Ethereum Outperforms Bitcoin, Altcoins Showing Positive Signs
This past week, bitcoin recovered from the USD 10,000 support area. BTC/USD broke the USD 10,200 resistance to start an upside correction. However, the upward move was capped by the USD 10,450 and USD 10,500 resistance levels. The price is currently (08:00 UTC) correcting lower and it is struggling to hold the USD 10,250 support area. On the other hand, there were positive moves in a few major altcoins, including ethereum, ripple, EOS, litecoin, bitcoin cash and stellar. ETH/USD is up around 4% and it recently broke the USD 185 and USD 190 resistance levels. XRP/USD also surpassed the USD 0.260 level and it is currently trading near the USD 0.262 resistance area.
Total market capitalization
After topping near the USD 10,450 level, bitcoin price started a downside correction. BTC/USD traded below the USD 10,350 level and it is currently trading near the USD 10,300 level. An immediate support is near the USD 10,250 level. However, the main weekly support is near the USD 10,000 level, below which the price could accelerate its decline.
On the upside, an immediate resistance is near the USD 10,400 level. The main resistance is near the USD 10,450 and USD 10,500 levels, above which the price might climb towards the USD 11,000 resistance.
Ethereum price formed a strong support base near the USD 175 and recently climbed above the main USD 185 resistance level. ETH/USD is up around 4% today and it traded close to the USD 195 level. The next hurdles on the upside are near USD 200 and USD 208.
If there is a downside correction, the previous resistance at USD 185 might provide support. The key weekly support and an important buy zone is near the USD 175 level.
Bitcoin cash, eos and ripple price
Bitcoin cash price climbed once again above the USD 300 and USD 305 resistance levels. If BCH/USD continues to gain, the next stop for the bulls could be near the USD 325 resistance levels. Conversely, a downside break below USD 300 may start a fresh downward move.
EOS is showing a lot of positive signs and it recently settled above the USD 4.000 resistance level. The price is now trading near the USD 4.120 level and it might continue higher towards the USD 4.200 resistance. On the downside, there are many supports such as USD 4.000 and USD 3.950.
Ripple price recovered steadily above the USD 0.258 and USD 0.260 resistance levels. XRP/USD Is now trading near USD 0.262 and it seems like the price could attempt to break the main weekly resistance near the USD 0.265 and USD 0.266 levels.
Other altcoins market today
In the past two sessions, a few small capitalization altcoins climbed more than 5%, including QNT, ZIL, BCN, THETA and KCS. Conversely, AOA, DRG, XEM, MONA and DCR are down more than 5%.
To sum up, bitcoin price is showing a few bearish signs below USD 10,400. Therefore, there are chances of a downside correction towards USD 10,000 before BTC/USD it could start a fresh increase. On the other hand, ethereum price might gain bullish momentum in the coming sessions.
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