Bitcoin Consolidates, Ethereum Eyes Upside Break, Altcoins Turn Attractive
Bitcoin price is struggling to gain momentum for a push above USD 38,000. Ethereum is eyeing an upside break above the USD 2,880 resistance, XRP is consolidating above USD 0.950. XTZ rallied over 15%, NEXO is up 9%.
Bitcoin price is stuck near the USD 36,000 level. BTC is facing many major hurdles near USD 37,500 and USD 38,000. It is currently (12:10 PM UTC) showing a few positive signs, but it must settle above USD 38,000 for a sustained upward move.
Besides, most major altcoins are gaining pace. ETH broke the USD 2,800 resistance and the bulls may soon attempt a break above USD 2,850. XRP/USD is consolidating and it might clear the USD 1.0 resistance zone.
Total market capitalization
In the past two sessions, bitcoin price mostly traded in a range above the USD 35,500 support level. BTC is trading above USD 36,500. The first major resistance is near the USD 37,500 level. The major barrier is near the USD 38,000 level. A close above USD 38,000 is needed for a sustained upward move in the near term.
On the downside, an initial support is near the USD 36,000 level. The main breakdown support is now forming near the USD 35,500 level, below which the price might dive to USD 32,000.
Ethereum price is rising and it broke the USD 2,800 resistance zone. ETH is showing positive signs and it seems like the bulls are aiming for a break above the USD 2,850 and USD 2,880 levels. If they succeed, the price could surge to USD 3,000.
Conversely, the price might correct lower below the USD 2,750 support. The first major support is now forming near the USD 2,650 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is stuck near the USD 400 level, with a bullish angle. If BNB breaks the USD 415 and USD 420 resistance levels, it could start a steady increase. If not, there is a risk of a downside correction towards the USD 380 level.
Litecoin (LTC) seems to be forming a base above the USD 180 support level. An immediate resistance is near the USD 192 level. The main breakout zone is still near the USD 195 and USD 200 levels. A close above USD 200 could start a strong increase.
Dogecoin (DOGE) is rising and it might break the USD 0.380 resistance. The main hurdle for the bulls is near the USD 0.400 level. A successful close above USD 0.400 is a must for a fresh rally towards the USD 0.450 resistance zone.
XRP price is trading above the USD 0.950 support zone. A fresh increase could push the price above the USD 1.0 level. However, there are still many important barriers near the USD 1.05 and USD 1.10 levels.
Other altcoins market today
A few altcoins climbed over 5%, including XTZ, TFUEL, KSM, CAKE, FTM, ALGO, NEXO, MATIC, GRT, SOL, COMP, and TEL. Out of these, XTZ is gaining pace above the USD 4.0 resistance zone.
To sum up, bitcoin price is still struggling to gain bullish momentum above USD 37,000, while ETH is rising. If BTC settles above the USD 38,000 resistance, the bulls could take control in the near term.