Overview of Bitcoin, Ethereum, Cardano, and Litecoin

Litecoin was trading at $187.954 by 19:59 on May 31, up 10.24% on the day, and Cardano was trading at $1.737015 by 19:14. Another world-famous cryptocurrency Bitcoin was not so lucky. It started the week off with an abrupt bullish breakout to $37,500, but the rally was short-lived. On Tuesday, Ethereum gained a pace above the $2,550 resistance zone against the U.S. dollar.

On May 31, the world’s largest cryptocurrency started with a bullish breakout to $37,500, a level some analysts identified as a ‘crucial line in the sand’. But the rally was short-lived as Bitcoin met selling near the lower arm of the bearish pennant.

Many traders are concerned that the 2021 bull market is now over and they are considering whether gains should be locked in. On-chain data showed that long-term Bitcoin holders have been accumulating, in preparation for a potential 2013-style double-jump that has the potential to elevate Bitcoin to a fresh all-time high.

As stated above, Litecoin was trading at $187.954 by 19:59, up 10.24% on the day. It was the largest one-day percentage gain in more than a week. The move upwards pushed its market cap to $12.525 billion or 0.75% of the total cryptocurrency market cap. At its highest, its market cap was $25.609 billion. Litecoin traded in a range of $163.671 to $188.357 in the previous 24 hours.

Ethereum and Cardano

Cardano also strengthened its position on Monday and it was the largest one-day percentage gain since May 31. The move upwards pushed its market cap up to $54.955970 billion, or 3.35% of the total cryptocurrency market cap. At its highest, its market cap was $71.557257 billion. It traded in a range of $1.52 in a range of $1.528023 to $1.737015 in the previous 24 hours.

As of Tuesday, the price of Ethereum is trading in a positive zone and it could rally if it breaks the $2,750 resistance. This cryptocurrency started a decent upward move from the $2,400 support zone. Ethereum climbed above $2,480 as well as $2,500 resistance levels. Also, there was a clear break above the $2,650 resistance zone.

A high was formed near the $2,746 before the price started a downside movement. There was a break below the $2,700 as well as $2,650 levels. Ether dropped below the 23.6% Fib retracement level of the upward move from the $2,277 swing low to $2,746 high.

It is now trading above $2,500 and 100 hourly simple moving average. There is also an important rising channel forming with support near $2,640 on the hourly chart of ETH/USD. On the upside, the first resistance is near the $2,700 level. The first main resistance is near the $2,750 level as well as the recent higher. A close above the $2,750 level could trigger a main increase towards the $2,850 level. The next important resistance is near the $3,000 zone.