Daily Crypto Review, Sept 10 – Ethereum Double-Digit Gains; Crypto – S&P500 Correlation nears All-Time-Highs

The cryptocurrency market recovered today as Bitcoin bulls pushed past $10,360. On top of that, Ethereum skyrocketed, netting double-digit gains on the day. Bitcoin is currently trading for $10,391, which represents an increase of 3.90% on the day. Meanwhile, Ethereum gained 11.36% on the day, while XRP gained 5.48%.

 Daily Crypto Sector Heat Map

If we take a look at the top100 cryptocurrencies, Solana gained 42.61% on the day, making it the most prominent daily gainer. Yearn.finance (24.55%) and Aave (24.03%) also did great. On the other hand, the Hyperion lost 24.27%, making it the most prominent daily loser. It is followed by Blockstack’s loss of 5.21% and Tron’s loss of 2.60%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level decreased slightly since our last report, with its value currently being at 59.29%. This value represents a 0.60% difference to the downside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone up slightly in the past 24 hours. Its current value is $331.80 billion, which represents an increase of $4.90 billion when compared to our previous report.

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What happened in the past 24 hours?

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• Correlation between Bitcoin and S&P500 nears all-time high (The Block)
• Mastercard launches customizable CBDC testing platform (The Block)
• NYAG and Bitfinex to conference with the New York Supreme Court on disputed documents (The Block)
• Digital assets are delivering outsized returns for some active managers while traditional hedge funds fumble (The Block)
• Curve Finance Fork, Swerve, Attracts “Degen” Traders with up to 493% APY (Cryptobriefing)
• Yield Farming’s Biggest Winners are Ethereum Miners, but Not for Long (Cryptobriefing)
• USDC is now capable of 1000 transactions per second with almost zero fees (Cointelegraph)
• ‘High’ Severity Bug in Bitcoin Software Revealed 2 Years After Fix (Coindesk)
• 1,000 New Token Pairs Added to Uniswap in One Week; Buyers Beware (Coindesk)
• Yearn.finance (YFI) surges 30% in 1 day: what’s fueling the rapid rally? (Cryptoslate)

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Technical analysis

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Bitcoin

Bitcoin has spent the past 24 hours trying to push past the $10,360 resistance level, which is key if the largest cryptocurrency by market cap wants to continue its bullish presence. Even though the level has fallen, BTC needs to reliably pass it and confirm its position above it in order to encourage more bulls to enter the market. If Bitcoin positions itself above $10,360 well, the influx of bullish pressure will most likely send its price further up towards $10,500 or even $10,630

If, however, Bitcoin manages to fall below $10,000 and confirms its position below it, we can expect to see a bear push towards $9,600 and ultimately to the 200-day SMA ($9,080).

BTC/USD 4-hour Chart

Technical factors:

• Price is below 50-period EMA while being above its 21-period EMA
• Price is hitting the top Bollinger band
• RSI is neutral and pushing towards the upside (54.00)
• Volume is stable

Key levels to the upside          Key levels to the downside

1: $10,360                                1: $10,015

2: $10,500                                2: $9,870

3: $10,630                                 3: $9,600

Ethereum

Ethereum skyrocketed in the past 24 hours, with its price reaching double-digit gains. The second-largest cryptocurrency by market cap overcame the initial rejection of the $360 level and ultimately pushed past it, reaching the $371 level and getting stopped out there. The next move Ethereum makes will be crucial and will determine its short-term future.

If Ethereum manages to pull off a confirmation move above $360, we can expect a push towards $371. However, if that does not happen, we can expect ETH to return to its previous levels.

ETH/USD 4-hour Chart

Technical Factors:

• The price is well above its 21-period while being slightly above its 50-period EMA
• The price is above its top Bollinger band
• RSI is neutral and pushing towards the upside (57.49)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $360                                     1: $340

2: $371                                     2: $300

3: $400                                      3: $289

Ripple

XRP made a move towards the upside like Ethereum and Bitcoin, but its move was more alike to Bitcoin’s than Ethereum’s. The third-largest cryptocurrency by market cap managed to gather some bullish pressure and push towards the $0.2454, which barely touched at the time of writing). However, just like with Bitcoin, XRP did not conquer this resistance level yet, and it will have to confirm its position above it in order to bring the attention of more bulls.

XRP might face another resistance level in the form of its 50-period moving average, which sits very close to its current price.

XRP/USD 4-hour Chart

Technical factors:

• The price is just above its 21-period EMA and right above its 50-period EMA
• Price is above its top Bollinger band
• RSI is neutral and moving towards the upside (54.76)
• Volume is low and stable

Key levels to the upside          Key levels to the downside

1: $0.2454                                  1: $0.235 

2: $0.266                                    2: $0.227

3: $0.285                                   3: $0.221