Bitcoin Tests USD 23,000, Ethereum and Altcoins Rally
Bitcoin price formed a support base above the USD 21,000 level. BTC started a steady increase and was able to clear the USD 22,000 resistance zone after the US Federal Reserve’s rate hike decision and following comments. BTC is currently (03:55 UTC) up almost 10% in a day and trading above the USD 23,100 level. The price is down less than 1% in a week.
Similarly, most major altcoins are also gaining bullish momentum. ETH jumped and surpassed the USD 1,600 resistance zone. XRP was able to settle above the USD 0.35 resistance zone. ADA surged above the USD 0.50 resistance zone.
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After a strong bid near the USD 20,750 level, bitcoin price started a fresh increase and even climbed above the USD 23,000 level. An immediate hurdle is at USD 23,500, while the next major resistance could be USD 24,000, above which the price could trade to a new monthly high.
On the downside, an initial support is near the USD 22,750 level. The next major support is near the USD 22,500 zone, below which the price might drop to USD 22,000.
Ethereum price outperformed bitcoin with a strong move above the USD 1,500 resistance zone. ETH gained over 16% in a day, and there was a move above the USD 1,600 resistance zone. The price is trading above the USD 1,640 level and is also up 8% in a week. The next key resistance is near the USD 1,680 level, above which ETH might rally to USD 1,740.
On the downside, an initial support is near the USD 1,600 level. The next major support is near the USD 1,550 zone, below which the price might drop to USD 1,500.
Cardano (ADA) also followed a bullish path and cleared the key USD 0.50 resistance zone. It is now correcting gains but still could test the USD 0.52 level and might rise further towards
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