Crypto Market Updates

The cryptocurrency market erased $165 billion from its market cap during the last seven days and now stands at $906 billion. The top 10 coins ended the week in red with ether (ETH) and Bitcoin (BTC) being the worst performers with 25.4 and 14 percent loses respectively. Bitcoin (BTC) is currently trading at $18,714 while ether (ETH) is at 1,314.

BTC/USD

Bitcoin closed the trading day on Sunday, September 11 at $21,828 in its fifth day in green after bouncing back up from the support zone right above $19,000. The coin successfully moved above the 21-day Exponential Moving Average (EMA) on the daily timeframe chart to add 9 percent to its valuation for the seven-day period.

The current technical structure on the weekly chart was looking quite similar to a Double Bottom formation with a neckline at around $24,000. A bullish breakout above that level could suggest a mid to long-term bullish reversal.

On Monday, September 12, the BTC/USDT pair continued to climb and eventually reached the $22,420 mark. The 24-hour trading volumes were significantly higher than the average for the last 14 days.

The bad inflation data from the United States, however, once again spoiled the party. The higher-than-expected numbers pushed the risk assets down and the cryptocurrency market followed.

BTC fell down to $20,160 on Tuesday erasing 10 percent of its market cap during the session.

The mid-week trading on Wednesday came with another volatile day for the market participants. The biggest cryptocurrency remained flat even though bears pushed the price as low as $19,640 intraday.

On Thursday, September 15 BTC fell further down to close the daily candle at $19,720. The selling pressure was increasing, but $19,500 was still valid horizontal support from back at the end of August – the beginning of September and was expected to hold this time as well.

The Friday session saw bitcoin temporarily trading near $19,337 before jumping back up in the evening to eventually end flat.

On the first day of the weekend, it climbed back above the psychological level of $20,000 increasing by almost 2 percent for the day.

This was followed by a renewed selloff on Sunday when the BTC/USDT pair finally closed a daily candle at $19,415.

As of the time of writing, the price is hovering even lower – at $18,750.

ETH/USD

The ether was in a solid uptrend since the end of August but September 11 marked the local top, which resulted in a reversal to the downside. It jumped by 12 percent in the week of 5-11 September.

On Monday, September 12 it started trading at $1,763 after reaching a high of $1,791 the day before. Bears pushed the price down during the session and the leading altcoin hit $1,717 at the daily candle close.

The Tuesday session was no different and ETH followed bitcoin on its way down as a result of the bad CPI data. The price of the coin decreased by 8.5 percent fully engulfing the last week’s candle. Not only that but we could clearly see a Diamond Top reversal pattern being formed, which is by definition a bearish figure.

On Wednesday, the Ethereum token moved 4 percent up to the 21-day EMA in expectation of the important technical milestone.

The Ethereum community celebrated the long-expected Merge on September 15, which saw the biggest altcoin transition from Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) in an attempt to improve its overall performance and most importantly – reduce energy consumption. The Merge happened at around 07:30 CET with the price reaction being extremely negative.

The ETH/USDT pair decreased by 10 percent and moved below the 21-day EMA to hit the $1,474 mark. It is worth noting that the mentioned Diamond Top pattern visible on the daily timeframe chart came into play as the price lost the dynamic support.

On Friday, the ether reached the mid-term horizontal support at $1,430 but was unable to break it.

The weekend of September 17-18 started positively for buyers. On Saturday, the altcoin jumped up to $1,470 with many traders believing we could see a run to the high of the range in the coming weeks.

On Sunday, however, they were proved wrong as the free-fall continued and ETH ended the seven-day period at $1,332.

The price is currently trading at $1,137 up from a daily low of $1,283.

Leading Majors

• XRP (XRP)

A long time has passed since we last mentioned XRP in our weekly market update, mainly due to the lack of trading activity on its main pairs.

