Ethereum and Altcoins Take Over the Crypto Market, Bitcoin Stable

  • 19 January 2021, Tuesday, 09:06

Bitcoin price remained in a range below the USD 37,500 and USD 38,000 resistance levels. BTC seems to be consolidating, while many altcoins gained bullish momentum. It is currently (13:00 UTC) trading well above USD the 36,050 support, but it is facing many hurdles. Most major altcoins started a strong rally. ETH/USD gained over 15% and it even surpassed the USD 1,400 level. XRP/USD is also showing positive signs and it is trading above the USD 0.300 resistance.

Total market capitalization

Bitcoin price

There was a fresh attempt by bitcoin price to clear the USD 37,200 and USD 37,500 resistance levels. However, BTC failed to continue higher above USD 37,500 and corrected lower. The first major support on the downside is near the USD 36,050 level. A downside break below USD 36,050 might call for a test of the USD 35,500 level. On the upside, an immediate resistance is at USD 37,200. The first key resistance is at USD 37,500, followed by the USD 38,000 breakout zone.

Ethereum price

Ethereum price outperformed and it broke USD 1,350 and USD 1,380 resistance levels. ETH is showing positive signs and it even surged above USD 1,400. A high is formed near USD 1,440 and the price is currently correcting gains.

On the downside, the USD 1,380 level is a short-term support. The first major support is now forming near the USD 1,350 (the last swing high), below which it could test USD 1,300.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is gaining pace and it is trading well above the USD 515 level. BCH tested the USD 535 level, but it failed to test USD 545. The price is currently consolidating gains and it seems to be eyeing a fresh increase towards the USD 545 and USD 550 resistance levels. On the downside, the USD 505 and USD 500 levels are important supports. Litecoin (LTC) tested the USD 165 resistance level before correcting lower. It is trading near USD 1460, with an initial support near the USD 155 level. The main support sits at USD 150, where the bulls might take a strong stand. On the upside, a clear break above the USD 165 level could open the doors for a larger increase. XRP price is up over 5% and it settled above the USD 0.300 level. The price even spiked towards the USD 0.3300 level before correcting lower. The previous resistance near USD 0.300 and USD 0.295 are currently acting as supports. If XRP remains stable above USD 0.300, it could start a fresh increase in the near term.

Other altcoins market today

In the past few hours, many altcoins surged over 10%, including ENJ, AMPL, UMA, LUNA, NXM, LRC, HT, HBAR, RSR, ETC, and SC. Out of these, ENJ is gaining pace and it recently cleared the USD 0.355 resistance.

To sum up, bitcoin price is trading sideways below the USD 38,000 resistance. It cleared the path for altcoins to take over and they might continue to gain bullish momentum. __

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