Ethereum Inches Away From $3000 While BTC’s Price Holding Support

Ethereum inches away from the $3000 price level as the BTC price reaches an important support stage as we can see more in our latest Etehreum news today.

BTC and most alternative coins registered minor losses in one day while Ethereum inches away from the $3000, being short by $40. After reaching a two-week high of over $58,500, BTC retraced slightly and now trades around $57,000. Most other altcoins marked minor losses on a 24-hour scale and ETH is among the few exceptions while ETH is closing down to $3000.

As reported earlier, the main cryptocurrency finally produced more decisive upwards waves. After trading between a range of $54,000, BTC launched an impressive increase which resulted in adding $4000 of value to $58,500. This became the highest price tag since mid-April. However, this is where the bears stepped in and prohibited further increases. In the next few hours, BTC retraced by more than $2000 which resulted in a dip to over $56,000 but despite recovering losses, the coin is still more than 2% down on a 24-hour scale.

According to the technical indicators, BTC’s first obstacles are the main resistance lines at $58,355 and $59,000 but the major critical support lines are standing between $56,950 and $57,000 which is at the 50-day moving average. Further down the line, there’s $55K as the previous resistance turned support.

Most alternative coins were on a roll with strong gains and melted a huge portion of the BTC’s dominance over the market. They also calmed in the past 24hours and we saw BNB being down by4% to just over $60 after registering a new high yesterday of $645. Ripple dropped by 0.6%, Cardano by 26%, Polkadot dropped by 2.3$, Uniswap by 2.6%, and Litecoin dropped by 1%. In contrast, Chainlink increased 4.5% and DOGE increased by5.5% by adding the most value from the bigger cap altcoins. LINK trades above $40 while DOGE trades at $0.38.

ETH is also trading in the green with a 2% increase on a 24-hour scale with the coin being only $40 away from tapping another milestone a day ago at $3000. More gains can be seen from OKB with 45%, Nano by 22%, Fantom 13%, and Ethereum Classic 12%. The cumulative market cap of all cryptos lost around $30 billion but remained above $2.2 trillion.