Market Summary 4/2: BTC Soars Past 38k!! Ethereum Reaches a New ATH!!

It broke through the USD 38,000 resistance and settled nicely above the 100 hourly simple moving average. It then broke past many hurdles to reach a new all-time high at USD 38,342. It corrected after this surge as traders moved to cash out on profits and dipped below USD 38,000.

But the bulls took charge once again as the price began an uptrend again. Presently, it's price is above USD 37,500. On the hourly chart of the BTC/USD pair, a couple of crucial bullish trend lines cropped up with support near USD 37,200 and USD 36,000. If it breakout on the upside, it would see resistance close to the USD 38,100 and USD 38,200 levels. If it breaks above this level, we could move towards USD 40,000.

An analyst has suggested that a move towards USD 40,000 for BTC is very close. He said this was because it had been in a consolidation stage for a while now, and in the next few days or weeks, we could see it reach USD 40,700.

Ethereum News

Yesterday ethereum broke above the USD 1400 level and again broke past the USD 1500 range to reach an all-time high at the USD 1,555 mark. It then soared above the USD 1,600 level, where it crossed past USD 1,650 to get a new all-time high at USD 1,697.

After this, it started correcting lower and traded below USD 1,670. Decent support was formed close to the USD 1,640 level. Also, a critical bullish trend line formed with support at the same level on the hourly chart of the ETH/USD pair.

It is currently trading at USD 1,626. If it keeps on this uptrend, the next crucial support level is at USD 1,640. If it breaks above this level, the following essential support levels are at USD 1,680, and if it breaks above this level, we could see it reach up to USD 1,700 and on to a new ATH.

Other Altcoin News

Heres the summary of other altcoins price performance.

1. Litecoin

Litecoin (LTC) broke above its downtrend recently, and we see a head and shoulders pattern formed newly on its price chart. It tried to rally to USD 165 but declined and is currently trading at USD 148.49.

2. Bitcoin Cash

Bitcoin Cash saw a recent rally towards USD 465, but the bears took charge as traders began selling off. It is currently trading at USD 423.

3. Ripple

XRP price is consolidating above the USD 0.365 and USD 0.372 levels. On the upside, an initial resistance is near the USD 0.392 level. The main resistance is still near the USD 0.400 level. It seems like the bulls are now aiming for a clear break above USD 0.400 to start a fresh increase towards USD 0.450.

In conclusion, the bulls continue to be in charge of the BTC and ETH market as the uptrend continues. We anticipate new ATHs as ETH climbs to $2,000.