Bitcoin and Ethereum Consolidate Below Resistance

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After forming a base above USD 40,000, bitcoin price started a fresh recovery wave. BTC corrected above USD 41,500 and USD 42,000. However, the price is struggling to move above USD 42,500. The next major resistance is at USD 43,000. A close above this level could set the pace for a steady increase in the near term.

On the downside, an initial support is near USD 41,500. The next major support is at USD 41,200, below which the price might decline towards the key support at USD 40,000.

Ethereum price recovered above the USD 2,800 and USD 2,850 resistance levels. ETH even climbed above USD 2,900, but there is a lack of momentum. The main resistance is near USD 3,000, above which the price might gain bullish momentum.

Conversely, the price might start a fresh decline below USD 2,800. The next major support is now forming near the USD 2,650 level.

Cardano (ADA) spiked towards USD 1.90 before correcting higher. It is back above USD 2.00 and USD 2.05. To continue higher, the price must settle above the USD 2.12 level. The main breakout zone is forming near the USD 2.20 level.

Litecoin (LTC) is trying to recover above USD 152. An immediate resistance is near USD 155. A close above the USD 155 level could open the doors for a move towards the USD 162 level. If not, the price might start a fresh decline towards the USD 140 level.

Dogecoin (DOGE) is rising and trading above USD 0.205. The first key resistance is USD 0.212. If there is a clear break above USD 0.212, the price might start an increase towards the USD 0.220 level. On the downside, the bulls might remain active near USD 0.200.

XRP price found support above USD 0.850 and recovered above USD 0.900. The price is rising towards the USD 0.950 resistance. If there is a clear break above USD 0.950 and USD 0.965, the bulls might attempt a move above the USD 1.00 resistance.  On the downside, the USD 0.880 level is a key support.

Many altcoins are down over 8%, including CELO, OMG, ONE, AUDIO, NEAR, XTZ, SUSHI, KSM, ATOM, FTM, QNT, MINA, and SOL. Out of these, CELO declined almost 18% and it trades below USD 6.00. Meanwhile, AXS and DESO jumped by 7% and 25%, respectively.

To sum up, bitcoin price is struggling to clear the USD 43,000 resistance. If BTC continues to struggle, there is a risk of a fresh decline towards the USD 40,000 level in the coming sessions.

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