Bitcoin and Ether Market Update: September 4, 2019
The total crypto market cap added $18 billion to its value since Monday, September 2, and now stands at $268 billion. The top ten coins are mostly flat for the last 24 hours with Litecoin (LTC) and Cardano (ADA) being the best performers with 1.9 and 1.5 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $10,625 on the Bitstamp daily chart, while ether (ETH) moved up to $180 and Ripple’s XRP climbed to $0.261
After closing the month of August with a 4.3 percent loss, bitcoin moved up to $9,780 on Sunday, September 1, and ended the seven-day period with an increase of 3.4 percent.
The BTC/USD pair opened the new trading week by forming the fourth consecutive green candle on the daily chart on September 2. The coin registered a 6 percent jump and once again broke above the $10,000 level. Just as predicted in our previous analysis, the pair successfully climbed to the mid-$10k levels and stopped at $10,400, which is the next critical level to surpass.
On Tuesday, September 3, the most popular cryptocurrency extended its gains and confirmed the break of downtrend, which happened during the previous session. It moved North to $10,620 looking at $11,00 as next major resistance.
The Ethereum Project token ETH lost a fifth of its value during the month of August as all of the major altcoins were losing ground to bitcoin.
On the first day of the new month, the ETH/USD pair moved down to $171 and closed Sunday trading with 8.3 percent loss for the week.
The ether was in a minor uptrend since it found support at $165 on August 29 and on Monday, September 2 it finally managed to form a solid green candle on the daily chart.
The coin added 4.6 percent to its value and closed at $178. We were once again close to the important trading zone at $180-$190. ETH/USD was stuck in this corridor for exactly two weeks before breaking its lower limit on August 28.
On September 3, the pair continued its good performance and even though it was flat for the day, it was trading as high as $183 during intraday suggesting increase bull pressure.
The ETH/BTC pair was rejected twice already at 0.0191 during its short-term recovery attempt two weeks ago and it is since then in a clear downtrend. (ETH/BTC price chart)
Bulls found temporary support at 0.0175 and the level resisted four times to seller pressure before cracking down. On September 2, it was finally broken mainly due to the improved performance by bitcoin during the same trading day. The pair closed at 0.0172.
On Tuesday, September 3, the ether continued to disappoint against bitcoin and moved even lower to 0.0168. In general, it is hard to tell where the bottom is given the recent weak performance from ETH and the extending dominance from bitcoin compared to the altcoins, but it is possible to see an attempt to recover to price levels between 0.0172-0.0175 in the coming days.