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Bitcoin and Ethereum Continue To Fail Near Key Hurdles

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Aayush Jindal
2021-07-12 08:17:00
cryptonews.com

Bitcoin price climbed above the USD 34,000 resistance zone, but it failed to continue higher. BTC failed to clear the USD 35,000 resistance and it trimmed most of its gains. It is currently (12:11 PM UTC) consolidating below USD 34,000, with many important supports on the downside.

Similarly, most major altcoins are struggling to continue higher. ETH struggled to settle above USD 2,150 and it could struggle to stay above USD 2,100. XRP faced resistance near USD 0.650 and USD 0.655.

Total market capitalization

Bitcoin and Ethereum Continue To Fail Near Key Hurdles 101
Source: www.tradingview.com

Bitcoin price

After a decent increase, bitcoin price struggled to even test the USD 35,000 resistance zone. BTC topped near USD 34,650 before it started a downside correction. It traded below USD 34,000 and it could continue to move down. If there is a downside break below USD 33,200, the price could even revisit the main USD 32,200 support zone.
On the upside, an immediate resistance is near the USD 34,200. The first key resistance sits near USD 34,650, above which the bulls could aim for a break above USD 35,000.

Ethereum price

Ethereum price also struggled to continue higher and it failed to surpass the USD 2,200 resistance level. It formed a high near USD 2,175 and recently started a fresh decline. The price is struggling to stay above USD 2,100, below which there is a risk of a drop towards USD 2,050.
If there is a fresh increase, the price could test USD 2,175. The key barrier for a larger increase is now forming near the USD 2,200 level.

BNB, LTC, DOGE, and XRP price

Cardano (ADA) spiked higher above the USD 1.365 and USD 1.370 levels. It is now consolidating gains and trading below USD 1.35. If there is a fresh decline, there could be a drop towards USD 1.332. The main support is near USD 1.320. On the upside, the price might accelerate higher above 1.365.
Litecoin (LTC) is trading above the USD 135 level. LTC could struggle near USD 140. A close above USD 140 could set the pace for a larger increase. If not, the price might correct lower towards the USD 125 support level in the near term.
Dogecoin (DOGE) is consolidating near the USD 0.212 level. The first key resistance is near the USD 0.220 level. The main resistance for a larger increase is still near the USD 0.250 level. On the downside, the USD 0.200 zone is a major support and a key pivot zone.
XRP price spiked above the USD 0.645 and USD 0.650 level. However, there was no close above USD 0.650. If the bulls return, the price could start a stronger increase. Conversely, there might be a fresh drop towards USD 0.620.

Other altcoins market today

A few altcoins gained over 5%, including TEL, SNX, OKB, EOS, AAVE, NANO, and HT. Conversely, FLOW, STX, MANA, ATOM, AXS, and GRT are down over 5%.

To sum up, bitcoin price is struggling to continue higher above the USD 34,500 and USD 35,000 levels. If BTC continues to face hurdles, there could be a fresh decline towards USD 32,200.
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Bitcoin and Ethereum Continue To Fail Near Key Hurdles 102

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