ETH/USD
The Ethereum Project token ETH hit a new all-time high last week, touching $2,146 on April 2 and managed to keep most of the gains before the weekly candle close on Sunday, which helped it add the stunning 23 percent to its valuation.
On Monday, April 5 and Tuesday, April 6, the ETH/USD pair continued to move North and printed yet another highest point of trading – $2,153. The rally, however, looked exhausted as profit-taking activities started to kick in.
On the third day of the workweek, the ether dropped all the way down to $1,927 in early hours of trading before stabilizing above the previously solid weekly resistance level near $1,943 turning it into support. The uptrend remained intact and even though the coin lost 7 percent, the bullish market structure was not broken.
Just like bitcoin, the ETH/USDT pair rebounded from the support and started making its way back up on Thursday. It grew by 5.8 percent and reached the weekly open at $2,072.
The last day of the workweek came with a consolidation around the mentioned level – preparation for an uptrend continuation, based on the uptrend channels formed on daily/weekly timeframes.
The weekend of April 10-11 started with a fresh all-time high on Saturday. The Ethereum token hit $2,199, right above the upper boundary of the trend corridor.
On Sunday, buyers only managed to ensure a stable closure at $2,153 as the biggest altcoin finished the week 3.7 percent higher.
It is trading slightly higher – at $2,176 on Monday morning, flirting with the diagonal resistance line.
Top 10 Movers
- Ripple (XRP)
The rise of XRP is once again front-page news. The Ripple company token was the best performing digital asset in the Top 10 list for the past week and it managed to increase by 113 percent for the period.
The coin climbed above $1.00 for the first time since April 2018 hitting the $1.50 mark on Sunday, April 11. What is more, it is now worth five times as much as it was on January 1 this year.
Bulls were successful in breaking out of the $0.65-$0.7 zone, which marked the upper limit of the range, and will be now looking to defend the recent gains, mainly by consolidating in the $1.10 area. This level will act as our next line of support.
Naturally, the next critical level to re-capture will be $1.5 (the coin is currently trading at $1.38). A significant pullback could be expected given the rapid price increase in the last week or so.
Altcoin of the Week
Our Altcoin of the week is Bitcoin Gold (BTG). One of the popular Bitcoin forks added 176 percent to its value for the last seven days and moved above the $100 mark for the first time since February 2018. The coin is 1187 percent up since the beginning of 2021, which makes it one of the best performing “legacy” projects in the Top 100 list.
The most probable reason for the surge is the revived interest towards legacy cryptocurrency projects like XRP, LTC and BCH. Additionally, Bitcoin Gold announced a partnership with Phala Network to “develop and deploy a lightweight, secure bridge between BTG and the Polkadot ecosystem using Phala’s private and secure TEEs.”
The BTG token peaked at 0.00203 (around $116.8) against BTC on Sunday, April 11. It reached #66 on the CoinGecko’s Top 100 list with a total market cap of approximately $1.9 billion.
As of the time of writing this market update, BTG is trading at 0.00176 against BTC on Binance:
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