03 Dec 2021 · 2 min read

Bitcoin and Ethereum Inch Higher, Altcoins Gain Momentum

  • Bitcoin price is playing with USD 57,000.
  • Ethereum is testing USD 4,600, XRP is still below USD 1.0.
  • LUNA, XLM, and ATOM are up 9%-18%.

Bitcoin price remained well bid above the USD 55,000 level. BTC started a fresh increase and traded above the USD 57,000 level before correcting lower. It is currently (11:54 UTC) rising and it might revisit USD 57,000 again.

Besides, most major altcoins are also moving higher. ETH could attempt a fresh increase above the USD 4,700 level. XRP might gain traction if there is a clear break above USD 1.00. ADA is outperforming and there could be more gains above USD 1.68.

Total market capitalization

Source: tradingview.com

Bitcoin price

After forming a base above USD 55,500, bitcoin price started a recovery wave. BTC climbed above the USD 56,000 and USD 56,500 levels. The price is now rising and it might revisit the USD 57,800 level. On the upside, the price is facing resistance near the USD 58,000 level. The next major resistance is near the USD 58,500 level, above which the price could revisit USD 60,000.

If there is a fresh decline, the price might find support near USD 56,200. The main support is near USD 55,500, below which the bears may perhaps gain strength.

Ethereum price

Ethereum price started rising above the USD 4,550 level. ETH even surpassed the USD 4,600 level before correcting lower again. The first key resistance is now forming near the USD 4,650 level, above which the bulls might test USD 4,800. 

On the downside, there is a strong support forming near the USD 4,500 and USD 4,450 levels. Any more losses could send the price towards USD 4,200. 

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) gained pace above the USD 1.65 level. It is up 5% and there could be a move above the USD 1.68 level. The next key resistance is near USD 1.70, above which the price might rise towards USD 1.75.

Binance coin (BNB) is stuck near the USD 625 level. An immediate resistance is near the USD 632 level. If there is a clear break above USD 632, the price could revisit the main USD 650 resistance zone.

Solana (SOL) is gaining pace above the 232 level. An immediate resistance is near USD 240, above which the price could test USD 250. Any more gains may possibly open the doors for a move towards the USD 265 level.

SHIB is moving higher and trading near the USD 0.000042 level. The first key resistance is near the USD 0.0000435 level. A clear break above the USD 0.0000435 level might clear the path for a steady increase.

XRP price is consolidating above the USD 0.950 level. The main barrier is near the USD 1.0 level. A close above USD 1.0 could start a steady increase. The next major resistance is near USD 1.05.

Other altcoins market today

Many altcoins are up over 5%, including ATOM, MATIC, XLM, RVN, LUNA, OKB, LEO, QNT, and ONE. Out of these, ATOM gained 18% and broke the USD 31 level.

To sum up, bitcoin price is trying to recover and trading near USD 57,000. A clear move above USD 57,800 and USD 58,000 may possibly send the price towards the USD 60,000 level.