09 Aug 2021 · 2 min read

Bitcoin and Ethereum Correct Gains, Bulls Remain Active

Bitcoin price rallied towards USD 45,000 before correcting lower. Ethereum surged above USD 3,000 and tested USD 3,180, XRP spiked above USD 0.800. XDC is up 28% and it cleared the USD 0.10 resistance.

Bitcoin price gained momentum after it settled above the USD 40,000 resistance. As a result, BTC broke the USD 42,000 and USD 43,500 resistance levels. It is currently (04:30 UTC) correcting lower, but the bulls might remain active near USD 43,000 too.

Similarly, most major altcoins are also correcting gains. This past weekend, ETH outperformed bitcoin and it broke the USD 3,000 resistance zone. However, today, it dropped by 6%, compared with BTC’s 3%. XRP also rallied above USD 0.800 before correcting lower.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a close above USD 40,000, bitcoin price gained bullish momentum. BTC surpassed the next key hurdle at USD 42,000. Finally, there was a steady increase towards the USD 45,000 level. The price spiked towards USD 45,400 before it started a downside correction.
There was a break below the USD 44,000 level. An initial support on the downside is near the USD 43,000 level. The first major support is near the USD 42,000 level, where the bulls might take a stand.

Ethereum price

Ethereum price remained in a bullish zone and it broke the USD 3,000 resistance level. ETH even cleared USD 3,100 and traded close to USD 3,200. It is now correcting gains and trading below USD 3,000.
An initial support is near the USD 2,880 level. The next major support is near the USD 2,750 level, below which the price might test the main weekly support at USD 2,620.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) broke the USD 1.40 resistance level and it almost tested the USD 1.50 zone. It is now correcting lower and trading near USD 1.40. If there is a downside break below USD 1.40, the price might test the USD 1.35 support zone in the near term.
Litecoin (LTC) broke the USD 150 and USD 155 resistance levels. However, the bulls failed to push the price above USD 160. It corrected lower below USD 150 and it might even revisit the USD 142 support. The next major support is near the USD 140 level. On the upside, the USD 155 level is a pivot zone.
Dogecoin (DOGE) rallied after it broke the USD 0.220 resistance zone. It even broke the USD 0.250 level and tested the USD 0.272 zone. The price is now correcting lower, but the bulls might remain active near USD 0.220. The main support is still near USD 0.200.
XRP price gained pace above the USD 0.780 and USD 0.800 resistance levels. It even spiked above USD 0.820 before dipping below USD 0.800. The main support on the downside is now forming near the USD 0.750 level, below which the bears might test USD 0.700.

Other altcoins market today

Many altcoins declined over 5%, including FTM, NEXO, SHIB, SUSHI, AXS, QNT, OKB, XTZ, THETA, ZEC, ZRX, COMP, AVAX, and TEL. Meanwhile, CHZ, HOT, HNT, and XDC are up more than 5%.

Overall, bitcoin price is trading above the USD 42,000 and USD 40,000 support levels. The overall price action suggests chances of more upsides above the USD 45,000 resistance in the near term.

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