The coin lost nearly 80 percent of its value since peaking above $1.55 in April 2021 then spent more than 3 months trading in a range in the $0.32 – $0.39 area. Last week, however, it finally managed to make a break to the upside by hitting the $0.39 mark on Sunday before completely erasing all of its gains in the evening part of the session.

To fully confirm the reversal, it will be necessary to stabilize above the mentioned range high and a potential climb above $0.42 where we saw the biggest trading activity before the range was formed. It is also where the 21-period EMA currently sits on the 1W chart.

Altcoin of the week

Our Altcoin of the week is Chiliz (CHZ). Branded as the world’s first tokenized sports exchange Chiliz is one of the leading cryptocurrency projects for sports and entertainment.

It provides its blockchain infrastructure support to the Socios.com fan engagement platform – the most well-known football fan token platform.

The CHZ/USDT pair added 11 percent to its market cap during the last seven days making it a total of close to 150 percent since it founds its bottom at the end of June 2022. The coin remains extremely volatile above its 21-period EMA on the bigger, weekly timeframe, but continues its uptrend thanks to the series of new fan token announcements, exchange listings, and most importantly – the innovative Chiliz Chain 2.0 that was first mentioned in late August.

As of the time of writing, CHZ is trading close to the previously stable support/resistance area of $0.25. A pullback down to $0.18 cannot be excluded for a healthy consolidation.

Chiliz is ranked at #47 on CoinGecko with a total market cap of approximately $1.24 billion.

The total crypto market cap decreased by $82 billion for the period since Monday and now stands at $988 billion. The top ten remained mostly flat for the last 24 hours with Polkadot (DOT) being the worst performed with 1.8 percent loss. At the time of writing bitcoin (BTC) is trading at $20,104. Ether (ETH) is at $1,578.

BTC/USD

Bitcoin closed the trading day on Sunday, September 11 at $21,828 in its fifth day in green after bouncing back up from the support zone right above $19,000. The coin successfully moved above the 21-day Exponential Moving Average (EMA) on the daily timeframe chart to add 9 percent to its valuation for the seven-day period.

The current technical structure on the weekly chart was looking quite similar to a Double Bottom formation with a neckline at around $24,000. A bullish breakout above that level could suggest a mid to long-term bullish reversal.

On Monday, September 12, the BTC/USDT pair continued to climb and eventually reached the $22,420 mark. The 24-hour trading volumes were significantly higher than the average for the last 14 days.

The bad inflation data from the United States, however, once again spoiled the party. The higher-than-expected numbers pushed the risk assets down and the cryptocurrency market followed.

BTC fell down to $20,160 on Tuesday erasing 10 percent of its market cap during the session.

The mid-week trading on Wednesday came with another volatile day for the market participants. However, the biggest cryptocurrency remained flat. In a scenario where the mentioned macro support around $19,000 fails then the next expected zone of stability is situated near $12,000.

Bitcoin is currently trading at $20,100 midday on Thursday.

ETH/USD

Today the Ethereum followers and the broader crypto community celebrate Merge Day, which saw the biggest altcoin transition from the Proof of Work (PoW) consensus mechanism to Proof of Stake (PoS) in an attempt to improve its overall performance and most importantly – reduce energy consumption. The Merge happened at around 07:30 CET with no immediate price reaction.

Going slightly back in time, the ether ended the last seven-day period with an 11 percent of increase and above the 200-period EMA on the Weekly chart. The ETH/USDT pair was preparing for the next leg up after a solid consolidation.

On Monday, September 12 it started trading at $1,763 after reaching a high of $1,791 the day before. Bears pushed the price down during the session and the leading altcoin hit $1,717 at the daily candle close.

The Tuesday session was no different and ETH followed bitcoin on its way down as a result of the bad CPI data. The price of the coin decreased by 8.5 percent fully engulfing the last week’s candle. Not only that but we could clearly see a Diamond Top reversal pattern being formed, which is by definition a bearish figure.

