Cryptocurrency market update: Bitcoin, Ethereum and Ripple flexing muscles above key resistances


  • Bitcoin leads the market's recovery as major digital assets react.
  • Ethereum clears $250 resistance to sit above $255.
  • Ripple’s XRP corrects above $0.4000 amid broad-based crypto gains.

The market is not just in the green on Wednesday evening (GMT) but cryptocurrencies are in the middle of a fresh surge mainly driven by the ‘king’ himself, Bitcoin. The largest cryptocurrency blasted above $8,000 again but this time the bulls had intentions to break key barriers and from new weekly highs.

Bitcoin zoomed past $8,100 before coming to a halt at $8,273.98 following a 3.42% gain on the day. The hourly chart shows Bitcoin initial support at $8,000 while the 100 Simple Moving Average (SMA) 1-h, the 50 SMA 1-h and the EMA 30 as key support levels. Other support areas to look out for are $7,800 and $7,600.

BTC/USD 1-hour chart

The intraday chart shows Ethereum trending up 4% on the day. A high has been formed at $256.81 but the second largest is valued at $255 at press time.

On the other hand, Ripple’s XRP is back above $0.42 after adding 2.38% gains to its value. XRP/USD has correction from the lows at $0.3889 to achieve an intraday high around $0.4041.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin Price Forecast: DOGE to retest critical support before overcoming doubt

Dogecoin price has formed an uptrend since July 21, breaking out from a downward trapped DOGE for nearly a month. The canine-themed cryptocurrency rec

More Dogecoin News

Chainlink VRF integration improves as LINK price eyes 30% upswing

Chainlink price has seen an impressive run-up over the past week, but it has been able to breach through a crucial supply barrier. The recent pullback stems from an inability to slice through the said resistance zone.

More Chainlink News

Goldman Sachs files for new DeFi ETF with SEC that tracks only major stocks

Goldman Sachs has filed an application with the United States Securities & Exchange Commission (SEC) for a new decentralized finance and blockchain-based exchange-traded fund (ETF). 

More Cryptocurrencies News

Zilliqa to Ethereum bridge delayed but ZIL price eyes retest of $0.086

Zilliqa price is currently approaching a crucial support level that could trigger a bounce, leading to a new uptrend. However, there are chances of this barrier failing under increased selling pressure. Therefore, investors need to keep a close eye on the bounce.

More Zilliqa News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP