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December 5, 2022
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Guide & Analysis

Ethereum comes close to $ 3,000: Bitcoin with important support

Ethereum comes close to $ 3,000: Bitcoin with important support and most altcoins have registered small declines in one day. But not ETH, which was only $ 40 to reach $ 3,000

After hitting a new two-week high of more than $ 58,500, bitcoin has retreated slightly and is currently traded around $ 57,000. Most altcoins also scored small drops in 24 hours. Ethereum is among the few exceptions, as ETH is coming in at $ 3,000.

Bitcoin for around $ 57,000

As CryptoPotato reported yesterday, the primary cryptocurrency has finally produced more decisive upward movements. After trading in a range of around $ 54,000, bitcoin started an impressive rise that resulted in the addition of $ 4,000 worth in one day to a maximum of $ 58,500. This became the highest price of the asset since the market crash in mid-April.

However, this is where the bears went into action again and did not allow any further increases. In the following hours, bitcoin fell by more than $ 2,000, resulting in a drop to just over $ 56,000. Despite recovering some of the losses, BTC is still down more than 2% on a 24-hour scale.

According to technical indicators, the first hurdles for bitcoin are the $ 58,355, $ 59,000 resistance lines and the coveted $ 60,000 resistance lines. Alternatively, the main critical support lines at the current levels of $ 56,950 – $ 57,000, which is the 50-day moving average line, followed by $ 56,200 (20-day MA, tested again earlier this morning). Below is the previous $ 55k resistance turned support.

BTCUSD. Source: TradingView

Alts retract: ETH approaches $ 3K

Most altcoins have been on the rise lately, with impressive gains and melted a large part of bitcoin’s dominance over the market. However, they have also calmed down in the past 24 hours. Binance Coin fell 4%, to just over $ 600, after recording its last all-time high yesterday, at around $ 645.

Ripple (-0.6%), Cardano (-2.6%), Polkadot (-2.3%), Uniswap (-2.6%) and Litecoin (-1%) were also in the red. In contrast, Chainlink (4.5%) and Dogecoin (5.5%) added the highest value of the most capitalized altcoins. Consequently, LINK is traded above $ 40, while DOGE is at $ 0.38.

Ethereum comes close to $ 3,000: Bitcoin with important support 23

Overview of the cryptocurrency market. Source: Quantify Crypto

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

Finally, the cumulative market capitalization of all cryptocurrency assets lost about $ 30 billion, but remained above $ 2.2 trillion.

Source: CryptoPotato

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