Bitcoin and ETH Recovery Could Fade, ADA Turns Bearish

Key Insights:

• Bitcoin is attempting an upside correction above $40,250.
• Ether (ETH) could face resistance near $3,160.
• ADA declined below the key $1.20 and $1.02 support levels.

Bitcoin

After a downside break below $40,250, bitcoin price extended losses. There was a sharp move below the $40,000 level and a close below the 21 simple moving average (H1).

The price even spiked below $39,400 and tested $39,200. It is now correcting losses and trading above the $40,250 level. On the upside, the bulls are facing resistance near the $40,850 level. The first major resistance is near the $41,000 level.

A clear move above the $41,000 level could send the price to the main hurdle at $41,800. On the downside, the price might find bids near $40,000. The next major support sits near the $39,400 level, below which there is a risk of a drop to $38,500.

Ethereum (ETH)

ETH also followed a similar pattern after there was a move below $3,050. The price spiked below the $3,000 level before the bulls appeared near $2,950.

The price is now recovering losses and trading above $3,020. There was a close above the $3,000 level and the 21 simple moving average (H1). On the upside, it is facing resistance near the $3,080 level.

The next key barrier is $3,100, above which the price could rise towards the main resistance at $3,160. If not, ether price might slide below the $3,000 support level. The next key support is near $2,950, below which the bears might aim a test of $2,840.

Cardano (ADA)

Cardano (ADA) made a couple of attempts to clear the $1.244 and $1.245 resistance levels. However, there was no clear move above the $1.245 level.

As a result, the price started a fresh decline and traded below the $1.20 support. There was a clear move below a rising channel with support near $1.135 on the daily chart. The price even traded below the $1.10 level the 21-day simple moving average.

Besides, the price moved below the 50% Fib retracement level of the upward move from the $0.780 swing low to $1.245 high.

It is now consolidating near the 61.8% Fib retracement level of the upward move from the $0.780 swing low to $1.245 high. If the bears remain in action, the price might slide below the $0.90 and $0.88 support levels. On the upside, the previous support at $1.02 could act as a resistance.

BNB and DOT price

Binance Coin (BNB) dived below the $400 level, but the bulls protected more downsides. The price is now attempting a move towards the $420 resistance.

Polkadot (DOT) managed to recover above the $17.80 level. If there is a move above the $18.20 level, the price could rise towards $18.80.

A few trending coins are SHIB, MATIC, and NEAR. Out of these, SHIB rallied 20% and broke the $0.0000275 resistance zone.