Ethereum Hikes Above $3,400 Key Support as BTC Drops to $54K

On Wednesday, Ethereum sat above the $3,400.00 support level, pushing most of the altcoins. Meanwhile, Bitcoin declined to $54,522.68 in the trading market. 

The world’s second-largest cryptocurrency bounced up 0.95% to $3,468.56 with a 24-hour change of $33.71. 

Currently, it holds a market capitalization of $407.16 billion. Also, it stands with a 24-hour volume of $1.08 billion with a $3,405.03 low and $3,548.99 high. 

In the early trading, it dwindled from the $3,600.00 resistance zone. Moreover, it fell below $3,500.00 support and the 100 hourly simple moving average. 

Nevertheless, the bulls stayed active near the $3,400.00 price level. Then, there is a low formed near the $3,405.00. 

As of writing, the ETH rose from the $3,450.00 level. There is a break beyond the 23.60% Fibonacci retracement level of the falling movement to $3,620.00 high and $3,405.00 low.

Accordingly, a break above the channel resistance could start a hike over the $3,540.00 level.

Subsequently, the succeeding major resistance is near the $3,540.00 level, where a significant increase could start a surge. Consequently, Ethereum could jump towards the $3,620.00 level.

However, if the virtual currency failed to trade higher from the $3,520.00 and $3,540.00 resistance levels, it could sharply drop. 

Correspondingly, the initial support on the downside is near the $3,450.00 level.

Additionally, its first key support is near the $3,400 price level. Moreover, a downside break from the $3,400.00 and $3,380.00 support levels could further pull down Ethereum. 

Crypto Mixed as Ethereum Climbed

Meanwhile, Bitcoin declined 4.46% to $54,522.68 with a market capitalization of $1.03 trillion and a 24-hour volume of $1.67 billion.

Similarly, Litecoin tumbled 0.60% or $169.06. It has a market capitalization of $11.62 billion and a 24-hour volume of $76.53 million.

Conversely, Cardano extended 0.93% to $2.11 with a market capitalization of $68.30 billion and a 24-hour volume of $218.10 million.

At the same time, Ethereum Classic widened 0.73% to $51.71. It has a market capitalization of $6.75 billion and a 24-hour volume of $9.25 million.

Likewise, Polkadot gained 5.78% to $34.69 with a market capitalization of $38.16 billion and a 24-hour volume of $1.89 billion.

Furthermore, Ripple’s XRP accelerated 0.24% or $1.09 with a market capitalization of $108.63 billion and a 24-hour volume of $5.15 billion.