Bitcoin and ETH Stuck Below Hurdles, ADA Eyes Upside Break

Key Insights:

• Bitcoin started a downside correction and tested the $45,750 support.
• Ether (ETH) tested the key $3,435 support.
• ADA is surging and seems like the bulls are aiming a test of $1.4.

Bitcoin

After climbing above $46,500, bitcoin price extended increase. It even spiked above the $47,000 level, but there was no upside continuation.

There was a bearish reaction below the $46,500 support. The price even declined below the $46,000 level and the 21 simple moving average (H1). It is now consolidating above the $45,750 support zone.

On the upside, the bulls are facing resistance near the $46,500 level and a connecting bearish trend line on the hourly chart. A clear move above the $46,500 level could send the price to $47,000 or even higher.

On the downside, the price might find bids near $45,750. The next major support sits near the $45,550 level, below which there is a risk of a drop below $45,000.

Ethereum (ETH)

ETH also followed a similar pattern after there was a move above $3,500. It spiked above the $3,550 level, but the bears defended more upsides.

The price declined below $3,500 and currently consolidating. The price is now consolidating above the $3,435 support, but it is below the 21 simple moving average (H1). On the upside, it is facing resistance near the $3,525 level.

The next key barrier is $3,555, above which the price could start a steady increase. If not, ether price might slide below the $3,435 support level. The next key support is near $3,410, below which the bears might aim a test of $3,330.

Cardano (ADA)

Cardano (ADA) formed a strong support base above the $0.8000 level. It started a strong increase above the $0.8500 and $0.9000 resistance levels.

There was a clear move above a major bearish trend line at $0.9500 on the daily chart. The price climbed above the $1.00 resistance and the 21-day simple moving average. Besides, the price jumped above the 50% Fib retracement level of the downward move from the $1.635 swing high to $0.750 low.

It is now showing positive signs above the $1.20 level. An immediate resistance is near the $1.25 level. The first key resistance is near $1.30 or the 61.8% Fib retracement level of the downward move from the $1.635 swing high to $0.750 low.

A clear move above the $1.30 level could start a move towards the $1.35 level or even $1.40. If not, the price might decline towards the $1.02 support and the 21-day simple moving average.

BNB and DOT price

Binance Coin (BNB) is consolidating above the $440 support zone. If the bulls remain active, the price might climb higher towards the $462 and $465 levels.

Polkadot (DOT) is in the red zone and struggling below the $22.80 level. If there is a bearish break below $22.00, there is a risk of a move to $21.20.

A few trending coins are DOGE, CAKE, and CELO. Out of these CELO is gaining pace above the $4.15 resistance level and might clear $4.22.