Bitcoin and Ethereum Forecast: Crypto Market Consolidation Continues As Prices Stabilize

Bitcoin’s price remained steady above the $22,000 pivot point. BTC is now increasing (11:20 UTC) and targeting a close of over $22,500. If the bull run is successful, the price might increase to $23,200 and $23,500.

Furthermore, the majority of the main cryptocurrencies are trading in a range. ETH is stabilizing at over $1,700 and poised for a new surge. The $0.35 barrier level may be breached by XRP. ADA is back over the pivot level of $0.50.

Price of Bitcoin

After closing above $22,000, the price of bitcoin moved in a positive direction. The thresholds of $22,200 and $22,350 were successfully overcome by BTC. It is currently trying to close above the $22,500 resistance level. Near the $23,200 mark, the next significant hurdle, the price may increase further. In the hypothetical situation, it may even approach the $24,000 mark.

Near the $22,200 barrier, there is immediate support on the downside. The price might test $21,500 if it falls below the next significant support, which is close to the $22,200 region.

Price of Ethereum 

The price of Ethereum held steady at $1,700. ETH is gradually advancing above the $1,720 line. Near $1,750, there is an immediate obstacle. Near $1,775 is the next significant barrier, and if it is crossed, the price can touch $1,820.

Early support on the downside is now located close to the $1,700 line. If the price drops below $1,680, it may once again reach $1,650.

Pricing Of Other Coins

Solana has cleared the $38 barrier and is approaching the $38.50 line. The next significant barrier is at the $40 level, above which the price may gain 5%-8%.

DOGE is now consolidating about $0.0635. If the price rises again, it may challenge the $0.0650 barrier. Closing over $0.0650 might pave the way for a move to $0.0688.

Cardano (ADA) is still trading well above the $0.48 support level. It has risen back above the $0.50 mark. However, the bulls may continue to battle near the $0.52 resistance zone.

BNB is steadily approaching $295. The most significant barrier is still about $300. A close over $300 may pave the way for a further gain in the near term.

The price of XRP is fixed in a range above $0.35. It is battling to break through the $0.365 level, over which it may surge to the $0.388 level.

Today’s Market for Alternative Cryptocurrencies

RVN, TWT, HBAR, APE, XEC, FTT, MATIC, LTC, NEXO, and HOT are among the cryptocurrencies that are gradually rising in value. TWT is gaining traction over the USD 1.08 mark.

To summarize, the price of Bitcoin is rising beyond $22,500. BTC appears to be approaching the $23,200 and $23,500 resistance levels.