Market Update: Bitcoin (BTC) Maintains Upward Trajectory While Ethereum (ETH) Faces Resistance

The cryptocurrency market saw mixed movements Wednesday as Bitcoin (BTC) maintained its upward trajectory. Ethereum (ETH), however, faced resistance after an early price surge.

The cryptocurrency market displayed mixed movements on Wednesday, with Bitcoin (BTC) continuing its upward trajectory. However, Ethereum (ETH) faced resistance after an early price surge from a low.

Other major altcoins, including Cardano (ADA), Solana (SOL), and Sui (SUI), showed varying short-term trends, with some struggling to hold key support levels. Overall, market activity remained high, reflecting investor uncertainty over the next potential market breakout direction.

Bitcoin Eyes Resistance

Bitcoin (BTC) price continued its recent uptrend on Wednesday, reaching $85,695.20 by 08:34 ET (12:34 GMT), for a 2.41% daily increase.

The cryptocurrency surged from a low near $83,650 earlier, reinforcing this level as key immediate support. Should BTC price dip below this $83.6k level, further support may emerge around $82,500, where past price consolidations occurred over the last few days.

Immediate resistance is currently near the recent high of $85,700. A decisive breakout above this could see Bitcoin targeting the $86,000–$87,000 range next, where increased selling pressure may emerge. However, holding above $85,500 suggests sustained near-term bullish momentum remains for BTC.

Ethereum Faces Resistance After Initial Surge

Ethereum (ETH) price experienced fluctuations during the period. It initially rose to $1,920 but encountered selling resistance at that level.

The price then declined towards $1,874, confirming this as a critical short-term support zone. From the lows of $1,850, buyers managed to push prices higher again.

Currently, ETH trades at $1,880.12, reflecting a modest 0.34% gain. If Ethereum breaks past $1,920, it could climb towards the $1,950–$1,980 range. However, failure to hold above $1,874 may lead to a further drop towards $1,850. The consolidation suggests some indecision, with traders watching for a breakout direction.

Related: Crypto’s Odd Rally: SUI, SOL, LINK, ONDO, LTC, HBAR, AAVE, and ADA Surge Despite Bitcoin’s Dip

Cardano Attempts Recovery As Resistance Looms

Cardano (ADA) price maintained an upward trend earlier but faced resistance near the $0.690 level, presenting a barrier for further immediate gains.

The cryptocurrency dropped back to $0.660, establishing this level as key immediate support. ADA now trades at $0.6864, up 1.07% over the last 24 hours.

If ADA breaches the $0.690 resistance level, a rise towards the $0.70–$0.72 zone is technically possible. Conversely, a drop below the $0.660 support could push the price down to test $0.650, a psychological level that might attract buyers. Recent price action suggests bulls might try another breakout attempt soon.

Solana Struggles To Hold Key Levels

Solana (SOL) price saw a slight decline, decreasing by 0.53% to trade at $126.96.

The cryptocurrency experienced a surge past $128 but faced selling pressure at that level, leading to a pullback.

Current support is found around the $124 level. In the event of further declines, SOL could drop to the $120–$122 range, an area of historical buying interest. Conversely, resistance near $128.05 is crucial for SOL bulls to overcome. A breakout could push prices towards the $130–$132 area next.

Solana shows signs of a possible short-term bullish reversal as it shows signs of stabilization after testing key support levels.

Sui Gains Momentum With Increased Trading Activity

Sui (SUI) price experienced a 1.57% increase, trading at $2.46. The cryptocurrency rebounded from identified support at $2.43 and peaked briefly above $2.50 before consolidating slightly.

On the downside, a decline below the $2.43 support could see the price drop towards $2.35. The token’s 24-hour trading volume increased by 9.62% to over $1 billion, signaling increased trading interest and suggesting potential for continued price volatility.