- Cryptocurrencies fresh surge adds $7 billion to the market cap on Tuesday.
- Technical levels and indicators suggest that Bitcoin cemented its position above $11,000.
- Ethereum must clear the resistance at $320 to be able to focus on higher levels towards $400.
The cryptocurrency market recently zoomed above $300 billion in capitalization. The capitalization continues to balloon amid rising interest in cryptocurrencies following the bullish recovery phase from last weekend. In fact, $7 billion has been added to the crypto market on Tuesday from $329 at the close of the session yesterday to the current $336 billion.
Bitcoin is trending 2.74% higher today from a low of $11,001.47 to the current value of $11,329. With a newly established higher support at $10,400 – $10,500, the bulls have increased confidence in the uptrend. Technical levels and indicators suggest that Bitcoin cemented its position above $11,000. For now, immediate resistance lies at $10,400 but a break above $12,000 will market the beginning of a new journey towards $15,000.
BTC/USD 4-h chart
Ethereum, on the other, has been the best performing altcoin since Bitcoin’s recent surge. It is clear that ETH price correlation with Bitcoin is larger than ever. The surge that sent Bitcoin above $10,000 barrier resulted in Ethereum’s jump above $300. As Bitcoin formed new 2019 highs, ETH/USD also achieved new yearly highs around $326.
At the moment, Ethereum is trading at $313 after correcting from yesterday’s low $294.78. The price is above both the 50 Simple Moving Average (SMA) and the 100 SMA in addition to a new uptrend that has started respecting a new short-term ascending trendline. Ethereum must clear the resistance at $320 to be able to focus on higher levels towards $400.
ETH/USD 15-mins chart