Bitcoin and Ethereum Rebound Facing Uphill Task

This past week, we saw a strong downside correction in bitcoin and altcoins such as ethereum, litecoin, ripple, cardano, EOS, and bitcoin cash. BTC/USD even broke the USD 5,000 support before buyers appeared near the USD 4,950 level. Later, the price formed a decent support near USD 4,980 and slowly rebounded above USD 5,050 and USD 5,100 resistances. The price even broke the USD 5,125 resistance and tested the USD 5,175 resistance. Similarly, there was a decent rebound in ethereum and ripple above the USD 165 and USD 0.320 resistance levels. However, there many hurdles for buyers on the upside and any further gains won’t be easy.

Total market capitalization

Bitcoin and Ethereum Rebound Facing Uphill Task 101

Bitcoin price

There was a solid rebound in bitcoin price above the USD 5,050 and USD 5,100 resistance levels. BTC/USD tested the USD 5,175 level and it is currently (08:10 UTC) trading in a tight range. On the upside, there is a crucial resistance formed near USD 5,200. If there is an upside break above USD 5,200, the price could test the key USD 5,400 weekly resistance.
On the downside, an initial support is at USD 5,050, below which the price may perhaps test the USD 5,000 weekly support area.

Ethereum price

Ethereum price formed a strong support near the USD 160 – USD 162 area. ETH/USD climbed above the USD 165 resistance and recently tested the USD 170 resistance.
Buyers need to clear the USD 170 and USD 172 resistance levels to start a fresh increase towards the USD 180 and USD 185 resistance levels. On the downside, a break below the USD 160 level may call for more losses in the near term.

Bitcoin cash, eos and ripple price

Bitcoin cash gained bullish momentum and broke the USD 290 and USD 295 resistance levels. BCH/USD is up more than 8% and it even broke the USD 300 level. At the moment, the price is consolidating, with support near the USD 295 and USD 292 levels. On the upside, the key resistances are at USD 310 and USD 325.
EOS jumped back above the USD 5.35 and…

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