On Wednesday, the Ethereum token moved 4 percent up to the 21-day EMA in expectation of the important technical milestone.

As of the time of writing the price is hovering around the $1,600 mark.

The cryptocurrency market added $98 billion to its market cap during the last seven days and now stands at $1,070 billion. The top 10 coins were all in green in the same time period with Solana (SOL) and Bitcoin (BTC) being the best performers with 17.7 and 10.8 percent of gains respectively. Bitcoin (BTC) is currently trading at $22,250 while ether (ETH) is at 1,753.

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 was clear from the price action on the bigger time-frames that the leading cryptocurrency was about to re-test the major horizontal support below $19,500 in the short term.

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.

On Thursday, September 8, the coin remained flat, hovering near the last daily candle close.

The Friday session came with a huge upward continuation. Buyers managed to consolidate and the price of bitcoin skyrocketed up to $21,440 adding 10 percent on its best day since February 28, 2022. It climbed above the 21-day EMA and hit the mid-term diagonal resistance on the daily chart.

The weekend of September 10-11 started with a green candle on Saturday during which we saw the price trying to break above the $21,500-$22,000 resistance. It remained below it but still, the buying pressure was obvious.

On Sunday, the BTC/USDT pair was not that volatile but still managed to form a short green candle to jump above the diagonal line.

What we are seeing midday on Monday is a strong bullish momentum with the price trading above $22,000.

Trading volumes increase significantly in the last few days, surpassing the 14-day average. The Relative Strength Index (RSI) went out of the oversold area to reach its midpoint. An uptrend continuation in the next few weeks cannot be excluded although we might see a pullback to fill the value gap created on the daily chart.

ETH/USD

The Ethereum Project token ETH closed the previous week with a 13 percent increase after completing its bull flag consolidation on the weekly timeframe chart. It was now in its second week of gains with more upside expected right before and after the Merge (transition to Proof of Stake consensus mechanism) on September 14.

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.

On Thursday, the popular altcoin remained flat above the mentioned dynamic trend indicator in a possible consolidation before the next leg up.

What we saw on Friday was a continuation of the uptrend. ETH rallied 5 percent up to reach the resistance zone above $1,700.

The first day of the weekend came with a fourth consecutive day in green as the ether reached $1,780 adding 3.5 percent more to its value.

On Sunday it took a break as it was unable to continue with the rapid growth.

As of the time of writing this market update the ETH/USDT pair is trading in red – at $1,750.

Leading Majors

• Solana (SOL)

Solana had been trading in the $30-$33 range for 10 days straight before it managed to break out of it on September 7. The coin rallied more than 13 percent last week to reach the area near $35 in something similar to a reversed Bart Simpson pattern on the daily chart.

The price rally continues on Monday as SOL is currently trading above $37.

The trading volumes were in a constant decline since mid-June while RSI remained oversold for a while.

Bulls managed to surpass quickly the potential short-term resistance above the 21-day EMA around $35 opening the door for the next big obstacle in front of them on both daily and weekly timeframes.

 – the $43-$46 zone.

Potential short-term support at $35.

Altcoin of the week

Our Altcoin of the week is Ravencoin (RVN) – a free and open-source asset management protocol with a relatively big following in the industry. This popular Proof of Work (PoW) coin is a fork of Bitcoin and became popular among cryptocurrency miners during the 2017/2018 bull run.

Now RVN is looking to fill the void that ETH will leave in the cryptocurrency mining world after its long-awaited transition to Proof of Stake (PoS) becomes reality on September 14.

The RVN/USDT pair rallied 47 percent during the last seven days to reach the $0.052 mark at the weekly candle close. It is 200 percent up since hitting a 72-week low in the middle of June.

The altcoin is currently trading at a multi-timeframe resistance in the $0.048-$0.052 zone, so we can expect a slight pullback before and after the Merge before the next leg up.

