Bitcoin and Ether Market Update September 17, 2020
The total crypto market cap added $12.6 billion to its value since Monday morning and now stands at $349.2 billion. The top ten coins were all in green for the last 24 hours with ether (ETH) and Ripple’s XRP being the best performers with 4.2 and 3.8 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $10,893 on the Bitstamp daily chart, while the ether (ETH) climbed up to $376. Ripple’s XRP recovered to $0.251.
Bitcoin moved down to $10,333 on Sunday, September 13, and formed a short red candle after it was rejected at the lower end of the $10,700-$10,600 resistance zone. The coin found support at the 100-day EMA but broke its four-day-long winning streak.
The biggest cryptocurrency registered less than a percent of increase on a weekly basis.
On Monday, the BTC/USD pair saw a sudden spike in the demand and rose to $10,761 during intraday, breaking above the resistance area on the monthly timeframe. It ended the session at $10,667 or 3.2 percent higher compared to the previous day.
Bulls continued to push the price up and on Tuesday, September 15 reached $10,780. The 26-day EMA at $10,950 was also hit in the early hours of trading, which proofed that the buyers’ pressure was rapidly increasing.
Speaking of momentum and volume, the 24-hour trading volumes jumped from $20 to $25 billion between Sunday evening and Wednesday afternoon.
The mid-week session on Wednesday was quite similar to the previous two, Bitcoin climbed up to $10,957 and added yet another $177 to its value.
Next for BTC is to consolidate above the $10,700 horizontal support and prepare for an attack of the $11,100 line.
The Ethereum Project token ETH fell down to $365 on Sunday, September 13, and lost 5.6 percent of its value for the day after hitting the meeting point of the short term EMAs (26-day and 50-day) at $388. Still, the coin found support at the $360-$350 area and ended the week with a 3.3 percent of increase.
The ETH/USD pair opened the new trading period on Monday by recovering its position near $377 and also compensating for some of the losses.
On Tuesday, it made a short pullback to $363 as the whole altcoin market started to bleed and lose ground. The reason for this was most probably the return of BTC and the fact that a big part of the active traders preferred to transfer funds back to the leading cryptocurrency hoping it will be the main driver of a short to mid-term bull run.
The third day of the workweek brought some stability for the ether as it stabilized near $365 and above the support line. It remained mostly flat on a daily basis.
In terms of trading volumes, they kept hovering around the $12-14 billion range for the Sunday-Wednesday period.