- Bitcoin has been rejected from its new-all time high as buyers rush to defend support above $50,000.
- Ethereum breaks out to fresh record highs, with the ultimate goal of rising above $2,000.
- Ripple is holding between the 50 SMA resistance and the 100 SMA support as consolidation beckons.
The cryptocurrency market is dotted green and red, with selected altcoins posting incredible gains. Ethereum is eyeing $2,000 after stepping above $1,900 for the first time in history. On the other hand, Binance Coin leads other altcoins by posting massive double-digit gains of over 35%.
Other selected altcoins posting double-digit gains are Avalanche (up 13.2%), Terra (up 13.8%), Huobi Token (up 23%), Elrond (up 18%) and FTX Token (up 13%).
Bitcoin must hood above $50 to continue with the uptrend
The pioneer cryptocurrency recently stepped above $52,000. The move came after bulls confirmed a breakout above $50,000. However, they lost steam at $52,640 (a new all-time high), giving way to the ongoing retreat.
At the time of writing, Bitcoin was marginally above $51,000 amid the bulls' battle to secure higher support. If this immediate support is lost, attention will shift to $50,000. Holding firmly to the anchor at this zone is crucial to sustaining the uptrend.
BTC/USD 4-hour chart
On the flip side, massive losses will come into the picture on breaking $50,000. Besides, the Moving Average Convergence Divergence (MACD) shows that the technical image could flip bearish at any time, especially if the MACD line crosses below the signal line.
Ethereum gradually ascends toward $2,000
Ethereum seems to be making progress despite the lockstep trading. Over the last few days, Ether has reclaimed the lost ground above $1,700, $1,800 and even traded new all-time highs of $1,930 on Coinbase.
In the meantime, a minor retreat has come into the picture, forcing ETH to explore the levels under $1,900. However, the MACD indicator shows that the largest altcoin has bullish impulses and may resume the rally to $2,000. Note that closing the day above $1,900 will allow bulls an opportunity to focus on breaking past the coveted $2,000.
ETH/USD 4-hour chart
On the flip side, bears will increase their grip strength if Ethereum fails to close the day under $1,900. On the downside, immediate support is expected at the 50 Simple Moving Average, around $1,800.
Ripple price is dancing between crucial support and resistance
XRP has been rejected at $0.55 and is trading at $0.52. On the upside, the 50 SMA limits movement, while on the downside, the 100 SMA near $0.5 is providing support.
According to the MACD indicator, XRP struggles to define its trend; therefore, consolidation will precede. Therefore, it essential to hold above the immediate support, which gives the bulls ample time to plan the next attack on the seller congestion zones at $0.55, $0.6 and $0.65.
XRP/USD 4-hour chart
The Relative Strength Index on the same 4-hour chart has recently crossed under the midline, adding credence to the bearish picture. If the trend strength indicator continues to drop toward the oversold, XRP will retest support at the 100 SMA and perhaps retreat to $0.45.
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