Cryptocurrency Market Update: Ethereum explodes past $200 as Bitcoin bulls’ desire for $8,000 mounts
|- Ethereum rises at the helm of cryptocurrency recovery with a spike above the coveted $200 level.
- Bitcoin price recovery stuck under $8,000 despite the bulls’ push above $7,900.
- Ripple price comfortably seats above $0.21 (new support) after hitting a wall at $0.22.
Ethereum price has exploded above the critical $200 level mid through this week’s trading. Apart from Bitcoin, two of the top three coins have ascended above key levels. For instance, Ripple soared above $0.20 on Tuesday while Ethereum managed to clear the hurdle at $200 after several attempts since last week. On the other hand, Bitcoin’s 2.47% recovery on the day fell short of $8,000, forming an intraday high at $7,985.
ETH/USD is currently valued at $205 after the bullish momentum hit a high of $207. Bulls are keen on establishing higher support, preferably at $205. On the upside, advance above $210 will give the bulls a chance to focus on higher levels at $220 and $250 respectively. Meanwhile, the prevailing trend is still in the hands of the bulls especially with the RSI about to cross into the overbought region. Ethereum is expected to close the day higher amid increased volatility levels across the cryptocurrency space.
Read more: Ethereum Price Analysis: ETH/USD rockets above $200, $220 level now in sight
Chart of the day: ETH/USD daily
BTC/USD has not been able to clear the key resistance at $8,000. However, the trend has turned from bearish (during the Asian session) to bullish in the European session. High volatility could continue to encourage buyers to increase their entries in favor of a price action towards $9,000.
Read more: Bitcoin Price Analysis: Is BTC halving already priced in? Is lift-off to $20,000 still possible?
XRP/USD nurtured a unique momentum on Tuesday where it rose above the vital $0.20 level. Extended bullish action saw the price achieve another milestone above $0.21. However, a weekly high was formed at $0.22. At the moment, XRP has a market value of $0.2151 after a subtle 0.26% growth on the day.
Read more: Ripple Price Analysis: Is XRP/USD skyrocketing to $0.35 in May?
Quote of the day: SEC Commissioner Peirce
I think that the idea of a government cryptocurrency, a digital dollar or something like that, is very different than some of the things that we’re talking about with crypto and blockchain and the private sector, but it’s helpful to get people thinking about these things. It’s helpful for people to think about the positives and negatives of having it be a government-issued versus a private-issued currency.
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