Let's take a look at what's going on in the cryptocurrency market today, including the prices of bitcoin and ethereum, as well as some of the more notable altcoins.
Bitcoin rose steadily above the $55,000 resistance zone. It soared past the $56,000 level and stabilized well above the 100 hourly simple moving average.
The bulls took charge and raised the price above the $57,000 resistance level. It peaked close to $57,367 before the price started collecting lower. It traded below $55,000 before beginning an increase. It is currently trading above $55,000, and we could see further increase.
The $56,500 mark is the first short-term resistance level on the upside. On the same map, there is a connecting bearish trend line at $56,500.
A definite break above the trend line resistance and $57,500 could pave the way for a move to $58,000. The bulls' next goal could be a new all-time high or even $60,000,000.
Ethereum tried once again to clear the resistance levels at the $1,850 and $1,860 levels. But it fell flat above $1,850.
It reached its peak close to $1,870 before there was a downside correction. The price declined below the $1,820 and $1,800 support levelsbefore hitting a low point close to $1,763.
The price is now consolidating above $1,780 and is possibly gearing for a launch above $1,800.
Near the $1,815 mark, there is significant resistance.But the key resistance is now forming around $1,830. A clear break above the $1,815 and $1,830 levels could mark the beginning of a strong rally in the coming sessions. In the above scenario, the price is likely to gradually increase between $1,870 and $1,880. The $2,000 barrier remains the bulls' main goal.
The lowest point for Bitcoin Cash was $533. It 's high was at $561, but is currently trading above $545.
The highest point reached by Ripple was above $0.463. It reached an intraday low of $0.44. The price is already above $0.454.
The intraday low point for Litecoin was $192. It touched a high of $203 and is now trading just above $200.
In other altcoin news, Litecoin's next upgrade, the MimbleWimble (MWEB) upgrade is slated to be completed by March 15th. It will bring the added benefits of fungibility and privacy to the block chain. It will be an option upgrade though, as users will decide it they want to opt for it or not.
In conclusion, it's likely that ethereum bight make that surge above $2,000 onto a new all-time high.
