09 Apr Bitcoin and Ethereum Lead The New Market Rise
- Bitcoin price climbed higher recently and tested the USD 5,300 resistance.
- Ethereum gained bullish momentum above USD 180 and ripple consolidated above USD 0.350.
- Verge (XVG) and NANO were up more than 15% yesterday.
This past week, there were strong gains in bitcoin and altcoins such as ethereum, litecoin, ripple, cardano, EOS and bitcoin cash. BTC/USD climbed above the USD 5,200 level and later corrected lower. There was a correction below the USD 5,000 level before the price bounced back after testing the USD 4,800 support. The price once again traded close to the USD 5,300 level and it is currently (08:30 UTC) trading with a solid bullish bias. Ethereum also followed a similar pattern, but today ETH gained more than 8% and broke the USD 180 and USD 182 resistance levels.
After a downside correction, Bitcoin price rebounded above the USD 5,000 and USD 5,150 resistance levels. BTC even surpassed the USD 5,200 resistance today and revisited the USD 5,300 resistance. The price is currently consolidating near the USD 5,200 level, with supports on the downside near USD 5,150 and USD 5,110.
On the upside, the USD 5,280 and USD 5,300 levels are strong hurdles for buyers. A proper close above USD 5,300 is likely to open the doors for a push towards the USD 5,450 weekly resistance. The main weekly support is seen near the USD 5,000 level.
Ethereum price jumped back above the USD 170 resistance after testing the USD 160 support area. ETH even surpassed the USD 180 and USD 182 resistance levels and it is currently consolidating gains.
An initial support is near the USD 176 level, below which the price could test the main weekly support at USD 170. On the upside, a break above the USD 185 level might call for a test of the USD 195 weekly resistance
Bitcoin Cash, EOS and Ripple price
Bitcoin Cash corrected lower and recently bounced back above the USD 300 resistance level. BCH/USD is currently trading near USD 305, with support at USD 300 and USD 292. On the upside, the main resistance is at USD 326, above which the price could test the last week’s swing high at USD 348.
EOS recovered after testing the USD 5.00 and USD 5.05 support levels. The price traded above the USD 5.30 resistance and it recently tested the USD 5.65 level, where sellers emerged.
Ripple price made another attempt to settle above the USD 0.370 resistance, but buyers failed to gain bullish momentum. XRP/USD is currently trading near the USD 0.355 support, with the key weekly support sitting near the USD 0.335 level.
In the past three sessions, a few small cap altcoins traded higher and gained more than 8%, including VEST, XVG, NANO, WAX, DGTX, CRO, STRAT and ETC. Out of these, VEST rallied close to 60% and XVG is up around 16%.
Overall, bitcoin price is trading in a strong uptrend above the USD 5,000 support. However, if BTC continues to struggle near the USD 5,300 resistance area, there could be another downside correction below the USD 5,000 and USD 4,900 support levels this week. On the upside, bullish continuation above USD 5,300 could lead the price towards USD 5,450 and USD 5,520.