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October 5, 2022
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Guide & Analysis

When trying to recover Bitcoin and Ethereum encounter obstacles

Bitcoin price is facing resistance near $42,500 and Ethereum is still well below $3,200

Bitcoin price is attempting a rally above the $42,000 level. Bitcoin is currently facing resistance near $42,500. A clear break above $42,500 could start a steady rise in the short term.

Likewise, most major altcoins are slowly rising. Ethereum is facing a major hurdle near $3,200. XRP can start a steady rise if it stays above $0.75. The ADA is consolidating near the $1.35 level.

Below are analyzes published by CryptoNews.

Bitcoin price

After testing the $41,500 zone, Bitcoin price started a small bullish correction. Bitcoin rallied above the $42,000 pivot level. An immediate resistance is near the $42,200 level. The next major resistance is around $42,500, above which the price can gain bullish momentum.

On the downside, initial support is near the $41,500 level. The next key support is near the $41,200 level, below which the bears could aim for a test of $40,500.

Ethereum price

Ethereum price is attempting a rally above the $3,100 zone. Ethereum is now facing resistance near $3,150. Key resistance is near $3,200, above which the price can start a decent rise. In the mentioned case, it could go up to $3,350.

An initial support is near the $3,100 level. Main support is near $3,050, below which the price can break the $3,000 support.

ADA, BNB, SOL, DOGE and XRP price

Cardano (ADA) dropped sharply below the $1.42 and $1.40 levels. It is now consolidating near the $1.35 level. If there is a new rise, the bears may remain active near $1.40.

THE Binance Coin (BNB) is consolidating near the $460 level. On the upside, the price could face hurdles near the $472 and $475 resistance levels. If there is another decline, the bulls could appear near $450.

Solana (SOL) is facing major resistance near the $140 level. A clear move above the $140 level could push the price to the $145 level. Otherwise, the price may drop to the $130 level.

DOGE is trading well above the $0.160 level. The next important support is near the $0.150 level. If the price starts a rally, it could face resistance near the $0.175 level.

XRP is slowly rising and approaching the key resistance level of $0.75. If the bulls manage to clear $0.75, the price could accelerate further. The next big stop for the bulls may be near the $0.80 level.

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