Cryptocurrency Market Update: Bitcoin rallies above $9,000, Ethereum stalls under $210 while Ripple retests $0.22

• Bitcoin transaction fee hits nine-month high amid increased network activity ahead of the block reward halving.
• Bitcoin price settles above $9,000 after bouncing off short term support at $8,800.
• Ethereum bulls’ interest renewed following a reversal from Monday’s support $195.

The cryptocurrency market is experiencing a bullish comeback on Tuesday after a negative price action on the first day of the week. Most of the major coins are in the green led by Ethereum Classic 2.65% surge on the day. It is followed closely by Bitcoin’s 1.5% growth on the day to trade at $9,017. Other cryptocurrencies performing relatively well include NEO (1.42%), Ethereum (0.78%), Monero (0.85%), and Bitcoin Cash (0.66%).

Cryptocurrency Market Overview:  Bitcoin transaction fee soars to a nine-month high

The past few days have seen a surge in Bitcoin network transaction fee. The rise in the fee is attributed to an increase in activity as Bitcoin block reward halving nears. Bitinfocharts.com, an on-chain data platform shows hints that Bitcoin transaction fee has spiked to a new 2020 high. Back in 2017 when Bitcoin exploded to highs close to $20,000, transaction cost also shot up to $30.

Bitcoin price update

The Bitcoin price bounce off $8,800 reclaimed the support above $9,000 at the beginning of the European session. It also soared past a falling triangle pattern as observed on the 1-hour chart. Unfortunately, an intraday high at $9,122 put a halt on the bullish momentum. At press time, Bitcoin is struggling to stay above $9,000 to not only avert return into the $8,000 range but also to allow the bulls to shift the focus back to $9,500.

Also read: Bitcoin Price Analysis: BTC/USD prediction points to $500k August 2021 – Pantera Capital CEO

Chart of the day: BTC 60-mins

Ethereum price update

Ethereum price currently teeters at $9,209 after adjusting from an intraday high of $212. Since the dip to $195 support on Monday, bullish action has remained in motion. However, seller congestion at $210 and $212 is making recovery to $220 a hard nut to crack. If higher support is established, preferably above $210, then buyers can comfortably look forward to trading past $220 in the short term.

Read more: Ethereum Market Update: ETH/USD contains gains in a key ascending channel

Ripple price update

The third-largest cryptocurrency is not performing up to the expectation of the investors especially following last week’s surge to $0.2350. The good news is that XRP is holding above $0.21 even as the range between $0.2050 and $0.2100 stands out as formidable support. XRP/USD is doddering at $0.2196 and battling the resistance at $0.2200. What seems to be holding the bulls back is the low volume.

Read more: Ripple Price Analysis: XRP/USD facing key resistance at the 50 SMA and the 100 SMA