- Ethereum is one of the best-performing top altcoin.
- The cryptocurrency market is recovering within the current ranges.
- ETH/BTC broke above critical resistance created by $0.03100.
The cryptocurrency market resumed the recovery with Bitcoin and all major altcoins moving towards the upper barriers of the recent consolidation ranges. Ethereum, Chainlink and VeChain are the best-performing digital assets out of top-20. Bitcoin's dominance index dropped to 62.2%, while its market capitalization stays above $200 billion.
Notably, the global stock markets are on the rise even though the virus is spreading again. The European economy is on the verge of a deep recession, but investors ae optimistic due to positive earnings results.
It’s shocking no matter how you look at it. The virus is getting worse in a lot of areas, and some places have started to shut back down again. If you look at earnings in terms of beat rates, the results have actually been pretty good, granted the expectations bar has been set very low, Randy Frederick, vice president of trading and derivatives for Schwab Center for Financial Research commented as cited by Bloomberg.
ETH/BTC Daily Chart
ETH/BTC extended the recovery started on Thursday and settled above $0.0300. At the time of writing, the cross is changing hands at $0.03066, having gained nearly 2% since the start of the day. If the move above $0.0300 is sustained, the upside momentum may gain traction with the next focus on $0.03100 and $0.03180 reinforced by the upper line of the daily Bollinger Band. The move above those barriers will cancel the bearish scenario and increase the upside momentum. The local support is created by the intraday low that coincides with a psychological $0.0300. It is followed by the middle line of the daily Bollinger Band on approach to $0.02770.
Above the current price, the first resistance level is at 0.03100, then the second at 0.03180 and the third one at 0.0320.
Below the current price, the first support level is at 0.03000, then the second at 0.02770 and the third one at 0.02600.
BTC/USD Daily Chart
BTC/USD has gained nearly 2% in the recent 24 hours to trade at $11,150 by press time. The first digital asset has been moving towards the upper boundary of the current consolidation range since the start of the day. The price tested the upper boundary of range at $11,200, however, it has not been sustainably broken yet. Once this happens, the next resistance created by the upper line of the daily Bollinger Band at $11,330, will come into focus. Meanwhile, the RSI on a daily chart stays flat on the overbought territory, which means the coin may stay sidelined with a bearish bias. The first local support comes at $11,000. Once it is out of the way, the sell-off is likely to gain traction with the next focus $10,800.
Above the current price, the first resistance level is at $11,330, then the second at $12,000 and the third one at $12,500.
Below the current price, the first support level is at $11,000, then the second at $10,800 and the third one at $10,500.
ETH/USD Daily Chart
ETH/USD is the best-performing digital asset out of top-10. The coin has gained over 7% in the recent 24 hours to trade at $343 by press time. ETH hot the intraday low at $328 and has been moving upwards ever since. The intraday high is registered at $344.20. The first resistance is created by the upper line of the daily Bollinger Band which coincides with the psychological $350.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $400.00. The strong support area starts with weekly SMA200 at $316 and goes all the way down to $300.00
Above the current price, the first resistance level is at $350, then the second at $400 and the third one at $500.
Below the current price, the first support level is at $300, then the second at $260 and the third one at $242.
XRP/USD Daily Chart
XRP/USD has been range-bound with the bullish bias. The coin hit the intraday high at $0.2474 and retreated to $0.2450 by press time, mostly unchanged both on a day-to-day basis and since the beginning of the day. The coin retreated from the recent recovery high at $0.2500 and has been range-bound ever since. This psychological level creates a strong barrier that separates XRP from a strong upside move towards $0.3000 reinforced by weekly SMA100.
Above the current price, the first resistance level is at $0.2500, then the second at $0.2600 and the third one at $0.2700.
Below the current price, the first level of support is at $0.2400, then the second at $0.2260 and the third one at $0.2200.
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