How did the crypto market prices perform today?
After a successful close above USD 35,500, bitcoin price extended its rise. BTC climbed above the USD 36,500 resistance and it even spiked above USD 37,000. However, the bulls failed to remain in control above the USD 37,200 resistance zone. A high was formed near USD 37,400 and the price is currently correcting gains.
An initial support on the downside is near the USD 36,050 level. The first key support is near USD 35,500, where the bulls might take a stand. On the upside, USD 37,200, USD 37,500, and USD 38,000 are major breakout zones.
ETH/USD steps back from short-term resistance while declining to $1,256 during early Tuesday. In addition to easing from the immediate triangle’s upper line, Ethereum also drops from a three day high by press time. Monthly top, one-week-old ascending trend line favors bulls.
Currently, high is formed near $1,346 and the price is consolidating gains. An initial support on the downside is near the $1,315 level. It is close to the 23.6% Fib retracement level of the recent wave from the $1,215 swing low to $1,346 high.
All in all Ethereum had a nice run-up to its previous all-time high and hit $1,438 on Binance, just $2 away from it. Ethereum is up by more than 11% against Bitcoin and has reached 15% in market dominance, its highest number since August 2018.
Ethereum’s open interest also rose to an ATH.
Bitcoin cash price settled above the USD 500 resistance and it is up over 10%. BCH is trading above the USD 515 level and it seems like the price might accelerate higher towards the USD 535 and USD 540 levels. Any more gains might call for a test of the USD 550 level. If there are dips, the USD 500 zone could provide support.
The latest price movements have shown increased retail activity in Litecoin going by the cryptocurrency’s weekly gain of 11.89%. Currently, though, there is a battle between the bulls and the bears as both are aiming to push the price in opposite directions from the $160 psychological price level. Should the bears succeed, the $160 level will form the new resistance, and should the bulls have their way, the price level can form the next big support for the upcoming days.
Ripple price is gaining strength above the USD 0.280 and USD 0.285 levels. If ripple starts a downside correction, it could find support near the $0.3120 level. The first major support is near the $0.3000 level, where the bulls are likely to take a stand.
However, a break below $0.2820 and $0.2800 could push the price into a bearish zone in the near term.
