Cryptocurrency market update: Ethereum climbs above $130, gains more than 4%

  • Bitcoin remains on track to post daily gains for third straight day.
  • Ripple closes in on critical $0.20 handle on Sunday.
  • Ethereum gains traction, adds more than 4% to turn positive for week.

After moving sideways in tight ranges for the large part of the day on Sunday, major cryptocurrencies gained traction despite a lack of apparent positive developments that are relevant for crypto traders

Top-three coins price overview

Bitcoin (BTC/USD) posted modest gains on Friday and Saturday after finding support near the $7000 mark on Thursday. As of writing, the pair was up 1.4% on the day and testing the critical $7400 resistance (Fibonacci %23.6 retracement of the October 26-December 18 drop). With a weekly close above that level, the pair could meet an interim resistance at $7600 ahead of $8000 (Fibonacci 38.2% retracement October 26-December 18 drop). On the other hand, supports are located at $7200 (20-day moving average), $7000 (psychological level/December 27 low) and $6430 (December 18 low). 

Ethereum (ETH/USD) is adding 4.3% on the day and trading around $133.50 as the best-performing cryptocurrency among the 10 biggest cryptocurrencies with regards to market capitalization. On January 1st, the Muir Glacier hard fork will be executed on the Ethereum network. With this decisive rebound, the pair remains on track to close the day above the 20-day moving average for the first time since mid-November. On the upside, $135-$136 area aligns as the initial resistance ahead of $142 (December 16 high) and $150. Supports could be seen at $132 (20-day moving average),  $122 (December 27 low/March 4 low) and $116 (December 18 low/February 11 low).

Ripple (XRP(USD) extended its recovery into a fourth straight day on Sunday and was last seen trading at $0.1970, adding 1.6% on a daily basis. $0.2000 (upper limit of the 11-day trading range) is the initial hurdle ahead of $0.2030 and $0.2065 (December 17 high). On the downside, supports could be seen at $0.1850 (December 27 low/December 20 low) and $0.1760 (December 18 low/25-month low). 

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