Support, right below the 21-week EMA, near $0.035.

Ravencoin is currently ranked at #84 on CoinGecko, with a total market cap of $612 million.

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.

The cryptocurrency market added $20 billion to its market cap during the last seven days and now stands at $973 billion. The top 10 coins showed mixed results for the same time period with Cardano (ADA) adding 12.7 percent while BNB lost  1.3 percent. Bitcoin (BTC) is currently trading at $19,715 while ether (ETH) is at 1,566.

BTC/USDT

Bitcoin closed the trading day on Sunday, August 28 at $19,550 after a three-day losing streak during which it erased more than 9 percent of its market cap. The biggest cryptocurrency was very close to re-testing the last weekly candle close low near $19,300.

On Monday, August 29 bulls started the new seven-day period by pushing the price up to $20,270 or 3.6 percent higher in an obvious short squeeze attempt.

The Tuesday session was slightly different. The BTC/USDT pair rallied in the morning to hit $20,600 only to see a full retracement of the move and a daily candle close in red.

The mid-week trading day on Wednesday came with another breakout attempt in the upward direction, which again resulted in a failure. Still, bulls were able to ensure a short, 1.3 percent increase to color the market in green.

Bitcoin ended the month of August with a 14 percent price decrease in what was dangerously close to resulting in a bearish engulfing pattern on the monthly chart.

It is quite possible we see a re-test of the horizontal support on both the weekly and daily timeframes – an event that could lead to either a reversal to the upside or a break of the current market structure which will open the door for re-visiting the next major order block around $12,000.

On Thursday, September 1, the BTC/USDT pair fell to $19,547 in the morning but managed to partially recover in the afternoon and closed in green at $20,100.

Bitcoin rallied on Friday to reach $20,448, but could not keep up with the momentum and eventually closed in red, at $19,556. The trading range was narrowing with every session.

The weekend of September 3-4 started with a second consecutive day in red on Saturday. Then on Sunday, the biggest cryptocurrency once again tested the $19,500 level, but then turned green and ended the seven-day period at $20,000.

What we are seeing midday on Monday is another red session as BTC is trading below $19,700.

ETH/USDT

The Ethereum Project token ETH was in a bull flag consolidation on the weekly chart ever since it was rejected at the 21-period EMA on that timeframe above $1,900. The ether, however, managed to form a higher low on the weekly chart that could push the price higher before the “Merge” (the ETH network transition from Proof of Work consensus mechanism to Proof of Stake).

On Sunday, August 28, the ether closed in red, at $1,425 losing 12 percent on a weekly basis. The short-term diagonal on the daily chart was still acting as a resistance.

On Monday, the ETH/USDT pair rallied all the way up to $1,556 to fully engulf the last two days of intense selloff by adding 9 percent to its market cap.

Bulls, however, were rejected at the mentioned diagonal around $1,600 on Tuesday and the leading altcoin corrected its price down to $1,522 – still above the daily low of $1,480.

On the last day of August, we saw another failed breakout attempt. ETH ended the last 30-day period with a 7 percent loss.

It was a relatively calm session on Thursday, September 1 as the price was trading as low as $1,515 before turning green in the evening, closing at $1,590.

The potential Double Top formation on The US Dollar Index could put some pressure on its general uptrend in the mid-term and allow the crypto market (and all other risk assets) to continue their bear market rallies.

On Friday, the ETH/USDT pair climbed all the way up to $1,645 marking a local top, and then quickly came back down to $1,576 at the candle close.

The first day of the weekend came with a second consecutive day in red and a test of the $1,535 mark. Then on Sunday, we saw a push from bulls to $1,585 to end the week in green.

As of the time of writing, ETH is trading at $1,573.

Leading Majors

• Cardano (ADA)

One of the most popular altcoins out there, ADA bounced back up strong from the horizontal support around $0.40 in the last week.

It rallied more than 18 percent to climb above the 21-day EMA.

