Ethereum Came Inches Away From $3000: Bitcoin Price At Important Support (Weekend Watch)

After reaching a new two-week high of over $58,500, bitcoin has retraced slightly and currently trades around $57,000. Most altcoins have also marked minor losses on a 24-hour scale. Ethereum is among the few exceptions as ETH is closing down to $3,000.

Bitcoin Stalls Around $57K

The primary cryptocurrency finally produced more decisive moves upwards. After trading in a range of around $54,000, bitcoin initiated an impressive leg up that resulted in adding $4,000 of value in a day to a high of $58,500. This became the asset’s highest price tag since the mid-April market-wide crash.

However, this is where the bears stepped in again and didn’t allow any further increases. In the following hours, bitcoin retraced by more than $2,000, resulting in a dip to just over $56,000. Despite recovering some of the losses, BTC is still more than 2% down on a 24-hour scale.

According to the technical indicators, bitcoin’s first obstacles are the resistance lines at $58,355, $59,000, and the coveted $60,000. Alternatively, the major critical support lines at current levels of $56,950 – $57,000 which is the 50-day moving average line, followed by $56,200 (20-day MA, retested earlier this morning). Further down lies $55k previous resistance turned support.

Alts Retrace: ETH Nears $3K

Most alternative coins were on a roll lately with impressive gains and melted a large portion of bitcoin’s dominance over the market. However, they have also calmed in the past 24 hours. Binance Coin is down by 4% to just over $600 after registering its latest all-time high yesterday at around $645.

Ripple (-0.6%), Cardano (-2.6%), Polkadot (-2.3%), Uniswap (-2.6%), and Litecoin (-1%) are also in the red. In contrast, Chainlink (4.5%) and Dogecoin (5.5%) have added the most value from the larger-cap altcoins. Consequently, LINK trades above $40 while DOGE is at $0.38.

Ethereum is also in the green with a 2% increase on a 24-hour scale. ETH came just $40 away from tapping another milestone yesterday at $3,000.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from OKB (45%), BakeryToken (41%), Nano (22%), Huobi Token (15%), Fantom (13%), Ethereum Classic (12%), and Solana (10%).

Ultimately, the cumulative market capitalization of all cryptocurrency assets has lost around $30 billion but has remained above $2.2 trillion.

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