06 May 2021 · 2 min read

Ethereum and Altcoins Rally, Bitcoin Corrects Gains

Bitcoin tested the USD 58,000 resistance zone before correcting lower. Ethereum rallied again and traded to a new all-time high near USD 3,550, XRP jumped over 15% and it traded above USD 1.70. ETC, EOS, QTUM and BCH are up over 20%.

Bitcoin price formed a base above the USD 54,000 zone. BTC started a steady increase and it cleared the USD 56,000 and USD 56,500 resistance levels. It even tested the USD 58,000 zone and it is currently (03:50 UTC) correcting gains.

Besides, most major altcoins gained bullish momentum. ETH extended its increase and it traded to a new all-time high near USD 3,550. XRP/USD also gained bullish momentum above the USD 1.60 and USD 1.70 levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a minor decline, bitcoin price started a fresh increase above the USD 55,500 pivot level. BTC broke the USD 56,000 resistance level to move into a positive zone. The price faced resistance near the USD 58,000 level and it recently corrected lower. It traded below the USD 57,000 level, but it might find a strong buying interest near USD 56,200 and USD 56,000.
On the upside, an initial resistance is near the USD 57,500 level. The key resistance is near USD 58,000, above which the price might rise towards the USD 60,000 level.

Ethereum price

Ethereum price restarted its upward move and it broke the USD 3,450 resistance level. ETH even cleared USD 3,500 and it traded to a new all-time high near USD 3,550. It is now correcting gains, but the bulls might be active near USD 3,400.
If there is a fresh increase, the price might clear the USD 3,500 resistance. The next major barrier is near the USD 3,550 level.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) is consolidating below the USD 645 and USD 650 resistance levels. If BNB settles above the USD 650 level, it could spark a rally in the near term. On the downside, the main support is waiting near the USD 600 zone.
Litecoin (LTC) gained bullish momentum above the USD 320 level. LTC even spiked above the USD 350 and it tested the USD 365 level. The price is now consolidating below USD 350 and it might test the USD 330 support. The next major support is near the USD 312 level.
Dogecoin (DOGE) surged over 50% yesterday and it even traded close to USD 0.70. It is now consolidating gains near the USD 0.64 and USD 0.65 levels. If there are more downsides, the price might test the USD 0.60 support zone.
XRP price gained bullish momentum above the USD 1.50 level. It rallied over 15% and it even broke the USD 1.70 level. If the bulls remain in action, there are chances of a move towards the USD 1.80 level in the near term.

Other altcoins market today

Many altcoins gained over 15%, including TEL, BTG, ETC, EOS, 1INCH, BCH, XVG, QTUM, XEM, XLM, LEO, ATOM, XTZ, BSV, NEO, and TRX. Out of these, TEL gained over 60% and it cleared the USD 0.032 level.

Overall, bitcoin price is showing positive signs above the USD 56,000 level. If BTC remains stable, there are chances of a steady increase towards the USD 60,000 level.

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