16 Aug 2022 · 2 min read

Bitcoin and Ethereum Consolidate Near Key Supports

  • Bitcoin price may extend losses to USD 23,500.
  • Ethereum might test USD 1,850, XRP is consolidating near USD 0.37.
  • Many altcoins are in red today.

Bitcoin price is trading near the USD 24,000 pivot level. BTC is still above the USD 23,500 support zone. It is currently (04:00 UTC) consolidating and might start another increase unless there is a clear move below the USD 23,500 support.

Besides, most major altcoins are consolidating near key support levels. ETH is still above the USD 1,850 support zone. XRP is stuck near the USD 0.37 level. ADA is holding the key USD 0.55 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After another failure near the USD 25,000 resistance, the bitcoin price reacted to the downside. BTC traded below the USD 24,600 and USD 24,500 levels. It is now consolidating, with an immediate support near the USD 23,800 level. The next major support is near the USD 23,500 zone, below which the price could gain bearish momentum.

On the upside, the price might face resistance near the USD 24,500 level. The next resistance is near the USD 25,000 level, above which the price might start a strong increase in the near term.

Ethereum price

Ethereum price struggled to gain pace above the USD 2,000 resistance. ETH corrected gains and traded below the USD 1,920 level. It even traded below USD 1,900, but the bulls are protecting the key USD 1,850 support. If there is a downside break below USD 1,850, the price may test the USD 1,750 level.

On the upside, the price could struggle near the USD 1,950 level. The next key resistance is near the USD 2,000 level, above which the price may rise steadily.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is consolidating near the USD 0.55 support zone. If it stays above the USD 0.55 level, there might be a fresh increase to USD 0.60. Conversely, there could be a drop to USD 0.52.

BNB settled below the USD 320 level. However, the bulls are protecting the USD 312 support zone. If there are more losses, there is a risk of a move towards the USD 300 level.

Solana (SOL) trimmed gains and declined over 7%. There was a clear move below the USD 45 support zone. The next major support is near USD 43.20, below which the bears might aim a move towards the USD 42 level.

DOGE declined below the USD 0.080 support level. It is now trading near the USD 0.078 support level. If the bears remain in action, the price may perhaps decline towards the USD 0.075 level.

XRP price struggled to surpass the USD 0.388 resistance. It is now consolidating near the USD 0.37 level, and there is a clear risk of a move towards the USD 0.355 support.

Other altcoins market today

Many altcoins are in the red zone, including SHIB, DOT, MATIC, AVAX, TRX, UNI, ETC, LTC, LINK, NEAR, EGLD, and QNT.

Overall, the bitcoin price is consolidating near the USD 24,000 zone. If BTC remains stable above USD 23,500, there might be a fresh move to USD 25,000.

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