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Bitcoin and ETH Price Prediction: Recovery Face Hurdles, AVAX Aims Higher

By:
Aayush Jindal
Published: Jun 20, 2022, 14:38 GMT+00:00

Bitcoin price started an upside correction above $20,000, Ethereum’s ether climbed above $1,100, and AVAX could eye a strong upward move.

Bitcoin and ETH Price Prediction: Recovery Face Hurdles, AVAX Aims Higher

Key Insights:

  • Bitcoin started an upside correction above the $20,000 resistance.
  • Ether (ETH) was able to recover above $1,050 and $1,100.
  • AVAX seems to be forming a support base above $15.

Bitcoin

After a strong decline, bitcoin price found support near the $17,800 zone. A base was formed and the price started an upside correction.

There was an upside correction above the $19,000 and $19,500 resistance levels. The price even cleared a key bearish trend line with resistance near $19,000 on the hourly chart. BTC is now trading above the $20,000 level and the 21 simple moving average (H1).

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, the bulls are facing resistance near the $21,350 level. A clear move above $21,350 might send the price towards $23,000. If not, bitcoin could slide and revisit $19,000.

Ethereum (ETH)

ETH also followed a similar pattern and started a recovery wave from the $900 support zone. There was a decent upward move above the $1,000 resistance zone.

Ether was able to surpass the $1,060 resistance level and the 21 simple moving average (H1). On the upside, the previous support at $1,150 is acting as a strong resistance. A clear move above the $1,150 level could start an increase towards $1,260.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If not, the price might break a key bullish trend line at $1,100 on the hourly chart and continue lower. The next major support is near the $1,050 level.

Avalanche (AVAX)

AVAX started a major decline from the $70 resistance zone. There was a clear move below the $55 and $50 support zone to start a downtrend.

There was a downside break below the $25 support level and the 21-day simple moving average. The price even declined below the $20 level before the bulls appeared near the $15 zone.

AVAX Daily Chart
AVAX Daily Chart by FXEmpire

AVAX is now forming a base above the $15 level and is currently rising. The main hurdle on the upside is near the $20 level and a major bearish trend line on the daily chart. A close above the $20 level may perhaps start a major increase.

If there is no upside break, the price could revisit the $15 support. Any more losses might call for a test of the $12 support.

ADA, BNB, and DOT price

Cardano (ADA) is up 6% and trading above the $0.485 level. If it surpasses $0.50, the bulls could aim a decent increase.

Binance Coin (BNB) is slowly moving higher towards the $215 and $220 levels. The main resistance on the upside is near the $235 level.

Polkadot (DOT) is up over 8% and is currently approaching the $8.0 resistance. A close above $8.0 might start a steady increase in the coming sessions.

A few trending coins are SOL, DOGE, and MATIC. Out of these, SOL is gaining pace above the key $35 resistance zone.

About the Author

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specializes in market strategies and technical analysis, and has spent over a decade as a financial markets contributor and observer

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