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Bitcoin and Ethereum Still Range-Bound, EOS and CEL Surge

Analytics

cryptonews.com 02 September 2022 04:23, UTC
  
Reading time: ~3 m

  • Bitcoin price is consolidating above USD 20,000.
  • Ethereum is facing resistance near USD 1,600, XRP is stuck below USD 0.335.
  • EOS rallied over 11%, and CEL jumped 24%.

Bitcoin price remained capped below the USD 20,500 resistance. BTC corrected below USD 20,000, but the bulls were active above the USD 19,500 support. It is currently (03:50 UTC) trading near USD 20,160 and is up almost 1% in a day and down 7% in a week.

Similarly, most major altcoins are facing key hurdles. ETH could gain bullish momentum if there is a close above USD 1,600. XRP is facing resistance near USD 0.335. ADA managed to climb above USD 0.45 and started a consolidation phase.

Total market capitalization

Source: tradingview.com

Bitcoin price

After another rejection near USD 20,500, bitcoin price started a downside correction. BTC traded below the USD 20,000 level. However, there was no downside break below the USD 19,500 support. The price recovered above USD 20,100 and is facing an immediate resistance near the USD 20,220 level. The main hurdle is still near the USD 20,500 level, above which the price might start a stronger increase.

On the downside, an initial support is near the USD 19,750 level. The main breakdown support is still near the USD 19,500 zone, below which the price could accelerate lower.

Ethereum price

Ethereum price also struggled to gain pace above the USD 1,620 resistance zone and corrected lower below the USD 1,550 level. However, the bulls were active above the USD 1,500 zone. The price is now moving higher and facing hurdles near USD 1,600. ETH is up 3% in a day and down 6% in a week. To start a steady increase, the price must settle above USD 1,600 and USD 1,620.

On the downside, an initial support is now near the USD 1,550 level. The next major support is USD 1,520, below which price could struggle to stay above USD 1,500.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) managed to recover and climbed back above USD 0.45. It is now facing resistance near the USD 0.465 level. The main resistance is near USD 0.475, above which it might test USD 0.50.

BNB is consolidating above the USD 275 level. An immediate resistance is near the USD 282 level, above which BNB may perhaps rise towards the USD 288 resistance.

Solana (SOL) extended losses below USD 31.20 and tested USD 30.50 before recovering. If the bulls fail to protect the USD 30 support, there is a risk of a move towards USD 28.50.

DOGE remained stable near the USD 0.060 level. It is moving higher and trading above USD 0.0620. On the upside, the bears might remain active near USD 0.0635 or USD 0.065.

XRP price is moving higher towards the USD 0.335 resistance zone. A clear move above USD 0.335 might send it towards the USD 0.35 level.

Other altcoins market today

Several altcoins are rising, including DOT, MATIC, UNI, LTC, ATOM, LINK, EOS, XTZ, LDO, DCR, and BAL. Meanwhile, EOS gained over 11% and surpassed the USD 1.5 level, while CEL jumped 24% and moved above USD 1.40. EOS and CEL are the best performers among the top 100 coins today. CEL is also up 17% in a week, while EOS trimmed its weekly losses to less than 13%.

Overall, bitcoin price is still struggling to clear the USD 20,500 resistance zone. A close above USD 20,500 might spark a fresh rally. Conversely, BTC could dive below USD 19,500.

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