Bitcoin Consolidates Near $118K, Traders Eye Key Breakout Levels. Ethereum Trades in a Narrow Range Near $4,000.

Bitcoin consolidates below $118,000 as traders eye key breakout levels, with immediate support at $116,000 and resistance at $117,500. Ethereum is trading at $3,905.42, showing limited movement within an intraday range of $3,805.63 to $3,952.65, with immediate support near $3,800 and resistance around $3,950. Traders are watching for momentum to push beyond key thresholds.

Bitcoin (BTC) continues to consolidate below the $118,000 mark, with immediate support at $116,000 and resistance at $117,500. The cryptocurrency's price has shown a range of $113,702 to $114,869 over the past 24 hours, reflecting tight consolidation near key intraday resistance levels [1]. Traders are closely watching for a potential breakout above $115,500, which could signal a shift in momentum and a retest of higher resistance levels.

Ethereum (ETH) is trading at $3,905.42, showing limited movement within an intraday range of $3,805.63 to $3,952.65. The cryptocurrency has immediate support near $3,800 and resistance around $3,950. Traders are monitoring the price dynamics for signs of a breakout that could push Ethereum beyond key thresholds [2].

Bitcoin Market Analysis

Bitcoin's price has transitioned from a strong bullish rally to a corrective phase, marked by lower highs and moderated buying activity. The recent decline towards the $114,000 level is a result of persistent but measured selling pressure. The consolidation phase after the rally suggests that bulls will need to reclaim the upper resistance zone to reestablish control [1].

The 4-hour Bitcoin chart reveals a sharper view of recent mid-term movements, showing a decline from approximately $119,000 to a low of $111,919, followed by a steady rebound. Short-term support lies near $113,000, while resistance is in the $115,500 to $116,000 range. The current rebound may be a relief rally, but a failure to break above the noted resistance zone could invite another leg lower [1].

The 1-hour Bitcoin chart indicates a recovery from $111,919 to about $114,995, with smaller pullbacks emerging. Intraday support is near $114,000, while resistance is situated around $115,000. A breakout or rejection at this level will likely dictate the next short-term move [1].

Ethereum Market Analysis

Ethereum's price has risen above $3,800 in July but is now consolidating just below a key supply zone that previously triggered steep rejections. The current price of Ethereum is holding steady around $3,692, with buyers attempting to re-establish short-term dominance near a local demand zone [2].

The Ethereum price dynamics show that the cryptocurrency is positioned just beneath a liquidity-rich supply zone that rejected price back in January. A clean Break of Structure (BoS) occurred earlier this month, but a Change of Character (CHoCH) on the daily chart now reflects short-term hesitation [2].

The 4-hour Bollinger Bands are compressing around $3,695, while candles show upper wicks, indicating hesitation from buyers. The 20/50/100 EMAs (currently at $3,630, $3,688, and $3,529 respectively) are stacked below price, confirming that momentum still leans bullish. Ethereum must clear the $3,733 upper Bollinger Band with conviction to reinitiate upside flow [2].

Conclusion

Both Bitcoin and Ethereum are consolidating near key resistance levels, with traders watching for signs of a breakout. Bitcoin's consolidation phase suggests that bulls will need to reclaim the upper resistance zone to reestablish control, while Ethereum's price dynamics show that buyers are attempting to re-establish short-term dominance near a local demand zone. Traders should monitor the price action and volume follow-through to gauge continuation potential.

References

[1] https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=bitcoin-price-watch-bulls-fight-to-regain-momentum-after-pullback
[2] https://coinedition.com/ethereum-eth-price-prediction-for-august-8-2025/
[3] https://www.coindesk.com/markets/2025/08/07/xrp-pushes-through-usd3-as-ripple-sec-appeal-decision-looms