Ethereum Eyes USD 1,600, Bitcoin and Altcoins Could Keep Rising
Bitcoin price is rising steadily and it could soon test USD 37,000. Ethereum climbed to USD 1,570, XRP is struggling to clear USD 0.400. FTM remains in a positive zone, UMA and OMG are up over 14%.
Bitcoin price remained well bid after it broke the USD 35,500 and USD 36,000 resistance levels. BTC even spiked towards USD 36,800 before correcting lower. It is currently (13:00 UTC) approaching USD 36,000, but there are chances of a fresh rise towards USD 37,000.
Similarly, most major altcoins are trading in a bullish zone. ETH/USD traded to a new all-time high near USD 1,570 before correcting to USD 1,540. XRP/USD seems to be facing a strong resistance near USD 0.392 and USD 0.400.
Total market capitalization
There was an upside extension in bitcoin price above the USD 36,000 resistance. BTC even made an attempt to surpass USD 37,000, but there was no follow through above USD 36,800. The price corrected lower and traded below USD 36,500. The first key support is near the USD 36,000 level, followed by the USD 35,500 pivot level.
As long as the price is above USD 35,500 and USD 35,500, it could continue to rise. The main resistance is now near USD 37,000, above which it could revisit the USD 38,000 hurdle.
Ethereum price gained momentum above the USD 1,500 level and it even broke the USD 1,550 level. ETH traded to a new all-time high near USD 1,570 and it is currently correcting lower. An initial support is near the USD 1,520 level. The key support is now forming near the USD 1,500 level.
On the upside, the USD 1,565 and USD 1,570 levels are short-term hurdles. The bulls might test the USD 1,600 level in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is holding gains above USD 430, but it struggling to clear the USD 445 and USD 450 resistance levels. If there is a fresh bearish wave, the USD 425 level might provide support. Any more losses could lead the price towards the USD 405 support zone.
Litecoin (LTC) traded as high as USD 155 and it is consolidating gains near USD 150. If there is a downside correction, the previous resistance near USD 142 and USD 140 might provide support. On the upside, a clear break above the USD 155 resistance could open the doors for a move towards the USD 165 and USD 170 levels.
XRP price made an attempt to gain strength above the USD 0.492 resistance, but it failed. It is currently correcting lower towards the USD 0.465 support. As long as there is no close below USD 0.350, the price might make another attempt to surpass the USD 0.400 resistance zone.
Other altcoins market today
A few altcoins climbed over 8%, including FTM, UMA, SC, LUNA, MANA, OMG, SUSHI, NEAR, DASH, CHSB, AAVE, HEDG, and BTT. Out of these, SC is gaining momentum and it might test the USD 0.010 level.
To sum up, bitcoin price is trading in a bullish zone above USD 35,500 and USD 35,000. The overall price action suggests BTC could soon test USD 37,000.