09 Aug 2022 · 2 min read

Bitcoin and Ethereum Consolidate, ZEC and CEL Rally

 

  • Bitcoin moved below USD 24,000 again.
  • Ethereum is consolidating below USD 1,800, XRP is still well below USD 0.40.
  • ZEC and CEL are the best performers today.

Bitcoin price was able to briefly move above the USD 24,000 resistance level before trimming its gains. BTC is currently (04:01 UTC) trading near USD 23,800 and still up over 2% in a day and a week.

Similarly, most major altcoins are trading in a range and eyeing more gains. ETH could gain pace if there is a clear move above the USD 1,800 level. XRP is stuck near the USD 0.38 level while ADA is below USD 0.55.

Total market capitalization

Source: tradingview.com

Bitcoin price

After forming a strong base above USD 23,200, bitcoin price started a steady increase. The price even tested the USD 24,200 level before the bears appeared and pushed BTC below USD 24,000. On the downside, an immediate support is at USD 23,500. The next major support is near the USD 23,200 zone, below which the price could gain bearish momentum.

On the upside, an initial resistance is near the USD 24,000 level. The next main resistance is still near the USD 24,200 level, above which the bulls might aim for a move towards USD 25,000.

Ethereum price

Ethereum price remained in a bullish zone above the USD 1,700 level. ETH gained pace for a move above the USD 1,780 level. It even spiked above USD 1,800 and is now consolidating near USD 1,780. ETH is up 4% in a day and almost 9% in a week. On the downside, an initial support is near the USD 1,765 level. The next major support is near the USD 1,750 zone, below which the price could retest USD 1,700.

An immediate resistance is near the USD 1,800 level. The next key resistance is near the USD 1,820 level, above which the price might rise to USD 1,880.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained pace above the USD 0.535 level and attempted a move above the USD 0.550 resistance level but failed. If ADA stays above USD 0.520, there could be another attempt to move above the USD 0.55 level.

BNB failed to stay above the USD 330 level and corrected lower. The price is now moving lower and might test the USD 320 level. The next major support is USD 312.

Solana (SOL) is consolidating above the USD 42 level. An immediate resistance is near the USD 43.50 level, above which the price may perhaps rise towards the USD 45 level.

DOGE is moving in a range above the USD 0.0700 level. An immediate resistance is near the USD 0.0720 level. A close above the USD 0.072 level might start a stronger increase.

XRP price is still struggling below the USD 0.380 resistance. The next major resistance is near USD 0.388, above which the price might rise towards the USD 0.40 level.

Other altcoins market today

Multiple altcoins are trading in a positive zone, including DOT, ETC, LTC, FTT, NEAR, LINK, CRO, ATOM, FLOW, XMR, and GRT. Meanwhile, ZEC and CEL jumped 14% and 36% in a day, becoming the best performers among the top 100 cryptoassets by market capitalization. ZEC moved above USD 80 and also increased its weekly gains to 28%, while CEL traded above USD 1.95 and is now also up 44% in a week.

Overall, bitcoin price is consolidating near the USD 24,000 level. If the bulls succeed in clearing this level, BTC could rise towards USD 25,000 in the near term.

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