Bitcoin and Altcoins Rally, Ethereum Up 10% As Volume Rises Sharply
Bitcoin price gained traction and broke the USD 3,650 and USD 3,700 resistances. Ethereum (ETH) rallied more than 10% and broke the USD 135 resistance. WAX, ARK and VERI are up more than 25% today.
In the past few sessions, there was a sharp rise in ethereum price after it broke the USD 125 and USD 130 resistance levels. The daily trading volume picked up momentum, resulting in a bullish break in bitcoin price above the USD 3,650 and USD 3,700 resistance levels. BTC/USD traded close to the USD 3,780 and later corrected below USD 3,750. Similarly, altcoins such as BNB, EOS, LTC, BCH and others gained bullish momentum and moved into a positive zone. The current price action (UTC 08:10 AM) is positive and it seems like bitcoin, ethereum and other altcoins may continue to rise in the near term.
Total market capitalization
Bitcoin price
After forming a solid support base above the USD 3,560 level, bitcoin price started a decent upward move. BTC/USD broke a couple of key resistances near USD 3,600 to move into a bullish zone. Buyers pushed the price above the USD 3,700 and USD 3,750 resistance levels. The price traded close to the USD 3,780 level and later corrected lower.
On the downside, an initial support is near the USD 3,700 level. However, the main weekly supports are USD 3,650 and USD 3,600 (the previous resistance levels). On the upside, the first hurdle for buyers is near USD 3,780 – USD3,800, above which the price could test the USD 4,000 weekly resistance.
Ethereum price
Ethereum price performed really well and broke the key USD 125 and USD 130 resistance levels. ETH/USD broke the USD 135 resistance as well and traded close to the USD 140 level.
The price is currently up around 10.5% to USD 137, with an immediate support at USD 135. The main support is at USD 130 (the previous weekly pivot zone). On the upside, a break above USD 140 may push the price towards USD 146 and USD 150.
Bitcoin cash, eos and ripple price
Bitcoin cash gained traction after it broke the USD 125 resistance level. BCH/USD is up more than 6% and it seems like buyers could push the price above the USD 130 level in the near term.
EOS is back above the USD 2.80 and USD 2.85 resistance levels. If buyers remain in control, the price is likely to surpass the USD 2.95 and USD 3.00 resistance levels in the coming sessions.
Ripple price stayed above the USD 0.300 support and it recently moved above the USD 0.305 resistance. XRP/USD is currently trading near USD 0.310, with the key resistance at USD 0.312 and USD 0.320.
Other altcoins market today
During the past few sessions, a few small cap altcoins surged higher and gained more than 10%, including WAX, ARK, VERI, TOMO, BTG, KMD and KCS. Out of these, WAX rallied more than 40% and ARK is up around 32%.
Overall, the crypto market is gathering pace, resulting in solid gains in bitcoin and ethereum. BTC/USD could trade in a range for some time before buyers attempt to push the price above USD 3,780 and USD 3,800. However, the main barrier is near USD 4,000, where sellers are likely to take a stand.
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