Bitcoin and Ethereum Look for Direction, BNB Accelerates

by James · August 4, 2022

Bitcoin price is still above the USD 22,500 support.
Ethereum is consolidating near USD 1,650, XRP is still below USD 0.388.
BNB is up over 7%, while smaller altcoins are performing better.

Bitcoin price climbed higher and breached the USD 23,200 level, but struggled to clear the USD 23,500 resistance and corrected lower. BTC is currently (03:52 UTC) trading just below USD 23,100 and is up almost 1% in a day and a week.

Similarly, most major altcoins see several advantages. ETH climbed above USD 1650 and faces resistance near USD 1680. XRP is struggling to reach USD 0.388, while ADA is consolidating above the USD 0.50 pivot zone.

Total market value

Table of Contents

Bitcoin price

After trading near USD 22,500, the bitcoin price found support. BTC formed a base and started a recovery wave above USD 23,000. There was a break above the USD 23,200 resistance zone. However, the bulls struggled to clear the USD 23,500 resistance zone. It is now consolidating below USD 23,100, with an immediate support at USD 23,000. The next major support is near the USD 22,500 zone, below which the price may test USD 22,000.

On the upside, an immediate resistance is near the USD 23,500 level. A clear move above this level can trigger a steady upward move.

Ethereum price

Ethereum price gained momentum above the USD 1600 and USD 1620 resistance levels. ETH even surpassed the USD 1650 resistance level, but it is now facing resistance near USD 1680. ETH is up 2% on the day and 1% on the week. The next key resistance is near the USD 1720 level, above which the price could gain bullish momentum.

On the downside, an initial support is near the USD 1,600 level. The next major support is near the $1,550 zone, below which the price could fall to $1,500.

ADA, BNB, SOL, DOGE and XRP price

Cardano (ADA) attempted another rally above USD 0.512, but faced major resistance near USD 0.520. The price is consolidating now, with a strong support near the USD 0.50 level.

BNB is up over 7% and there was a clear move above the USD 295 resistance. The price even moved above USD 300 and may continue to rise towards the USD 312 level.

Solana (SOL) is consolidating below the $40 support. If the bears remain in action, there is a risk of a drop towards the $38 support zone. Conversely, it could clear $40 and test $42.

DOGE held above the USD 0.0650 support zone and is now rising towards the USD 0.0680 resistance zone. The main resistance on the upside is near USD 0.070.

The XRP price is again trying to move above the USD 0.372 level. The next major resistance is near USD 0.388, above which the price may test the USD 0.40 resistance.

Other altcoins market today

Many altcoins are steadily rising, including MATIC, AVAX, UNI, ETC, LTC, CRO, NEAR, APE, VET, RUNE and THETA. Of these, APE rose 9% and passed the USD 7.5 level. LDO is the best performer among the top 100 coins as it jumped 18% to pass $2.6.

Overall, the bitcoin price is facing a major resistance near USD 23,500. If BTC surpasses this level, it could start a steady rise in the coming sessions.

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