Bitcoin and Ethereum Correct After Clearing Key Hurdles

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After a close above USD 46,500, bitcoin price extended its increase. BTC broke the USD 48,000 and USD 48,500 resistance levels. The price even spiked above the USD 49,000 level and tested USD 49,250. It is now correcting lower and trading below USD 48,000. On the downside, an immediate support is near USD 47,200. The first major support is now forming near the USD 46,500 level.

An immediate hurdle is near the USD 48,000 level. The next key resistance is near the USD 49,250 level, above which the price could test the main USD 50,000 barrier.

Ethereum price climbed higher above the USD 3,150 resistance. ETH even broke the USD 3,380 resistance, but it failed to test the USD 3,500 zone. A high was formed near USD 3,480 before there was a downside correction. It is now trading near USD 3,320, with an immediate support at USD 3,250. The main weekly support is at USD 3,200.

On the upside, an initial resistance is near the USD 3,420 level. The main breakout resistance is now near the USD 3,480 and USD 3,500 levels.

Cardano (ADA) gained pace for a move above the USD 2.20 level. It even spiked above USD 2.30, but it failed near USD 2.32. The price is back below USD 2.20, but the bulls might remain active near the USD 2.12 level. The next major support is near USD 2.05

Litecoin (LTC) rallied above the USD 155 and USD 165 resistance levels. It tested the USD 175 level before correcting lower. It is now trading near USD 165, with an initial support at USD 160. The main breakdown support is now forming near USD 155.

Dogecoin (DOGE) was able to clear the USD 0.212 resistance level. It even surpassed USD 0.220, but there was no upside continuation. The price is consolidating near USD 0.215, with many supports on the downside near USD 0.212 and USD 0.205.

XRP price gained pace for a move above the main USD 1.00 resistance. It even broke the USD 1.05 level, but struggled near USD 1.08. XRP is now consolidating above USD 1.00.

A few altcoins are up over 5%, including AXS, DYDX, ALGO, TEL, HNT, CRV, HOT, SHIB, XTZ, and EOS. Out of these, AXS rallied 25% and it surpassed the USD 135 level.

Overall, bitcoin price is trading in a positive zone above the USD 47,000 level. In the short-term, there might be a downside correction, but the bulls might take a stand near USD 45,500 or USD 45,000.

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