Bitcoin and ETH Target Additional Gains, AAVE Eyes Crucial Bullish Break

Key Insights:

• Bitcoin extended gains and traded above the $42,000 level.
• Ether (ETH) spiked and tested the $3,165 resistance.
• AAVE is up over 10% and seems to be setting up for a larger rally.

Bitcoin

After a steady move above $40,650, bitcoin price extended gains. The price was able to surpass the $41,250 and $41,400 resistance levels.

It even spiked above the $42,000 level and settled above the 21 simple moving average (H1). The price is now correcting gains and trading below $42,000. An immediate support is near a key bullish trend line at $41,650 on the hourly chart.

The next major support is near the $41,250 level. Any more losses might increase selling pressure and the price could decline to $40,700.

Ethereum (ETH)

ETH gained pace above the $3,080 resistance level and the 21 simple moving average (H1). It even spiked above the $3,150 level, but faced sellers near $3,165.

The price is now consolidating gains above the $3,100 support level. There is also a connecting bullish trend line with support near $3,100 on the hourly chart. A downside break and close below the trend line could spark a sharp decline to $3,030.

On the upside, the price could face resistance near $3,165. A clear move above the $3,165 resistance zone could open the doors for another increase. In the stated case, the price could even rally above $3,200.

AAVE

AAVE started a downside correction from the $250-$260 resistance zone. The price corrected lower and traded below the $220 support zone.

There was a clear move below the $200 support zone and the 21-day simple moving average. However, the bulls were active near the $150-$155 zone. A low was formed near $155 and the price started a fresh increase.

There was a move above the 23.6% Fib retracement level of the key decline from the $260 swing high to $155 low. The bulls are now facing resistance near the $200 level and the 21-day simple moving average.

The next key resistance might be $210 or the 50% Fib retracement level of the key decline from the $260 swing high to $155 low.

A clear move above the $200-$210 resistance zone could set the pace for a move towards the next barrier at $250 in the coming days.

ADA, BNB, and DOT price

Cardano (ADA) is slowly moving higher towards the $0.988 resistance. The key breakout zone is still near the $1.00 level.

BNB is consolidating near the $425 level. The next key resistance is near the $435 level, above which the price could start a strong rally to $450.

Polkadot (DOT) is up 4% and trading above the $19.00 level. If the bulls remain in action, there are chances of a move towards the $20.00 level.

A few trending coins are LUNA, APE, and SNX. Out of these, SNX is gaining pace above the $6.5 resistance level.