Bitcoin and Ether Market Update September 2, 2021
Total crypto market cap added $131 billion to its value for the period since Monday and now stands at $2.22 trillion. The top ten coins are mostly in green for the last 24 hours with Dogecoin (DOGE) and Polkadot (DOT) adding 7.3 and 7 percent to their respective values. At the time of writing bitcoin (BTC) is trading at $50,017. Ether (ETH) is at $3,750.
Bitcoin closed the trading day on Sunday, August 29 at $48,780 after suffering yet another rejection in the area above $49,000. The $49,750 mark started acting as a resistance ever since it was first reached on August 21, but in general, BTC was slowly forming a bull flag on the daily chart – a pattern indicating a potential reversal to the upside if respected.
The coin ended the previous week with a 1.2 percent loss and for the first time in five weeks closed in red. Still, it is worth noting that bulls successfully avoided a break below the $46,500 and established it as a support on the higher timeframes.
On Monday, the BTC/USDT pair corrected its price down to $46,965 erasing 3.5 percent of its total valuation but found stability at the 21-day EMA and the lower boundary of the mentioned bull flag formation.
The Tuesday session on August 31 found the biggest cryptocurrency struggling to break above the $48,000 area, so it only managed to form a short green candle to $47,165. BTC was 12.6 percent up for the month of August.
The mid-week trading on Wednesday started with a drop to $46,500 in the early morning hours, but bulls were quick to react and defended the support line. BTC rallied 3.7 percent and closed the day at $48,850.
What we are seeing midday on Thursday is a solid reversal to the upside and the price trading around $50,000.
The Ethereum Project token ETH continued to trade in the $3,320 – $3,000 zone for more than 22 days, which according to the majority of the cryptocurrency market analysts represents a consolidation phase after the rapid increase before and after the last major network upgrade.
On Sunday, August 29, the ether closed at $3,218 in its second consecutive day in red, but still, it remained flat on a weekly basis even though it was moving up and down the wide range between $3,370 and $3,057.
The Monday session was when bulls tried to push the price of ETH above the $3,320 mark, but once again it resulted in a failure. The coin closed flat.
On Tuesday, August 31, the ETH/USDT pair bounced back up from the 21-day EMA on the daily timeframe and broke out of the range, eventually closing at $3,420 or 5.8 percent higher. It was 35.4 percent up on a 30-day basis.
The mid-week session on Wednesday came with a second consecutive day in green and a new mid-term record – $3,841.
As of the time of writing, the leading altcoin is hovering around the $3,750 zone.