Bitcoin, Ethereum, Major Altcoins – Weekly Market Update September 26, 2022

The cryptocurrency market added $22 billion to its market cap during the last seven days and now stands at $931 billion. The top 10 coins were mostly in green for the last seven days with XRP (XRP) and Dogecoin (DOGE) leading the group with 31 percent and 5.9 percent increase respectively. Bitcoin (BTC) is currently trading at $18,890 while Ethereum (ETH) is at 1,295.

BTC/USD

Bitcoin closed the trading day on Sunday, September 18 at $19,400 ending the previous seven-day period with an 11 percent loss after suffering rejection at the range high right above $22,600. The bulls could not keep the bullish momentum alive and were forced to retreat.

On Monday, the BTC/USDT pair flash-crashed to $18,200 in the morning erasing more than six percent of its valuation before recovering in the evening and closing in green eventually. The high volatility came with a significant increase in the 24-hour trading volumes, which were once again above the average values for the last 14-days.

The Tuesday session saw BTC dropping 3.5 percent down to $18,860 as it once again found itself in the mid-term horizontal support area. As previously discussed, a clean break here would open the door for $12,000.

The mid-week trading day on Wednesday came with huge volatility caused by the Federal Reserve Open Market Committee (FOMC) meeting and interest rate decision. The biggest cryptocurrency traded in the $18,000-$20,000 range before closing the daily candle at $18,466 right after the FED announced a 0.75 basis points rate hike in line with the market expectations.

On Thursday, September 22 BTC made an unexpected comeback after once again bouncing back from the sub-$19,000 lows. It added almost 5 percent and closed the session at $19,420 fully engulfing the last candle.

The Friday session came with another retest of $18,500. Buyers, however, were quick to reach and managed to absorb the loses. Bitcoin closed at $19,300.

The weekend of September 24-25 started with a 2 percent drop on Saturday, which was followed by another red day on Sunday – the third in a row for the biggest cryptocurrency.

The BTC/USDT pair ended the seven-day period with a 3 percent loss but made a new 22-month candle close low on the weekly timeframe.

The Relative Strength Index remains out of the oversold area.

The coin is trading right below $19,000 midday on Monday.

ETH/USD

The Ethereum Project token ETH is currently trading 20 percent below its price before the long-expected and widely celebrated merge to Proof of Stake consensus mechanism on September 15. It was the worst performing digital asset in the Top 10 during the previous seven days erasing 24 percent of its market cap.

On Monday, September 19 it started trading lower, touching $1,280 in the morning. The ether hit the improvised lower boundary of the downtrend channel built on top of the Diamond Top pattern we discussed during our last market update.

It quickly recovered in the second part of the session and closed in green, at $1,380. However, the coin was still trading below the $1,420 short-term support, which indicates a lack of bullish momentum and weak technical structure to support a reversal to the upside.

The ETH/USDT pair lost 4 percent on Tuesday and fully erased the gains from the previous day by falling down to $1,322.

The third day of the workweek came with extreme volatility thanks to the Federal Reserve rate hike decision. ETH lost 6 percent and touched the previous range high around the $1,240 mark.

Bulls were quick to react and bought the support. On Thursday, September 22 the coin followed BTC and rallied 6.5 percent up to $1,327. Buyers appeared right at the horizontal support to prevent a freefall scenario.

The Friday session saw ETH trading in the $1,270 – $1,360 range before closing flat.

The first day of the weekend came with a small red candle to $1,317 on the daily chart, which was followed by another one on Sunday that pushed the price of ether below $1,300.

The seven-day period was closed with a 3 percent loss and right at the long-term diagonal support.

Leading Majors

• Solana (SOL)

Without a doubt, it was XRP stealing the show again last week, but let’s have a quick look beyond and check how Solana’s SOL has been doing recently.

We will be offering a look at the current Weekly chart setup where the SOL/USDT pair once again confirmed the $30 support and found the needed stability there.

October is usually quite a good month for risk assets, so a relief bounce from the current levels is not excluded. If an upside reversal occurs then SOL can re-visit the range high at $48 which is 58 percent above the support area and is a major resistance from back in May 2021. This is also where the 21-period EMA is currently situated on the weekly timeframe.

On the daily timeframe, $37 remains the first target for bulls.

Altcoin of the week

Our Altcoin of the week is Compound (COMP). Compound is one of the oldest DeFi lending protocols and also one of the most well-known mainly because of its innovative approach to digital assets management.

The COMP token registered an impressive 23 percent increase during the last seven days and climbed up to #94 on CoinGecko with a total market cap of $435 million. The COMP/USDT pair has been in an uptrend since the end of August when Compound III protocol (labeled as the most effective tool for borrowers in DeFi) was launched, adding 44 percent for the period.

Additionally, the project recently announced the Borrowing for Institutions features with the goal to attract more non-retail funds to the DeFi ecosystem.

The altcoin is currently flirting with the range high resistance near $65 on both weekly and daily time-frames. Potential support can be expected in the zone at around $45. The next big target up if the current resistance is surpassed and confirmed will be the psychological level of $100.