Bitcoin and Ether Market Update September 16, 2021
Total crypto market cap added $149 billion to its value for the period since Monday and now stands at $2.18 trillion. The top ten coins are mostly in green for the last 24 hours Ethereum (ETH) and Cardano (ADA) leading the group with a 6.1 and 3.3 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $47,950. Ether is at $3,618.
Bitcoin closed the trading day on Sunday, September 12 at the $46,000 mark and right at the 200-day EMA on the daily timeframe chart. The coin added 1.8 percent for the session and lost 11.3 for the week, still struggling to surpass the fast 21-day EMA and the horizontal weekly resistance near $46,300.
The market structure, however, was quite similar to the one observed back in September 2020 when the selling pressure after the DeFi summer was quickly absorbed and marked the start of the last bull run.
The BTC/USDT pair was trading in the wide range between $46,900 and $43,440 on the first day of the new workweek. The coin eventually closed with a 2.3 percent loss after bulls were once again rejected in the area right above $46,000. The third touch of the demand zone on the other hand that did not lead to a further decrease in the price of BTC was seen by many analysts as a sign a reversal to the upside might be near.
On Tuesday, September 14 we saw a 4.7 percent bullish engulfing candle to $47,000. The biggest cryptocurrency closed at the 21-day EMA, completely erasing the losses from the last five days.
The third day of the workweek served as a confirmation of the mentioned bullish reversal pattern. Bitcoin extended its gains and continued to move towards its all-time high record. It closed the day at $48,100 with a 2 percent price increase.
What we are seeing midday on Thursday is an insignificant pullback. The coin tested the zone above $47,200 but quickly recovered. Still, it is trading slightly lower, at $47,950.
The Ethereum Project token ETH was trading below its 21-day EMA on the small daily timeframe and also broke below the upper boundary of the old $3,300 – $3,000 range last week. Still, it managed to establish $3,000 as solid support on the weekly chart, pushing back bears three times in the last 4 candles.
The coin closed at $3,394 on Sunday, September 12, and ended the week with a 13.3 percent loss.
On Monday, the biggest altcoin was rejected at the mentioned fast EMA near $3,415 and formed a solid red candle to $3,280 after sellers temporarily pushed the price all the way down to $3,100 during day trading.
The Tuesday session was a good one for bulls. ETH jumped 4.4 percent and absorbed the most recent losses by stopping at $3,430.
The mid-week session on Wednesday was a continuation of the reversal attempt. The ether managed to break above the mentioned moving average and registered some solid gains by adding 5.4 percent by closing at $3,600.
The ETH/USDT pair is currently trading at $3,622.