Market Overview: Ethereum to break $130, Bitcoin targets $3,700 while Ripple’s XRP battles range resistance
|- Bitcoin broke past the recently discussed contracting triangle resistance.
- Ethereum becomes the market leader with gains above 4.5%.
- Ripple reclaims position above the broken narrow range support.
The market is moving up following the downside correction on Tuesday. Volatility levels have gone up and traders are experiencing frequent downswings and upswings. Bitcoin, for instance, traded slightly above $4,200 during the Christmas season. However, there have been numerous swings that have sent the price below $4,000. In fact, recently the price dipped below $3,500 and formed lows around $3,480.
Bitcoin price overview
Bitcoin broke past the recently discussed contracting triangle resistance. The price is dancing with $3,646 and testing $3,660 to the upside. A break above this level will allow the price to correct towards the coveted $4,000. In the meantime, the support at $3,620 and $3,560 must be guarded to prevent BTC from reversing the towards $3,000.
BTC/USD 15’ chart
Ethereum price overview
Ethereum has had a rollercoaster ride since the year began. The asset approached 2019 making strong movements to the upside. Tremendous gains were recorded where ETH tested $170 before tumbling to the lows of around $114.6 on January 13. However, the bulls have not given up and a bounce is currently underway. ETH/USD is dancing with $126 after correcting higher over 4.5% on the day. In fact, the price is trading above the 50-day Simple Moving Average (SMA) as well as the 100-day SMA. Ethereum is poised for a move above $130. Meanwhile defending the short-term support at $125 is essential for the impending bullish retracement.
ETH/USD 1-hour chart
Ripple’s XRP price overview
As discussed in the market update coverage earlier today, XRP had slipped below yesterday’s narrow range support. However, after the bulls defended the support at $0.32. The price did not stay down for long. In fact, there was an upside move above both the 50-day and 100-day SMA. The ongoing upside correction has reclaimed position within the said range. While the price is exchanging hands at $0.33, XRP buyers’ eyes are locked on $0.34.
ETH/USD 1-hour chart
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