Bitcoin and Ether Market Update for September 8, 2022

The total crypto market cap increased by $4 billion for the period since Monday and now stands at $979 billion. The top ten coins have been all trading in green for the last 24 hours with Ether (ETH) and BNB (BNB) adding 8.1 and 5.8 percent to their values respectively. At the time of writing bitcoin (BTC) is trading at $19,300. Ether (ETH) is at $1,640.

BTC/USD

Bitcoin closed the trading day on Sunday, September 4 at the psychological level of $20,000 after trading in the $19,800 – $20,150 range for four consecutive days. It ended the seven-day period with a 2.2 percent increase, but still – 2.7 percent below its weekly high.

It is clear from the bigger time-frames that the leading cryptocurrency is about to re-test the major horizontal support below $19,500.

On Monday, the BTC/USDT pair erased all gains from the previous day and dropped down to $19,800, or 1 percent lower.

The range low was finally broken on Tuesday when bears pushed the price all the way down to $18,800 which corresponded to a 5 percent decrease. The coin closed at its lowest point since December 2020, surpassing the June, 18 low. It also created a relatively big fair value gap on the daily timeframe chart.

The price touched $18,500 in the early hours of trading on Wednesday. The mid-week session, however, turned out to be quite good for buyers as BTC made a quick bounce to $19,330.

What we are seeing midday on Thursday is a relatively calm trading day. The price is hovering near the last daily candle close.

Trading volumes remain stable and close to the average values for the last 2.5 months. The Relative Strength Index (RSI) remains in the oversold zone which suggests we might see another run up to the range high at $24,500 instead of a new low, at least in the mid-term. If the current support fails then the next potential zone of interest will be right above $12,000.

ETH/USD

The Ethereum Project token ETH closed the previous week with a 12 percent increase after completing its bull flag consolidation on the weekly timeframe chart. It was last rejected at the 21-period EMA and will now look to make a new higher high before or right after the Merge.

The Sunday, September 4 session ended at $1,580, after the coin successfully bounced back from the zone around $1,400.

On Monday, the ETH/USDT pair climbed up to $1,620 on its second day in green.

On the next day, however, it first peaked at $1,690 in the morning then quickly fell back to close in red at $1,558 and with a 3 percent loss.

The third session of the workweek brought extreme volatility. The ether was moving up and down the $1,657 – $1,489 range before forming a huge 4.7 percent green candle to surpass the 21-EMA and stop at $1,628.

As of the time of writing, ETH is making its way up again, currently trading at $1,640.