23 Aug 2022 · 2 min read

Bitcoin and Ethereum Eye Recovery, EOS and CHZ Rally

  • Bitcoin price is attempting an upside correction above USD 21,500.
  • Ethereum is facing resistance near USD 1,650, XRP is consolidating near USD 0.34.
  • EOS and CHZ rallied nearly 20%.

Bitcoin price started a consolidation phase after a strong decline to USD 21,000. BTC is currently (04:00 UTC) trading above USD 21,200 and facing many hurdles. The price must clear USD 21,650 to start a recovery wave.

Similarly, most major altcoins are attempting a recovery. ETH is trading above USD 1,600 and faces hurdles near USD 1,650. XRP is consolidating above the USD 0.335 support zone. ADA is facing resistance near USD 0.475 and USD 0.480.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a major decline, the bitcoin price found support near the USD 21,000 zone. BTC started a consolidation phase above the USD 21,000 level. It climbed above the USD 21,200 and faced resistance near the USD 21,550 level. The next resistance is near the USD 21,650 level, above which the price might rise and test the USD 22,000 resistance zone. Any more gains could send it to USD 22,500.

On the downside, immediate support is near the USD 21,000 level. The next major support is near the USD 20,500 zone, below which the price could test USD 20,000.

Ethereum price

Ethereum price also declined heavily before it found support near the USD 1,520 zone. ETH formed a base and started an upside correction above USD 1,580. There was a move above the USD 1,600 level, and the price is now facing resistance near USD 1,650. The next key resistance is near the USD 1,720 level, above which the price could gain bullish momentum.

On the downside, initial support is near USD 1,600. The next major support is USD 1,550, below which price could even test USD 1,500.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) extended losses below the 0.45 support zone and started a consolidation phase. It is now facing resistance near USD 0.475 and USD 0.480 levels.

BNB remained strong above the USD 288 support zone. It is now struggling to settle above the USD 300 and USD 305 levels. A close above USD 305 might kickstart a fresh increase in the near term.

Solana (SOL) tested the USD 33.50 support zone. It is now recovering and trading above the USD 35 level. The price must clear the USD 36.50 resistance to gain bullish momentum.

DOGE found bids near the USD 0.065 support. It is now rising and trading near USD 0.068. The first major resistance is near USD 0.0700, above which the price may accelerate higher.

XRP price is consolidating below the USD 0.35 resistance zone. If there is a recovery wave, the price might retest the USD 0.372 resistance zone.

Other altcoins market today

A few altcoins are correcting losses, including MATIC, ETC, LTC, ATOM, CRO, XMR, BCH, EOS, CHZ, and AAVE. Out of these, CHZ rallied over 20% and cleared the USD 0.22 level.

Overall, the bitcoin price is attempting an upside correction above the USD 21,200 level. To start a decent upward move, BTC must clear USD 21,650 and USD 22,000 in the near term.

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