Bitcoin and Ethereum at Make-or-Break Levels, Altcoins Struggle

  • 04 August 2021, Wednesday, 13:00

Bitcoin price tested the USD 37,500 zone before recovering higher. BTC is currently (12:18 UTC) consolidating near USD 38,000 and it is facing many hurdles. To start a stronger increase, the bulls need to push the price above USD 39,000.

Similarly, most major altcoins are struggling to recover. ETH could resume its decline unless it clears the USD 2,550 resistance zone. XRP might extend its decline below the USD 0.700 support zone.

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Bitcoin price

After a steady decline, bitcoin price found support near the USD 37,500 level. BTC is seemingly recovering and consolidating near the USD 38,000 level. On the upside, the USD 38,500 level is an immediate resistance. The first key resistance is near USD 39,000, above which the price might rise towards the USD 40,000 hurdle. If there is no upside break above USD 39,000, there could be a fresh decline. The first major support is near the USD 37,500 level. The next major support is near the USD 36,800 level.

Ethereum price

Ethereum price is also trading in a range near the USD 2,500 level. On the upside, an immediate resistance is near the USD 2,550 level. A close above USD 2,550 could increase the chances of a steady increase. The next major resistance is now forming near the USD 2,600 level. On the downside, the price might remain stable near USD 2,450. Any more losses could trigger a decline towards USD 2,350.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) spiked above the USD 1.35 resistance zone. It tested the USD 1.38 level before trimming gains. There was a break below USD 1.35, but the bulls might remain active near USD 1.32. The next major support on the downside is near the USD 1.30 level. Litecoin (LTC) is back below the USD 140 pivot level. The price is now approaching the USD 135 support zone. If there are additional losses, there could be a move towards the USD 130 level. Conversely, a break above USD 140 might start a steady increase towards USD 150. Dogecoin (DOGE) is struggling below the USD 0.200 support. The first key support is near the USD 0.180 level. If the bulls fail to protect USD 0.180, there could be a drop towards USD 0.165. On the upside, the price might face resistance near USD 0.200 and USD 0.205. XRP price is consolidating above the USD 0.700 support zone. If there is a downside break below USD 0.700, the price might accelerate lower towards the USD 0.650 support. On the other hand, the bulls might aim for a fresh break above USD 0.750.

Other altcoins market today

A few altcoins climbed over 5%, including AXS, RVN, QNT, CELO, LUNA, KCS, ZRX, BAT, and RUNE. Out of these, AXS surged over 14% and it broke the USD 40 level.

Overall, bitcoin price is stuck below the key USD 39,000 resistance zone. If BTC climbs above this zone, it could rise steadily. Otherwise, it might dive towards USD 37,000. __

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