Bitcoin and ETH Consolidate, AAVE Could Surge To $300

Key Insights:

  • Bitcoin is trading above the $46,700 support zone.
  • Ether (ETH) is facing resistance near $3,425.
  • AAVE rallied above $200 and $220 resistance levels.

Bitcoin

After a strong increase, bitcoin price spiked above the $48,000 level. However, the price faced sellers near the $48,150 zone.

There was a downside correction below the $47,500 support zone and the 21 simple moving average (H1). The price is now following a declining channel with resistance near $47,600 on the hourly chart.

Bitcoin

A clear move above the channel resistance might start another increase and bitcoin could rise towards the $48,850 level. On the downside, the $46,700 level is a major support. Any more losses might increase selling pressure and the price could decline to $46,000.

Ethereum (ETH)

ETH gained pace above the $3,400 resistance level and the 21 simple moving average (H1). It even spiked above the $3,450 level, but faced sellers near $3,485.

The price is now consolidating gains above the $3,350 support level. There is also a connecting bullish trend line with support near $3,340 on the hourly chart. A downside break and close below the trend line could spark a sharp decline to $3,250.

Ether

On the upside, the price could face resistance near $3,425. A clear move above the $3,425 resistance zone could open the doors for another increase. In the stated case, the price could even rally above $3,485.

AAVE

AAVE started a strong rally after it formed a base above the $110.00 level. There was a clear move above the $120.00 and $150.00 resistance levels.

During the increase, the price climbed a major bearish trend line with resistance near $122 on the daily chart. The bulls were able to push the price above the 50% Fib retracement level of the key decline from the $294 swing high to $112 low.

AAVE

It is now trading well above the $200 level and the 21-day simple moving average. The bulls are now facing resistance near the $230 level. The next key resistance might be $250 or the 76.4% Fib retracement level of the key decline from the $294 swing high to $112 low.

A clear move above the $250 resistance could set the pace for a move towards the next barrier at $300 in the coming sessions.

ADA, BNB, and DOT price

Cardano (ADA) slowly moved below the $1.20 level. It is now consolidating near the $1.18 level and might decline to $1.165.

BNB is consolidating near the $435 level. The main barrier is still near the $450 level, above which the price could start a strong rally.

Polkadot (DOT) is moving lower towards the $22.00 support level. If there is a downside break, the price could decline to $21.20.

A few trending coins are WAVES, ZIL, and COMP. Out of these, ZIL is gaining pace above the $0.15 resistance level.