11 Jan 2022 · 2 min read

Bitcoin and Ethereum Recovery Stalls Near Key Hurdles

  • Bitcoin price recovered and faced hurdles near USD 42,500.
  • Ethereum is struggling near USD 3,150, XRP is consolidating below USD 0.75.
  • NEAR and ROSE gained 19%.

Bitcoin price started a recovery wave above the USD 41,500 level. BTC climbed above the USD 42,000 level, but it struggled near USD 42,500. It is currently (12:45 PM UTC) consolidating above USD 41,900, with a minor bearish angle.

Similarly, most major altcoins are facing important hurdles. ETH is facing resistance near the USD 3,150 level. XRP could gain pace if there is a close above the key USD 0.750 pivot level. ADA is testing the USD 1.15 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After forming a base above USD 41,000, bitcoin price extended its recovery. BTC climbed above the USD 41,500 and USD 42,000 resistance levels. The price even spiked above USD 42,500, but there was a lack of strength. It is now consolidating below the USD 42,000 level. On the downside, an initial support is near the USD 41,500 level. The next support is near USD 41,200, below which the price might test USD 40,500.

On the upside, the bulls need to gain strength above the USD 42,500 resistance for a steady increase in the near term. The next major resistance is near USD 43,200.

Ethereum price

Ethereum price also extended its recovery wave above the USD 3,100 level. However, the bears defended the USD 3,150 level. It is consolidating, with an initial support near the USD 3,100 level. The next major support is near USD 3,050, below which there is a risk of a fresh decline.

An immediate resistance is near the USD 3,150 level. A close above USD 3,150 could send the price towards USD 3,250 or even USD 3,320. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) recovered above the USD 1.12 and USD 1.14 levels. It is now rising and testing resistance near USD 1.15. A close above USD 1.15 might increase the chances of a move towards USD 1.20. The next major resistance is near USD 1.22.

Binance coin (BNB) climbed 5% and there was a clear move above USD 440. It is testing the USD 450 level. If the bulls remain in action, there could be a move towards the USD 465 level.

Solana (SOL) climbed above the USD 132 and USD 135 levels. It seems like the price might even rise above USD 140. The next major stop for the bulls might be the USD 150 level.

DOGE jumped 6% and it broke the key 0.150 resistance level. The next key resistance is near the USD 0.165 level. A clear move above this level might send the price towards the USD 0.188 level.

XRP price is still consolidating below the USD 0.75 level. The next major resistance is near the USD 0.78 level, above which the price may perhaps rise towards the USD 0.84 level in the near term.

Other altcoins market today

A few altcoins are up over 5%, including ROSE, NEAR, EGLD, MATIC, ATOM, DOGE, MIOTA, LUNA, and FTT. Out of these, ROSE surged 19% and broke the USD 0.395 level. NEAR jumped 19% also and surpassed USD 16.50.

To sum up, bitcoin price is facing a major hurdle near USD 42,500. If BTC stays below USD 42,500, it could revisit the USD 40,000 support zone.


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