Ethereum, Altcoins Outperform Bitcoin as Rally Accelerates
Bitcoin price is holding gains above USD 18,000 and USD 18,200. Ethereum rallied above USD 575, XRP surged over 35% to close above USD 0.450. WAVES and NMR are up over 25%.
Bitcoin price gained traction and remained well supported above USD 18,000. BTC climbed towards USD 18,800 before consolidating gains. The price is currently (05:00 UTC) trading well above USD 18,000, but it must gain momentum above USD 18,500 for a fresh rally possibly towards USD 19,200.
Also, there were strong bullish moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD climbed above USD 550 and USD 565 resistance levels. XRP/USD rallied over 35% in the past two days and it even broke the USD 0.450 resistance level.
Total market capitalization
Recently, bitcoin price corrected lower from the USD 18,800 resistance zone. However, BTC remained well supported near the USD 18,000 level. The next major weekly support seems to be forming near the USD 17,500 level. Any further losses could spark a medium-term downside correction.
On the upside, the price is facing a few major hurdles, starting with USD 18,650. The first major resistance is near USD 18,750, followed by USD 18,800. A clear break above the USD 18,800 weekly resistance may possibly open the doors for a push towards USD 19,200 or even USD 19,500.
Ethereum price broke the USD 500 barrier and started a strong surge. ETH broke the USD 550 and USD 565 resistance levels to move further into an uptrend. It tested the USD 585 level and it is currently consolidating gains.
On the downside, the USD 575 and USD 565 levels are decent support. Any further losses may possibly lead the price back towards the key USD 550 support zone. On the upside, the price might rally above USD 600.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price climbed higher steadily and it broke the USD 275 and USD 285 resistance levels. BCH is trading above USD 290 and it seems like the bulls are aiming for an upside break above the USD 298 and USD 300 levels in the near term. If there is a downside correction, the price might find support near USD 285.
Litecoin (LTC) settled above the USD 80.00 level and it is slowly gaining pace. LTC is trading above the USD 85.00 level, with an immediate resistance at USD 88.00. A clear break above the USD 88.00 and USD 90.00 levels could open the doors for a test of the all-important USD 100.00 barrier.
XRP price outperformed Ethereum and bitcoin in the past two days, as it rallied over 35%. The price broke the USD 0.350 and USD 0.400 resistance levels. It even broke the USD 0.450 level and it seems like the current wave is far from over. The next major resistance sits near the USD 0.500 level.
Other altcoins market today
In the past few hours, a few altcoins gained over 8%, including WAVES, NMR, ADA, YFI, BAL, REN, VET, CEL, CELO, and MIOTA. Out of these, WAVES surged over 30% and it broke the USD 7.80 level.
Overall, bitcoin price is showing positive signs above the USD 18,000 support level. If BTC continues to find support, there are chances of a break above the USD 18,800 and USD 19,000 levels.