Bitcoin and Ethereum Correct Gains After a Strong Rally

Bitcoin price remained stable above the USD 38,000 support zone. As a result, BTC started a fresh increase and it broke the USD 39,000 and USD 40,000 resistance levels. After surpassing USD 41,000, the price is currently (04:29 UTC) trimming gains and moving towards USD 40,000.

Similarly, most major altcoins are also trimming strong gains. ETH outperformed bitcoin and it broke the USD 2,800 resistance zone. XRP is unchanged in a day.

Total market capitalization

Bitcoin and Ethereum Correct Gains After a Strong Rally 101Source: www.tradingview.com

Bitcoin price

After a retest of USD 38,000, bitcoin price started a fresh increase. BTC was able to rise steadily above the USD 39,000 and USD 40,000 resistance levels. It even broke the USD 41,000 level before correcting lower and moving towards USD 40,000 again.
On the downside, the USD 39,200 level is a key support. The first major support is near USD 39,000, below which the price might retest the USD 38,000 support zone.

Ethereum price

Ethereum price remained in a bullish zone and it broke the USD 2,750 resistance level. ETH even cleared USD 2,800 and is also correcting gains.
If there is a stronger downside correction, the USD 2,700 level might provide support. The next major support is near the USD 2,650 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) was gaining pace towards the USD 1.40 level but it failed to break above this level and moved lower. There is a risk of a fresh test of the USD 1.30 support level.
Litecoin (LTC) is rising and trading above the USD 142 level. A close above the USD 145 level could increase the chances of a break above USD 150. Conversely, the price might test the USD 130 support level.
Dogecoin (DOGE) is underperforming and it is struggling to settle above USD 0.200. If there is a downside break below USD 0.188, the price might accelerate losses. The next major support is near USD 0.165. On the upside, the USD 0.220 level is a major hurdle.
XRP price is trading above the USD 0.700 support zone. If XRP clears the USD 0.750 resistance, it could continue to rise. The next major resistance could be USD 0.800. Any more gains might lead the price towards USD 0.880 or even higher in the near term.

Other altcoins market today

Many altcoins gained over 5%, including THETA, UNI, MKR, SUSHI, FTM, OKB, SNX, TFUEL, VGX, FTT, AAVE, ZEN, and ICP. Out of these, THETA rallied 13% and it broke the USD 7 level, before correcting lower.

Overall, bitcoin price is showing positive signs and it is trading well above USD 39,200. A successful daily close above USD 40,000 and USD 40,500 might clear the path for more upsides.
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Bitcoin and Ethereum Correct Gains After a Strong Rally 102

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Updated: 08/06/2021 — 01:00