Bitcoin Price Struggles, Ethereum Consolidates Ahead of Merge, CEL Rallies

• Bitcoin price could decline heavily below $20,000.
• Ethereum is consolidating near $1,600, XRP is stuck near the $0.335 level.
• CEL surged over 25%, and COMP is showing positive signs.

Bitcoin price failed to start a recovery wave above the $20,500 level. BTC is currently (02:50 UTC) consolidating near the $20,000 level. A downside break below $20,000 might start a major decline in the near term.

Similarly, most major altcoins are trading in a range. ETH is trading near $1,600 and might move as we approach the key merge event. XRP is consolidating near $0.335. ADA might attempt to clear the $0.48 resistance zone.

Bitcoin price

After a sharp decline, the Bitcoin price failed to recover and remained in a bearish zone below $20,500. BTC spiked lower and even traded towards the $19,500 level. It is now consolidating near the $20,000 level. 

To the upside, the BTC price is facing resistance near $20,250. The next major resistance is now near the $20,500 level, above which the price could start a decent increase.

On the downside, an initial support is near the $20,000 level. The next major support is near the $19,550 zone, below which the price could accelerate lower.

The bears need a history lesson. September is statistically a notorious month for crypto, we’re going to see volatility and price decreases. Oct/Nov/Dec though… 👀🚀 #crypto #cryptonews #btc #bitcoin #eth #lunc #blockchain pic.twitter.com/5rVc4aXzKu

— Jacob Crypto Bury (@BuryCrypto) September 11, 2022

September is historically a volatile month for Bitcoin, but CryptoNews analyst @BuryCrypto is bullish heading into Q4 2022.

Ethereum price

The Ethereum price has remained stable around the $1,600 level. ETH is showing a few positive signs, with an immediate hurdle near the $1,620 level. The next major resistance is near $1,650, above which the price may perhaps test $1,700.

If there is a bearish reaction, the price may perhaps decline towards the $1,550 support. The next major support is $1,500, below which price could revisit $1,420 in the coming sessions.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) settled below the $0.50 and $0.48 levels. It is now consolidating near the $0.465 level. If there are more losses, the price could decline towards the $0.45 level. Conversely, it might rise towards the $0.50 resistance zone.

BNB is facing sellers near the $280 and $282 levels. The next major resistance is near the $288 level, above which the price could start a wave towards the $300 level.

Solana (SOL) failed to stay above the $35 and $34 levels. The bulls are now protecting the $33.20 zone. The next major support sits near the $32 level, below which it could even test $30.

DOGE is consolidating above the $0.060 level. If there is a downside break and close below $0.060, the bears could aim a larger decline. In the stated case, it could even test the $0.0565 level.

XRP price is stuck near the $0.335 level. If there is a fresh increase, the bulls may perhaps face resistance near the $0.35 and $0.355 levels in the near term.

Other altcoins market today

Many altcoins are in the red zone, including LUNA, USTC, LUNC, HNT, LDO, ATOM, CRV, SNX, CHZ, TWT, ICP, FTT, EOS, and HBAR. Conversely, CEL rallied over 25% and cleared the $1.85 level.

Overall, bitcoin price is struggling to stay above the key $20,000 support. If BTC fails to stay above $20,000, it could spark another major decline.

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