Cryptocurrency market update: Bitcoin zooms above $4,000 pulling Ethereum with it

A glance at the market on Thursday day shows that bears are still in control. However, for a few selected digital assets, there are signs of bullish momentum continuing to form. Bitcoin, for instance, is trending higher 0.06% on the day after rising above yesterday’s barrier at $4,000. Another crypto that is dancing in the green in the green is Ethereum Classic (ETC) having corrected higher 1.85% on the day.

Bitcoin has been on an upward trajectory since March 12 when it found support at $3,800. This is not to say that the ride has been a smooth one. Last week Bitcoin struggled and broke past $4,000 but failed to make any significant movement above $4,040. As a result, the trend reversed to the current short-term support at $3,960. In the last three days, the bulls have been pushing for another correction. Their efforts were rewarded during the Asian trading session today where BTC/USD cleared the stubborn $4,000 zone. Highs were formed at $4,040 (initial resistance) and Bitcoin has corrected to the current value at $4,032.91. The bulls are working hard to form support above $4,000 in order to gather strength to attack the medium-term hurdle $4,200.

Ethereum, on the other hand, reacted alongside Bitcoin rise above $4,000 breaking the resistance at $140. After trading highs around $140.72, the crypto is flirting with the 61.8% Fib level 1-hour at $140.08. Bullish momentum has slowed down but indicators like the RSI and the MACD show that the sideways trading is taking over. Besides, ETH/USD is supported by both the 50 SMA and the 100 SMA 1-hour. Other support levels to look out for are $138.00, $132 and $129.