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Bitcoin Eyes Fresh Increase, Ethereum and Altcoins Face Resistance

  • Bitcoin price remained well bid above USD 38,000 and it might clear USD 40,000.
  • Ethereum is recovering towards USD 2,500, XRP could rise to revisit USD 0.88.
  • XDC and AMP are up over 15%.

Bitcoin price corrected lower below USD 38,500, but the bulls were active above USD 38,000. BTC started a fresh increase and it climbed above USD 39,000. It is currently (12:11 PM UTC) showing positive signs and is eying USD 40,000.

Besides, most major altcoins are also trying to gain bullish momentum. ETH recovered above USD 2,440, but it is likely to face resistance near USD 2,500. XRP/USD is consolidating above USD 0.850 and it could test USD 0.880 in the near term.

Total market capitalization

Bitcoin Eyes Fresh Increase, Ethereum and Altcoins Face Resistance 101
Source: www.tradingview.com

Bitcoin price

After a downside correction, bitcoin price found support near the USD 38,000 level. BTC formed a base and recently started a fresh increase above USD 38,500. The price climbed above USD 39,000 and it might soon test the USD 39,800 resistance. The first major resistance is now forming near USD 40,000.
On the downside, an initial support is near the USD 38,800 level, followed by USD 38,500. The key breakdown support is now forming near the USD 38,000 level.

Ethereum price

Ethereum price found support near USD 2,350 and it started a recovery wave. ETH corrected above the USD 2,400 and USD 2,420 levels. However, it is struggling to gain momentum above the USD 2,450 level. The main resistance for a larger increase is now near USD 2,500.
If the price fails near USD 2,500, there is a risk of a fresh decline below USD 2,400. The main support sits near the USD 2,350 level.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) is trading with a positive angle above the USD 350 level. An immediate resistance on the upside is near the USD 365 level, above which the price might rise towards the USD 380 level. On the downside, the bulls might remain active near USD 350.
Litecoin (LTC) is consolidating near the USD 172 pivot level. An initial barrier for the bulls is near the USD 180 level. A break above USD 180 could lead the price towards the USD 195 and USD 200 resistance levels. If there is a fresh decline, the price might find bids near USD 165.
Dogecoin (DOGE) is stable above the USD 0.300 and USD 0.305 support levels. On the upside, the USD 0.320 level is a short-term resistance. The first key resistance is near USD 0.335, above which it could test USD 0.350.
XRP price climbed back above USD 0.850. An initial resistance on the upside is near the USD 0.880 level. If the bulls gain strength, the price could make another attempt to surpass USD 0.90. Conversely, the price might drop towards the USD 0.820 support.

Other altcoins market today

Many altcoins climbed over 5%, including XDC, AMP, QNT, TFUEL, WAVES, ICX, THETA, ATOM, FTM, NEXO, SOL, HNT, AVAX, and KCS. Out of these, XDC rallied almost 24% and it climbed above USD 0.065.

To sum up, bitcoin price is showing positive signs above USD 38,500 and USD 38,000. If BTC reclaims USD 40,000, there are chances of a steady increase in the coming sessions.

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