Home Crypto Crypto Market Analysis Daily Crypto Review, Sept 16 – Ethereum Facing a 35% Drop; Bitcoin...

Daily Crypto Review, Sept 16 – Ethereum Facing a 35% Drop; Bitcoin Remains Bullish

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The cryptocurrency sector has ended up with almost every single cryptocurrency in the top100 in the red. Bitcoin is currently trading for $10,707, which represents a decrease of 0.52% on the day. Meanwhile, Ethereum lost 5.13% on the day, while XRP lost 3.44%.

 Daily Crypto Sector Heat Map

If we look at the top100 cryptocurrencies, ABBC Coin gained 11.74% on the day, making it the most prominent daily gainer. Nervos Network (11.40%) and Hyperion (9.41%) also did great. On the other hand, the SushiSwap lost 34.73%, making it the most prominent daily loser. It is followed by NXM’s loss of 27.55% and Aragon’s loss of 24.48%.

Top 10 24-hour Performers (Click to enlarge)

Bottom 10 24-hour Performers (Click to enlarge)

Bitcoin’s dominance level experienced an increase since our last report, with its value currently being at 60.51%. This value represents a 1.04% difference to the upside when compared to when we last reported.

Daily Crypto Market Cap Chart

The crypto sector capitalization has gone down in the past 24 hours. Its current value is $343.41 billion, which represents a decrease of $6.08 billion when 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

After a strong push towards the upside, Bitcoin has tried to consolidate just below the $10,850 mark. The largest cryptocurrency by market cap grazed the RSI overbought territory while failing to push its momentum past the $10,850 level, which held up quite nicely. Bitcoin is now stabilizing around the $10,700 level, where it will try to gather enough bull presence for another push towards $11,000.

Bitcoin’s short-term indicators are showing a bit less bull presence compared to yesterday, while its long-term indicators are still bullish.

BTC/USD 4-hour Chart

Technical factors:
  • Price is above both its 50-period EMA and 21-period EMA
  • Price is between the middle and top Bollinger band
  • RSI is overextended to the upside but descending (63.56)
  • Volume is stable
Key levels to the upside          Key levels to the downside

1: $10,850                                1: $10,630

2: $11,000                                2: $10,500

3: $11,090                                 3: $10,360

Ethereum

Ethereum has experienced quite a massive drop, considering it was not caused by a Bitcoin selloff. The second-largest cryptocurrency by market cap started its price descent and confirmed its bear flag formation. If the bear flag prediction comes true, we may experience a 35% move towards the downside from Ethereum. However, if the $360 level holds and pushes the price back up, the current move towards the downside may be called a fakeout.

With this being said, after the price has left the bear flag and confirmed it, the indicators have turned to “strong sell”. This is certainly a strong bearish indicator (or rather a set of indicators).

ETH/USD 4-hour Chart

Technical Factors:
  • The price is below both its 21-period and its 50-period EMA
  • The price is right below the middle Bollinger band
  • RSI is neutral and descending (41.22)
  • Volume is low and stable
Key levels to the upside          Key levels to the downside

1: $371                                     1: $360

2: $400                                     2: $340

3: $415                                      3: $300

Ripple

XRP had quite a wild day when looking at its price movement. The third-largest cryptocurrency by market cap fell below the $0.2454 level, which triggered a massive selloff that brought its price to the $0.235 level. However, XRP bulls quickly reacted and brought the price back up near the $0.24 level, which is where XRP is at.

XRP has joined Ethereum in terms of technicals, with the short-term overview showing a “strong sell” sign.

XRP/USD 4-hour Chart

Technical factors:
  • The price is below its 21-period EMA and its 50-period EMA
  • Price is below its middle Bollinger band
  • RSI is neutral and descending (40.77)
  • Volume is low (one-candle spike during the selloff)
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

 

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