The crypto bull run never left; however, many investors and traders were a bit scared due to the last sell-off from Bitcoin and the rest of the coins. Now, Bitcoin price has just hit $40,000 again and Ethereum climbed above $1,200.
Bitcoin price rebounds from a historical support level
In one of our last technical analysis about Bitcoin, we mentioned that bulls had to defend the 26-EMA on the daily chart for the bull run to continue. They did and bought the dip pushing BTC price from a low of $30,420 to a current high of $39,730.
BTC price is now on its way to hit a new all-time high above $41,950. It’s important to note that whales have been accumulating Bitcoin since November 30, 2020, despite the volatility and the recent sell-off.
The number of whales holding between 1,000 and 10,000 BTC increased by 198 since December 26, 2020. What’s even more interesting is that the 20% sell-off that started on January 10 did not scare whales away, in fact, more whales entered the network.
Ethereum price slightly outperforms Bitcoin
Like Bitcoin, ETH price managed to recover from a dip of $915. The digital asset is currently trading at $1,225 and only faces one crucial resistance level at $1,348. The Eth2 deposit contract holds more than $3 billion worth of Ethereum as more than 2.5 million ETH have been deposited since November 2020. These coins are locked and cannot be withdrawn which increases the scarcity of Ethereum.
Similar to Bitcoin, ETH price managed to perfectly rebound from the 26-EMA at $915 on the daily chart and now aims to hit a new 2021-high.
Ripple price remains flat but could surprise everyone
XRP price has been trading sideways for the past week as the SEC hasn’t made its final decision just yet. The digital asset is bounded by two significant trendlines at $0.38 and $0.20. A breakout above $0.38 could quickly push XRP price towards $0.64.
However, it seems that bulls are having a tough time pushing XRP above $0.30 as investors are concerned about Ripple potentially losing or the process simply taking too long. Perhaps a new Bitcoin all-time high can help XRP price in the short-term.