Market Summary 28/1: BTC Rallies Back above 30k after Central Bank Meeting, ETH Outperforms BTC

Bitcoin News

Bitcoin rose to $31,880 after dropping as low as $29,298 on Wednesday. The rally was occasioned by the announcement by the US central bank chief, Jerome Powell. He firmly stated that his office would hold the benchmark interest rates near zero while purchasing government and corporate bonds at a rate of $120 billion per month.

An independent market analyst, Josh Rager, pointed out that the BTC/USD pair has a habit of entering lengthy consolidation periods after its parabolic moves. And that the current situation is no different. He gave an instance of the same scenario which happened back in 2016/2017. He said to "Be patient here — Bitcoin will hit another high, but it may take weeks to get there."

Ethereum News

Ethereum has been performing well recently. Although it has tried and isn't yet able to break above its ATH, It has been in a consolidation stage, with bulls vigorously defending it at crucial support levels. It has been showing a lot of strength despite the general crypto market weakness.

Bitcoin's decline to $30,000 has resulted in a price drop for most major altcoins. ETH as well is struggling to maintain the massive momentum it built over the past week. BTC has a strong influence over the entire crypto market. So the (except for a few exceptions) whole crypto market likely bearish for a while until BTC sees a consolidation phase or enters an uptrend once again.

An analyst pointed out that "ETH is printing higher highs and lows. Exceptional strength when compared to BTC, which has recently put in lower high & lows. So far, it's unable to maintain ATH, though. I think a breakout & close above or below blue would indicate the direction of the next bigger-sized move."

Reddit, a popular social media platform, has announced plans to partner with the Ethereum Foundation to scale up its Community Points infrastructure.

The Announcement implies expanding community Points across Reddit and the tools used to initiate these features and make it open-sourced to be available to the public. The company's precise plans and its timeline, however, are still unsettled.

Other Altcoin News

What are LTC, XRP, and BCH up to?

1. Bitcoin Cash

Bitcoin cash price settled below the USD 400 pivot level. BCH tested the USD 370 level and it is currently correcting higher. On the upside, the USD 398 and USD 400 levels could prevent gains. A clear close above USD 400 might push the price towards the USD 425 resistance level.

2. Litecoin

Litecoin (LTC) extended its decline below the USD 125 support and it even spiked below USD 120. There was no test of the USD 112 support and the price is currently consolidating near USD 125. If there is a break above USD 132 and USD 135, the price could start a fresh increase. Conversely, there is a risk of a drop to USD 112 and USD 105.

3. Ripple

XRP price broke the USD 0.255 support level, but losses were limited. It seems like the bears are losing steam and there are chances of a recovery wave above the USD 0.265 and USD 0.272 levels. On the downside, the USD 0.244 and USD 0.240 levels are decent support zones.

In conclusion, we look forward to Reddit's collaboration. With ethereum. It's great to see the exciting ways that blockchain technology is applied. It would, of course, mean more widespread adoption of the technology.