Bitcoin and Ethereum Consolidate, ALGO’s Rally on Pause
Bitcoin price remained in a range above the USD 38,000 level. BTC is currently (11:57 UTC) trading near USD 38,500 and facing a couple of key hurdles near USD 39,000 and USD 39,200. BTC is unchanged in a day and down 5% in a week. If there is no upside break, the price could dive below USD 38,000.
Similarly, most major altcoins are struggling below hurdles. ETH is still trading below USD 2,900. XRP is facing resistance near USD 0.632 while ADA is consolidating below the USD 0.80 resistance.
Total market capitalization
After a failed attempt to clear USD 39,200, bitcoin price trimmed gains. However, BTC remained above the USD 38,000 level and is now consolidating near USD 38,500. An immediate resistance on the upside is near the USD 39,000 level. The key breakout zone is still near the USD 39,200 level. A close above the USD 39,200 level could send the price toward USD 40,000.
On the downside, an initial support is near the 38,000 level. The main breakdown support is now forming near USD 37,600, below which the price might gain bearish momentum.
Ethereum price struggled near the USD 2,880 level. ETH moved lower and declined below the USD 2,800 level before recovering to almost USD 2,850. ETH is up almost 2% in a day and down 6% in a week. On the downside, an immediate support is near the USD 2,800 level. The next major support is near the USD 2,750 level, below which the price might decline heavily.
On the upside, the first key resistance is near the USD 2,880 level. The next major resistance is near the USD 2,920 level, above which the price could recover steadily.
Cardano (ADA) is still consolidating below the USD 0.80 resistance. If there is no upside break above USD 0.80, the price might slide below the USD 0.765 support.
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