Bitcoin and Ethereum

Bitcoin and ETH Recovery Won’t Be Easy, NEAR Eyes Fresh Uptrend

Key Insights:

  • Bitcoin traded below the key $35,000 and $34,200 support levels.
  • Ether (ETH) settled below the $2,500 pivot level.
  • NEAR is up over 5% and could extend gains above $12.

Bitcoin

Recently, the bitcoin (BTC) price started a major decline below the $38,000 level. The price declined sharply below the $35,000 support zone and the 21 simple moving average (H1).

The bears even pushed the price below the $34,000 level. It traded close to the $32,500 zone and is currently consolidating losses. On the upside, the price is facing resistance near $33,350. There is also a key bearish trend line forming with resistance near $33,500 on the hourly chart.

Bitcoin BTC Hourly Chart
BTC Chart by FXEmpire

The price must clear $33,500 and the 21 simple moving average (H1) to start a recovery wave. If not, it could dive further below $32,000.

Ethereum (ETH)

ETH also followed a bearish path below the $2,750 support. There was a steady decline below the $2,600 and $2,500 levels.

Ether price even declined below the $2,400 level and settled below the 21 simple moving average (H1). It is now consolidating losses near the $3,400 level. On the upside, the price is facing resistance near $2,450 and a connecting bearish trend line on the hourly chart.

Ether ETH Hourly Chart
ETH Chart by FXEmpire

The price must clear $2,450 and the 21 simple moving average (H1) to start a recovery wave. If not, the bears might aim a move toward the $2,200 level.

NEAR Protocol

NEAR started a major decline after it failed to surpass the $20.00 resistance. The price declined steadily below the $15.00 level and the 21-day simple moving average.

There was a break below a crucial bullish trend line with support near $14.20 on the daily chart. However, the bulls appeared near the $10.00 support zone. The price is now forming a base above the $10.00 level.

NEAR Daily Chart
NEAR Chart by FXEmpire

It is up over 5% today despite a steady decline in bitcoin and ether. If NEAR clears the $12.00 resistance, it could rise towards the $13.20 resistance and the 21-day simple moving average.

If the bulls manage to push the price above the $13.20 resistance zone, the price could start a major increase. The next major resistance could be near the $15.00 level. If not, the price might continue to move down below the $10.00 level.

ADA, BNB, and DOT price

Cardano (ADA) declined over 10% and there was a close below $0.70. If there are more losses, the price could even test the $0.60 level.

Binance Coin (BNB) is slowly moving lower towards the $320 support zone. If the bears remain in action, the price could test the $300 level.

Polkadot (DOT) is down 10% and there was a break below the $12.00 level. The next major support is near $11.50, below which the price might test $11.20.

A few trending coins are WAVES, AXS, and WAVES is gaining pace. Out of these, WAVES is gaining pace above the $14.00 level.