC, LINK, FTT, NEAR, MANA, XLM, and FTM. Out of these, AVAX declined 7% and traded below USD 75.
To sum up, bitcoin price is facing a few key hurdles near USD 40,000. To start a steady increase and a trend change, BTC must settle above USD 40,000.