Bitcoin and Ethereum

Bitcoin and ETH Price Prediction: Support Intact, Why MATIC Rally Could Fade

Key Insights:

  • Bitcoin jumped to $20,450 before correcting lower.
  • Ether (ETH) is trading above the $1,085 and $1,070 support levels.
  • MATIC surged over 10% but faces a major hurdle near $0.55.

Bitcoin

In the past few sessions, bitcoin price found support and climbed above the $19,750 resistance. It even broke the $20,000 resistance and the 21 simple moving average (H1).

However, the bears defended the $20,450 zone. Recently, there was a downside correction below the $20,000 level and the 21 simple moving average (H1). The price is now trading near the $19,350 support and a connecting bullish trend line on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If bitcoin price stays above $19,350, it could rise towards $19,750. The first major resistance is near the $20,000 level. The main resistance sits at $20,450, above which the price could start a steady increase.

Ethereum (ETH)

ETH also followed a similar pattern after it formed a base above the $1,050 level. There was a decent increase above the $1,085 resistance and the 21 simple moving average (H1).

There was a clear move above the $1,130 resistance level before the bears appeared near $1,170. Recently, ether price corrected lower and traded below the $1,130 level. The bulls are now protecting the $1,085 support zone.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there are more downsides, it could find support near $1,070. On the upside, the price might struggle near $1,135. The next major resistance is near the $1,170 level, above which the price could rise towards the $1,250 level.

Polygon (MATIC)

MATIC found support near the $0.3200 level after a massive drop from well above the $1.10 and $1.00 support levels.

The price settled below the $0.50 level and the 21-day simple moving average. Recently, there was a recovery wave above the $0.420 and $0.450 resistance levels. It even broke the $0.50 resistance and the 21-day simple moving average.

MATIC Daily Chart
MATIC Daily Chart by FXEmpire

However, the price is facing a major hurdle near the $0.54 and $0.55 levels. There is also a key bearish trend line with resistance near $0.55 on the daily chart.

A close above the $0.54 and $0.55 levels may perhaps send MATIC price towards the $0.70 resistance zone or even $0.75. If not, there is a risk of a fresh decline below the $0.45 level.

ADA, BNB, and DOT price

Cardano (ADA) is struggling to gain pace above the $0.455 level. It is slowly moving lower towards the $0.432 support zone.

Binance Coin (BNB) struggled near the $235 level and is correcting gains. The main support on the downside is near $220.

Polkadot (DOT) failed to stay above the $7.0 pivot level. The price is now trading near $6.75, with a major support at $6.62.

A few trending altcoins are APE, BAT, and CRV. Out of these, CRV is gaining pace above the $0.88 resistance zone.