Bitcoin price has again invalidated all the bearish price predictions with a remarkable surge on Tuesday morning. The pioneering cryptocurrency soared above $57,000 for the first time since 2021. Ethereum's price also followed and peaked at around $3,292. The positive sentiment sent altcoins like PEPE, SOL, and LINK above their key resistances, hinting at more upside.
A constant influx of institutional capital and excitement around major events is currently fueling crypto prices. The recently launched spot Bitcoin Exchange Traded Funds (ETFs) are experiencing record volumes, depicting an increasing demand for digital assets among the major financial institutions.
The biggest gainer in the last 24 hours among prominent altcoins has been the memecoin PEPE. The frog-themed digital asset is up 55% this week, and the outlook looks even more bullish due to a breakout above a key resistance level.
While many altcoins are trading in green, most are still lagging in their Bitcoin pairs. The trend is evident in the biggest altcoin, ETH, which is down 1.56% against BTC for the day at press time. The market seems to be at a critical point where the next few days' price action will determine if the Bitcoin price is heading toward a new all-time high.
After a phenomenal in the last few days, PEPE/USD is trading at $0.00000212 on the crypto bourses. The 4th biggest memecoin in market capitalization has broken above the $0.00000190 level, which was acting as a massive resistance to the weekly timeframe.
PEPE price will flip very bullish if bulls turn the $0.00000190 resistance into a support region. A closer look at the following chart also depicts a breakout from the trendline, adding to the bullish confluences.
ETH/USD is slowly griding up due to the bullish BTC price action. The smart contract asset surged to its highest level since April 2022 on Tuesday as the price peaked at $3,292. However, the bears stepped in to push the price below the weekly resistance of $3,282, which was given as a target in my last article.
This will be a key level to watch in the coming days as a breakout could send Ethereum's price soaring toward $3,555, which is the next major resistance as per the following chart and the latest technical analysis.
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