03 Jan 2022 · 2 min read

Bitcoin and Ethereum Eye Last Line of Defense, YFI Accelerates

 

  • Bitcoin price is struggling to gain pace above USD 48,000.
  • Ethereum eyes USD 3,850, XRP nears USD 0.85.
  • OHM and YFI are up 10% and 12%, respectively.

Bitcoin price attempted a clear upside break above the USD 48,500 zone. However, BTC failed to gain pace for a move above the USD 48,500 and started a fresh decline. It is currently (04:24 UTC) consolidating near USD 47,000 and there is a risk of a fresh decline towards USD 46,200.

Similarly, most major altcoins are consolidating losses. ETH is recovering and it might soon test the USD 3,850 resistance. XRP could attempt a fresh increase above USD 0.850. ADA is consolidating near the USD 1.35 zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a rejection near USD 48,500, bitcoin price started a fresh decline. BTC dropped below the USD 47,500 and USD 47,000 levels. However, the bulls remained active near the USD 46,000 zone. It is now recovering and trading near USD 47,000. An immediate resistance is near the USD 47,500 level. The main weekly resistance is now forming near USD 48,500.

On the downside, an initial support is near the USD 46,500 zone. The key support is near USD 45,500, below which there is a risk of a larger decline.

Ethereum price

Ethereum price started a fresh increase and accelerated above the USD 3,700 level, reaching USD 3,800. The next key hurdle is near USD 3,850, above which the price could accelerate higher. 

On the downside, an initial support is near the USD 3,720 level. The main weekly support is near USD 3,600, below which the price could dive in the near term.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is consolidating near the USD 1.35 level. An immediate resistance is near the USD 1.38 level. The main breakout zone is near USD 1.40, above which the price could gain bullish momentum in the coming sessions.

Binance coin (BNB) is stuck near the USD 525 level. It is facing a minor hurdle near the USD 532 level. The key barrier is near the USD 545 and USD 550 levels. If there is an upside break, the price could rise steadily in the coming sessions.

Solana (SOL) is facing a major resistance near the USD 178 and USD 180 levels. The weekly hurdle is near USD 188, above which the price could gain pace. If not, there is a risk of a move towards the USD 165 level in the coming sessions.

DOGE is consolidating near the USD 0.172 support zone. The next major support is near USD 0.170, below which it could test USD 0.165. On the upside, the price might face resistance near the USD 0.180 level.

XRP price is stuck near the USD 0.85 level. A clear move above the USD 0.85 level might open the doors for a test of the USD 0.92 level. On the downside, there is a key support near the USD 0.80 level.

Other altcoins market today

Many altcoins are up over 5%, including YFI, ANKR, QTUM, BORA, WAXP, ONE, BAT, UNI, KLAY, HBAR, HNT, and XEC. Out of these, YFI gained 12% and tested the USD 41,000 level, increasing its weekly gains to 31%.

Overall, bitcoin price is struggling to clear the USD 48,000 resistance. If BTC fails to gain momentum, there could be a decline below the USD 46,200 level.

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