Bitcoin and ETH Remain Range Bound, SOL Reaches Key Juncture

Key Insights:

• Bitcoin is facing hurdles near $39,350 and $39,800.
• Ether must clear $2,640 for a steady increase.
• SOL could nosedive if it trades below $75.00.

Bitcoin

Recently, bitcoin price attempted an upside break above the $39,800 and $40,000 resistance levels. However, the bears were active near the $39,800 level.

As a result, there was a fresh decline below $39,000 and the 21 simple moving average (H1). It tested the $38,500 support level and a connecting bullish trend line with current support at $38,600 on the hourly chart.

On the upside, the price must clear the $39,800 and $40,000 resistance levels to start a steady increase. If not, it could decline below the trend line and test $38,000. The next major support is seen near the $37,650 level.

Ethereum (ETH)

ETH also followed a similar pattern from the $2,600 resistance zone. There was a downside reaction below the $2,550 level and the 21 simple moving average (H1).

The price tested the $2,515 support zone, where the bulls emerged. It is now rising and trading above the $2,550 level. An immediate hurdle is near the $2,575 level and a key bearish trend line on the hourly chart.

A clear move above the $2,575 level could set the pace for a larger increase. The next key barrier is $2.640, above which the price could start a steady growth.

Solana (SOL)

SOL declined steadily after it traded below the $100 support zone. The price broke the $90 support level and settled below the 21-day simple moving average.

It is now consolidating near the $80.00 support zone. The next major support is near the $75.00 level. A downside break and a close below the $75.00 level might start another key decline. In the stated case, SOL might depreciate 20%-25% in the near term.

If there is a recovery wave, the price could face resistance near $88.00. The next key resistance is near a key bearish trend line on the daily chart at the $94.00 level.

A clear move above the trend line resistance could even push the price above $100.00. In the stated case, SOL may perhaps start a steady increase towards the $120.00 level or even $125.00.

ADA, BNB, and DOT price

Cardano (ADA) is struggling to gain a pace above the $0.800 and $0.812 levels. The next major resistance for a larger increase is seen near the $0.850 level.

Binance Coin (BNB) is consolidating above the $364 support zone. To start a decent increase, the price must clear $375. The next major resistance is near the $388 level.

Polkadot (DOT) is trading below the $17.50 level. An immediate support is near the $17.20 level, below which the bears might even attempt a move towards the $16.50 support.

A few trending coins are RUNE, EGLD, and GRT. Out of these, RUNE is accelerating higher towards the $8.00 and $8.50 levels.