Let's look at highlights in the crypto market this week.
Monday:
Bitcoin made a slow recovery. It saw a correction to the $30,000 level, after which it gradually gained support at the $31,200 and $31,500 resistance levels. It later rallied to trade above the $33,500 level on the 100 hourly simple moving average. It succeeded in breaking through and climbed up to the $34,500 mark.
Ethereum reached a new all-time high of $1,467. It increased by over 17% in just 24-hours smashing its previous ATH of $1,439.33 the prior week.
Macro investors Raoul Paul foresaw a coming altcoin season with ethereum leading the pack.
Ripple's (XRP) price declined on the market, and the altcoin traded below its support level at $0.3000. It later dipped, after which a bearish trend line formed with resistance near $0.2820 on the 4-hourly chart.
Tuesday:
After yesterday's rally, the bitcoin price rose above the $34,000 level. But above $34,500, the bulls struggled to gain hold of the market, and the price remained below $35,000. Its peak was at $34,872, after which it began a decline, dipping as low as $31,435.
The BTC/USD pair appeared to form a descending triangle, a sign of an uptrend reversal.
After ethereum's rally towards $1500 yesterday, there was a downside break at the $1,400 and $1,380 support levels. It dropped to the $1,290 level, and it is currently attempting a fresh increase.
Wednesday:
Bitcoin price seemed to be stuck below the $33,500 and $33,800 resistance levels. It declined past the $32,500 level and settled below the 100 hourly simple moving average. It faced resistance close to the $32,800 zone and the 100 hourly simple moving average. It spiked below the $31,000 level but remained stable above $30,800.
After Ethereum hit the $1,250 support level, it began a new increase. It broke the $1,300, $1,320, and even the $1,350 resistance levels on the 100 hourly simple moving average. It formed a peak close to $1,375, but a crucial bearish trend line seemed to develop with resistance near $1,360 on the hourly chart of the ETH/USD pair. Ethereum's realized cap has tripled since March 2020 and currently sits at over $70 billion.
Bitcoin cash (BCH) price went down by over 5%. It showed bearish signs and broke the $405 and $400 support levels.
Litecoin (LTC) declined by over 5% and traded below the $130 level.
Ripple's (XRP) price fell below the $0.265 level. It even broke $0.255, and it seems to be gearing for a more considerable decline.
Thursday:
Bitcoin price increased to $31,880 after dipping to $29,298 on Wednesday. This was partially brought about by the announcement of the US central bank chief after a meeting.
Ethereum gained strength as it was not affected by the decline of the BTC. It has also outperformed Bitcoin recently. An analyst, Josh Rager, pointed out that "ETH is printing higher highs and lows. Exceptional strength when compared to BTC, which has recently put in lower high & lows.
Bitcoin Cash (BCH) tested the $370 level and seemed to keep correcting higher.
Litecoin (LTC) extended its decline below the USD 125 support. It even spiked below $120. There was no test of the $112 support, and the price consolidated near $125.
Friday:
ETH price is in a new increase. It traded above the $1,250 and 1,265 resistance levels to move into a positive zone. It broke above a significant bearish trend line with resistance near $1,300 on the hourly chart.
Because of that, the price attempted to move up past the $1,350 level, but once again, it wasn't able to clear the $1,375 resistance.
