Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 01/04: Ethereum is ‘on a roll’

Bitcoin (BTC) is consolidating gains over the USD 32,500 support zone. Meantime, Ethereum surged over 30% and cleared USD 1,000, XRP stuck below the USD 0.250 resistance. Further down the Alts, OMG, ETC, UNI, AAVE, NEO, and LINK are up over 20%.

After a strong upward move, Bitcoin struggled to test the USD 35,000 resistance. BTC topped near USD 34,750 and recently started a downside correction. It corrected lower to USD 32,500, and it is currently (05:00 UTC) consolidating in a range.

There were strong bullish moves in most significant altcoins, including ethereum, EOS, XLM, LINK, BNB, OMG, NEO, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD outperformed all, and it rallied to clear the USD 1,000 resistance for the first time since February 2018. XRP/USD underperformed, and it seems to be facing a strong barrier near the USD 0.250 level.

Total Market Capitalization


Bitcoin Price

This past week, Bitcoin rallied significantly, and it even broke the USD 30,000 level. As a result, BTC climbed sharply, and it cleared the USD 32,000 and USD 33,500 levels. It even traded close to the USD 35,000 level before it faced sellers. A new all-time high was formed near USD 34,750 before BTC started a downside correction.

It dropped over USD 2,000 and tested the USD 32,500 support zone. The next significant support on the downside is near the USD 30,000 level. On the upside, the USD 34,000 and USD 35,000 levels are substantial hurdles, higher which it could rally towards USD 40,000.

Ethereum Price

Ethereum (ETH) started a substantial increase after bitcoin started consolidating. ETH broke many significant hurdles near USD 800 and pumped over USD 250 in the past two days. There was a clear break over USD 950 and USD 1,000 resistance levels. Ether even spiked higher USD 1,025.

Ether is still trading over the USD 1,000 level, and it seems like the bulls are not done yet. Any more upsides could lead ETH towards the USD 1,080 and USD 1,120 levels.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) is up almost 20%, and it broke many hurdles near USD 365 and USD 380. BCH even cleared the USD 400 resistance and traded over the USD 430 level. The next key resistance on the upside sits at USD 450, beyond which the bulls might test the USD 500 level. On the downside, the USD 400 level may act as strong support.

Litecoin (LTC) also surged almost 20%, and it cleared the USD 135 and USD 150 resistance levels. LTC is now trading over the USD 160 level, and it seems like LTC might continue to rise towards the USD 172 and USD 175 levels. If there is a downside correction, the recent breakout zone at USD 150 might provide support.

Ripple (XRP) is up around 4%, and it is still facing a strong resistance near the USD 0.250 level. The next significant barrier for the bulls for a more considerable increase is near the USD 0.265 level. If there is a downside correction, XRP might find bids near the USD 0.222 and USD 0.220.

Other Alts Market Today

In the past few hours, many altcoins gained over 15%, including ADA, OMG, ETC, UNI, AAVE, NEO, LINK, SNX, YFI, CHSB, RSR, XLM, RUNE, QTUM, XTZ, FTT, and TRX. Out of these, OMG broke the USD 3.00 resistance, and it could even test USD 3.50.

In general, Bitcoin is consolidating gains over USD 32,500 and USD 32,000. It seems like altcoins such as ethereum, litecoin, bitcoin cash, DOT, and others could stage more upsides if BTC continues to trade in a range.

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