BTC/USD and ETH/USD have cleared key hurdles and will attempt further gains to cement levels above $9,500 and $260 respectively
Bitcoin rose above $9,500 while Ethereum climbed to $269. The crypto market is trading in the green on Thursday morning.
This marks Ethereum’s highest price level since the mid-March downturn, when bears had kept prices below $246.
Other top coins that posted notable 24-hour gains include XRP (+3.6%), Bitcoin Cash (+4.5%), Litecoin (+3.9%), IOTA (+6%) and TRON (+3%). Chainlink also enjoyed a gain of more than 7%, continuing its strong market performance.
Bitcoin price action
BTC/USD pierced the $9,500 mark for the first time in weeks, renewing optimism about a potential push back above $10,000.
The move from $9,391 to $9,529 suggests bulls could target $9,700 next. A break above $9,780 would put bulls in position to retest the psychologically important $10,000 area. However, the uptrend faces a key hurdle: the 61.8% Fibonacci retracement sits at $9,811.84.
As a result, it is likely the bulls will need to consolidate before pushing through the price zone mentioned above.
On the downside, immediate support for BTC/USD lies at the 38.2% Fibonacci retracement level and around the SMA 50 and SMA 20, near $9,263 and $9,372 respectively.
Ethereum price analysis
ETH/USD gained more than 9% in the last 24 hours. The token is trading around $263 after approaching the $270 level.
Ethereum bulls attempted to build momentum for a rally above $246, and yesterday’s price spike provided that opportunity. ETH/USD has cleared two important barriers — the psychological $250 level and the major resistance at $260.
At the time of writing, bulls control the market with prices above $264. A return to $280 is therefore possible in upcoming sessions.
Overcoming that level may prove challenging, but buyers could be encouraged by the MACD, which shows a bullish divergence on the daily chart.
The RSI has eased slightly and is turning away from overbought territory. Buyers will want to establish a foothold above $260. In the event of an immediate reversal, bulls will likely aim to defend $250, as holding that level would increase the chances of a higher breakout in subsequent sessions. A failure at $250 could see prices fall toward lows around $245.