Cryptocurrency market update: Ethereum looks to post gains for ninth straight week
- Bitcoin erases small portion of early gains, trades below $10,000.
- Ripple remains on track to snap three-week winning streak.
- Ethereum adds more than 4%, looks to finish the week above $270.
Major cryptocurrencies started the last day of the week on a strong footing but struggled to build on early gains. Nevertheless, the total market capitalization of all cryptocurrencies rose to $288 billion from $280 billion to reflect the broad-based bullish activity.
Top-three coins price overview
Bitcoin (BTC/USD) tested the critical $10,000 mark earlier in the day but failed to make a decisive break above that level. As of writing, the pair was up 2.3% on the day at $9,900 and was looking to finish the week virtually unchanged. With a daily close above $10,000 (psychological level), BTC could target $10.520 (February 13 high). On the downside, the Fibonacci %23.6 retracement of the January-mid-February uptrend at $9,600 could be seen as the first support ahead of $9,100 (Fibonacci 38.2% retracement of the same rally/50- day SMA).
Ethereum (ETH/USD) lost more than 1% on Saturday but staged a strong rebound on Sunday to rise above $270. As of writing, ETH is up 3.3% on the day at $272 and remains on track to post weekly gains for the ninth straight week. The first resistance aligns at $290 (February 14, February 15, February 19 high) ahead of $300 (psychological level). On the downside, Fibonacci 23.6% retracement of the January-mid-February rally at $250 is the first important support level followed by $225 (Fibonacci 38.2% retracement of the same rally).
In a similar fashion to ETH and BTC, Ripple (XRP/USD) is looking to end the week on a positive note. As of writing, XRP was up 2.12% on the day at $0.2815. Despite the daily gains, XRP is headed to register weekly losses for the first time in four weeks. On the downside, supports are located at $0.25-$0.26 (200-day SMA/February 20 low) area and $0.2325 (100-day SMA). Resistances align at $0.3000 (psychological level/February 17 high) and $0.3470 (February 15 high).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
