Bitcoin and Ethereum have been front running the entire crypto markets.
- Last week’s Ethereum upward momentum at the $200 suggested a possibility to break through its hurdles. Now the second leading crypto by market capitalization is trading $246.
- On the other hand, Bitcoin has already broken out from the $10,000 price resistance. Bitcoin is trading at $10,300 during press time, which shows it could be headed for a massive $11,000.
- Ripple (XRP) is surging and has retested the $0.2880 resistance area against the United States Dollar. Ripple’s price shows signs of rising further beyond $0.2900 and $0.3000 in the near term.
Ethereum seems to have slight weaknesses while hovering around its key support and major resistance. Bitcoin has overcome some of these weaknesses given eleven past days of almost losing its share market.
The leading digital asset set new 2020 highs at $10,400. Meanwhile, the crypto market is warming up for more price levels and upsides.
The most bullish belief is that the approaching halving event is in favor of upward correction. According to past historic data of the halving of the reward, bitcoin has always surged in prices.
Yet another key indicator that spells the bulls are in favour of the market, is Google Trends search data for the keyword “Buy Bitcoin”
The search numbers have taken a parabolic zoom. This indicates that retail investors could be preparing their grand entry into the market.
Ripple (XRP) is surging and has retested the $0.2880 resistance area against the United States Dollar. Ripple’s price shows signs of rising further beyond $0.2900 and $0.3000 in the near term. There is a likelihood that the bulls have already regained their strength.
Once the price of XRP breaks its next key resistance level of $0.2900, it could surge further upwards.
Another prominent coin, litecoin, is trading 3.02 % high at its present price of $78.67. Against the price of Bitcoin, the LT/BTC pair is likely to hit 0.0075 BTC before attaining its next supply zone around 0.0095 BTC. The coin is targeting the $100 support level within the next 30 days.
Bitcoin Price Analysis
A surge in google search volumes of the phrase “Buy Bitcoin” is a good thing. The last time it happened was in 2017 prior to Bitcoin rising to an all-time high. Meanwhile, that 2017 bull run had been the result of market scrambling by neophyte retail investors. At the start of the week, Bitcoin broke below the five figures, giving traders a lot to be bearish about.
Dave the Wave, a crypto analyst who predicted Bitcoin’s December bottom to $6,000 has also predicted a bitcoin rally of $11,000 in the near term. While the community laughed off his December prediction, it came to pass and Bitcoin hit the mid $6K price levels. The analyst is now calling for 7.7% upside for Bitcoin to hit either $11K or $11.5K.
Ethereum Price Analysis
Ethereum found its support around $218 against the United States Dollar following a short term downside correction. The leading altcoin began a fresh increase after forming a support base at the $220 level.
Additionally, there was a sharp upward momentum beyond resistance levels $225 and $230. Meanwhile, the bulls pushed the coin’s prices above a $230 swing high on the 100 hourly -SMA (Simple Moving Average).
Along with the surging price, Ethereum had a break above the major contracting triangle of the $223 resistance on the ETH/USD pair hourly chart. The altcoin cleared its $240 resistance and is now trading above closely at $246.58.
Ripple Price Analysis
XRP has been able to gain strength and climb beyond $0.2700 and $0.2750 resistance levels. Additionally, there was a price close beyond the $0.2750 and the 100 hourly -SMA.
Ripple broke above its key bearish trend line that had a key resistance new $0.2725 on the hourly XRP/USD pair chart. The third leading coin by market capitalization retested both $0.2880 and $0.2890 after climbing above the $0.2800 support.
The altcoin is currently consolidating gains and has formed a high around $0.2881. Meanwhile, it formed initial support around $0.2830, coinciding with a 23.6% Fibonacci retracement level of the recent upward correction from $0.2700 low to $0.2881 high.