Market Status: Bitcoin and Ethereum in search of a price trend
By increasing its price and crossing the $23,200 resistance, Bitcoin also took steps to break the $23,500 resistance; But he failed in this. The price of Bitcoin is currently just under $23,100 and is up about 1% from yesterday and last week.
To Report Crypto News, today most of the altcoins in the market also show more growth potential. Ethereum is facing resistance at $1,680 after crossing the $1,650 level. XRP is trying to reach $0.388 and Cardano is trying to stabilize above $0.5.
Bitcoin price
After supporting Bitcoin in the range of $22,500, the price recovery wave has started above $23,000 and the resistance of $23,200 has been removed. After that, Bitcoin tried to cross the $23,500 resistance; But it failed. The price is now in the $23,100 range and is encouraging its support in the $23,000 range. The next support is close to the $22,500 range and crossing it could lower the price to $22,000.
Now, if the Bitcoin trend is bullish, it should cross the mentioned resistance in the range of $23,500. Crossing this resistance can promise to reach higher price levels for investors.
Ethereum price
Ethereum broke through its resistances at $1,600 and $1,620 and even broke through the $1,650 resistance; But now there is strong resistance at $1,680 in front of it. Ethereum price has increased by 2% compared to yesterday and by 1% compared to last week. The next major resistance in front of Ethereum is at $1,720, and crossing it could be seen as another bullish move for Ethereum.
Now, if this growth stops and the price trend reverses, Ethereum’s first support is at $1,600 and the next support is at $1,550. A loss of this support could push the price down to the $1,500 level.
The price of altcoins
Cardano tried to continue its growth after breaking the $0.512 resistance; But a resistance in the $0.520 range stopped it. The price is currently consolidating in the $0.50 support zone.
BNB (BNB) tried to continue its growth after breaking through the $295 resistance with a gain of 7%. The price even grew to the $300 range and there is a possibility that it will reach the $312 level.
Solana’s price is below its $40 support and is consolidating. If luck favors the bears of this market, there is a risk of falling to the support zone of $38 News; But if the Solana trend reverses, crossing the $40 and $42 resistances will be considered.
Dogecoin broke above its resistance in the $0.065 range and is now rising towards the $0.068 resistance. The main resistance after that is in the $0.070 range.
The price of XRP is also trying to get back above the $0.372 level. The next resistance in front of this digital currency is in the range of $0.388, and crossing it can mean reaching the $0.40 resistance.
Most of the altcoins in the market have had a good day and have increased in price. In the meantime, the price of IpCoin increased by 9% from the level of 7.5 dollars. Among the top 100 digital currencies in the market, Lido Dao Token has performed the best and has surpassed the $2.6 mark with an 18% increase.
In short, the price of Bitcoin is facing a major resistance near the $23,500 level. If this resistance is crossed, it will be possible for the price of Bitcoin to grow to higher levels in the coming weeks.