The ADA/USDT pair was trading in the $0.40-$0.55 range since June 12 but the news about the new date of the Vasil hardfork drastically changed the price action in the last few days. The big milestone will occur on September 22, 3 months after the initially planned date. Still, the market reacted positively and the ADA token ended up being the best-performing digital asset in the Top 10 list.

Next for the “Ethereum killer app” is the upper end of the range – $0.55, above the 200-period EMA on the weekly timeframe chart.

Support at $0.45.

Altcoin of the week

Our Altcoin of the week is Celsius Network (CEL). The troubled lender protocol rallied 28 percent during the last seven days to reach the zone right below the 21-day EMA on the daily timeframe chart. The coin is also 70 percent up since hitting its last higher low at $0.855.

Celsius limited all user withdrawals in late June as a direct result of the severe market crash that hit particularly hard the more centralized DeFi platforms. It filed for bankruptcy the next month.

The latest news from the company however suggests they aim to return approximately $50 million of locked funds hence the price rally.

If the 21-EMA, which is currently sitting above the $1.6 mark is successfully surpassed by bulls then the next major resistance is at the previous horizontal support near $2.

Support at $1.

The Celsius Network token is currently ranked at #76 on CoiNGecko with a total market cap of approximately $616 million.

The total crypto market cap increased by $23 billion for the period since Monday and now stands at $976 billion. The top ten coins are all trading in red for the last 24 hours with Solana (SOL) and BNB (BNB) losing 3.8 and 3.6 percent respectively. At the time of writing bitcoin (BTC) is trading at $19,980. Ether (ETH) is at $1,568.

BTC/USD

Bitcoin closed the trading day on Sunday, August 28 at $19,550 after a three-day losing streak during which it erased more than 9 percent of its market cap. The biggest cryptocurrency was very close to re-testing the last weekly candle close low near $19,300.

On Monday, bulls started the new seven-day period by pushing the price up to $20,270 or 3.6 percent higher in an obvious short squeeze attempt.

The Tuesday session was slightly different. The BTC/USDT pair rallied in the morning to hit $20,600 only to see a full retracement of the move and a daily candle close in red.

The mid-week trading day on Wednesday came with another breakout attempt in the upward direction, which again resulted in a failure. Still, bulls were able to ensure a short, 1.3 percent increase to color the market in green.

Bitcoin ended the month of August with a 14 percent price decrease in what was dangerously close to resulting in a bearish engulfing pattern on the monthly chart.

It is quite possible we see a re-test of the horizontal support on both the weekly and daily timeframes – an event that could lead to either a reversal to the upside or a break of the current market structure which will open the door for re-visiting the next major order block around $12,000.

The price of BTC is currently hovering around the $20,000 mark, early on Thursday.

ETH/USD

The Ethereum Project token ETH is in a bull flag consolidation on the weekly chart ever since it was rejected at the 21-period EMA on that timeframe above $1,900. The is about to form a higher low, which could push the price higher before the “Merge” (the ETH network transition from Proof of Work consensus mechanism to Proof of Stake).

On Sunday, August 28, the ether closed in red, at $1,425 losing 12 percent on a weekly basis. The short-term diagonal on the daily chart was still acting as a resistance.

On Monday, the ETH/USDT pair rallied all the way up to $1,556 to fully engulf the last two days of intense selloff by adding 9 percent to its market cap.

Bulls, however, were rejected at the mentioned diagonal around $1,600 on Tuesday and the leading altcoin corrected its price down to $1,522 – still above the daily low of $1,480.

On the last day of August, we saw another failed breakout attempt. ETH ended the last 30-day period with a 7 percent loss.

What we are seeing midday on Thursday is a relatively calm session as the price is trading flat.

The US Dollar Index is in a potential Double Top formation, which can put some pressure in the mid-term and allow the crypto market (and all other risk assets) to continue their bear market rallies.