Home Crypto Crypto Market Analysis Daily Crypto Review, Nov 2 – Ethereum’s Price Explodes; Bitcoin’s Whitepaper Celebrates...

Daily Crypto Review, Nov 2 – Ethereum’s Price Explodes; Bitcoin’s Whitepaper Celebrates its 12th Birthday

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The cryptocurrency sector was full of volatility over the weekend as Bitcoin tried to break the $14,000 mark. Bitcoin is currently trading for $13,735, representing a decrease of 0.13% on the day. Meanwhile, Ethereum gained 3.12% on the day, while XRP gained 1.31%.

 Daily Crypto Sector Heat Map

Taking a look at the top 100 cryptocurrencies, Ocean Protocol gained 20.20% in the past 24 hours, making it the crypto to gain the most in a day. Aave (10.97%) and Ox (8.84%) also did great. On the other hand, ABBC Coin lost 10.72%, making it the most prominent daily loser. It is followed by CyberVain’s loss of 7.62% and Ren’s loss of 3.92%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s market dominance level had stayed at the same place since we last reported, with its value is currently 63.1%. This value represents a 0% difference when compared to the value it had on Friday.

Daily Crypto Market Cap Chart

The crypto sector capitalization has increased slightly over the weekend. Its current value is $404.52 billion, representing a $4.91 million increase compared to our previous report.

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What happened in the past 24 hours?

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap had quite a volatile weekend, with its price breaking the $13,900 mark at one point and even reaching as high as $14,100. However, this price didn’t hold up, and Bitcoin fell back below $13,900, where it is consolidating at the moment. Bitcoin is now trading within a tight range, bound by $13,570 to the downside and $13,900 to the upside. History has shown us that BTC doesn’t stay range-bound for long; thus, we may expect a large move soon.

Traders should look for a trade when Bitcoin breaks one of its immediate resistances.

BTC/USD 4-hour Chart

Bitcoin’s overview on all time-frames is slightly bullish, with hints of neutrality. The neutrality is more present on the shorter time-frames as opposed to less neutrality on longer time-frames.

BTC/USD 1-day Technicals

Technical factors (4-hour Chart):
  • Price is far above its 50-period EMA and above its 21-period EMA
  • Price slightly above its middle Bollinger band
  • RSI is neutral (53.43)
  • Volume is slightly above average
Key levels to the upside          Key levels to the downside

1: $13,900                                 1: $13,570

2: $14,000                                 2: $13,180

3: $14,660                                  3: $12,870

Ethereum

Ethereum had spent the weekend slowly following the ascending channel bottom line until Sunday when its price bounced off and pushed past $400. The second-largest cryptocurrency by market cap managed to reach as high as $405 before pulling back and consolidating. The fight for $400 will continue, and it will decide if Ethereum will push towards $415 and $420 in the near future or not.

Traders should look for Ethereum’s break (or the failure to break) the $400 level and trade off of that.

ETH/USD 4-hour Chart

Ethereum’s 4-hour technicals have changed to a strong buy after Ether’s price spike, while its daily, weekly, and monthly time-frames are all slightly bullish with hints of neutrality.

ETH/USD 1-day Technicals

Technical Factors (4-hour Chart):
  • The price is far above both its 50-period and its 21-period EMA
  • Price is at its top Bollinger band
  • RSI is close to being overbought (64.51)
  • Volume is slightly above average
Key levels to the upside          Key levels to the downside

1: $400                                     1: $378

2: $415                                     2: $371

3: $420                                      3: $361

Ripple

The fourth-largest cryptocurrency by market cap spent the weekend consolidating below the $0.2454 level, which it has dropped below just before the weekend started. XRP tested both the $0.235 downside and $0.2454 upside, and both have proven to be strong support/resistance levels, which has left XRP range-bound.

XRP will take a lot of buying power to break above $0.2454 again, which means that the traders should consider trading sideways inside the range XRP is currently in.

XRP/USD 4-hour Chart

XRP’s daily, weekly, and monthly technicals are all showing a strong tilt towards the sell-side, while its 4-hour overview is slightly bullish with hints of neutrality.

XRP/USD 1-day Technicals

Technical factors (4-hour Chart):
  • The price below its 50-period EMA and above its 21-period EMA
  • Price is slightly above its middle Bollinger band
  • RSI is neutral (50.10)
  • Volume is average
Key levels to the upside          Key levels to the downside

1: $0.26                                     1: $0.2454

2: $0.266                                   2: $0.235

3: $0.27                                    3: $0.227

 

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