Crypto Markets See Slight Slump, Ethereum Fails to Hold $300 Support

Saturday, August 18: crypto markets have seen another slump today, with some coins wavering following weekly gains, according to data from Coinmarketcap. Total market cap has dipped as low as $210 billion at press time.

Market visualization

Market visualization from Coin360

Bitcoin (BTC) is down 1.79 percent over the past 24 hours, trading at $6,396 at press time. With that, the top cryptocurrency has seen an intraday high of $6,562. The coin has lost around 13 percent over the past 30 days, while holding its weekly gains, according to Coinmarketcap.

Bitcoin 30 days price chart

Bitcoin 30 days price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has failed to hold $300 support, trading at $291 at press time. The major altcoin has suffered a 3.74 percent loss over a 24 hour period, also having failed to keep momentum over the week with an 11 percent loss in the past 7 days.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap has taken a somewhat downward trend today, dipping as low as $208 billion. At press time, total market capitalization has seen modest growth, now amounting to $210 billion.

Intraday Total market capitalization chart

Intraday Total market capitalization chart. Source: Coinmarketcap

While total market cap is down, Bitcoin is holding its position in the crypto market, with its dominance standing at 52.27 percent at press time.

Ripple (XRP), the third biggest altcoin by market cap, has also taken a hit, down 6 percent on the day and currently trading at $0.31.

Ripple recently partnered with three crypto exchanges to develop its cross-border payments service xRapid, enabling a “healthy” ecosystem for  transactions between XRP and U.S. dollars, Mexican pesos, and Philippine pesos.

Ripple 7 days price chart

Ripple 7 days price chart. Source: Cointelegraph XRP Price Index

Stellar (XLM) and Monero (XMR), are also down 2.3 and 0.6 percent over the past 24 hours, respectively. Stellar is trading at $0.22, while Monero stands at $96.19 at press time.

Ethereum Classic (ETC), which was recently listed by major U.S. crypto exchange and wallet service Coinbase, has given up its eleventh position on the market to TRON (TRX), according to Coinmarketcap. Now ranking 12th, ETC is down 7.8 percent, currently trading at $13.09.

All Top 10 Cryptocurrencies in Green, Bitcoin Breaks $6,500

Friday, Aug. 17: all top ten cryptocurrencies by market cap have seen green today, with Ripple (XRP) and EOS up over 15 percent over the past 24 hours, according to Coinmarketcap.

coin360

Market visualization from Coin360

Bitcoin (BTC) keeps gaining momentum, seeing a steady growth today with its price hovering around $6,500 point. The top cryptocurrency is trading at $6,495 at press time, up around 3.6 percent over a 24 hour period. Having plunged to as low as $5,961 earlier this week, Bitcoin is holding its weekly gains, up almost 7 percent over the week.

BTC

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has also seen a significant recovery from its recent crash to as low as $259. The top altcoin has restored around 6.5 percent over the past 24 hours, currently trading at around $303 by press time, seeing intraday lows and highs of $284 and $304 respectively.

ETH

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization is up $28 billion from its intraday low as of press time. After a massive sell off this week, crypto markets are now stabilized at around $217 billion. The total number of digital coins listed on Coinmarketcap is now 1,855.

Total

Total market capitalization chart. Source: Coinmarketcap

Bitcoin’s dominance on the market is slightly down this week after touching 54.3 point on Aug. 14. At press time, the market cap of Bitcoin amounts to 51.5 percent, following a small downward move.

Percentage

Percentage of Total Market Cap (Dominance). Source: Coinmarketcap

XRP and EOS are seeing the biggest increases in terms of the top ten digital currencies’ gains over a 24 hour period. Ripple is up almost 18 percent and trading at $0.34 at press time, up around 9 percent over the week according to Cointelegraph’s Ripple price index.

Yesterday, Ripple listed three more crypto exchanges on its cross-border payments solution xRapide within its intention to create a “healthy” ecosystem of digital asset exchange. The company teamed up with such exchanges as the U.S.-based Bittrex, Mexican Bitso, and Filipino Coins.Ph.

EOS has seen growth of almost 16 percent over a 24 hour period. The top fifth cryptocurrency is now trading at $5.29.

Yesterday, major U.S. crypto exchange and wallet service Coinbase listed now-eleventh top coin by market cap Ethereum Classic (ETC) in a move to bring higher liquidity to the cryptocurrency. Following the announcement, the coin has surged up to $14.20, and is up a negligible percent over a 24 hour period to press time.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, ETC: Price Analysis, August 17

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The cryptocurrency market capitalization has risen above the $215 billion mark once again. A resilient Bitcoin was the main reason for the pullback. If the leader holds ground, the investors gain confidence and start entering the markets.

Crypto hedge fund Pantera Capital is looking to raise $175 million for its third venture fund. They had previously raised $13 million in 2013 for the first fund and $25 million for the second. This shows that the demand for cryptocurrencies and related investments is still alive.

While the decline was purportedly caused by the rejection of the ETF proposal by the SEC, some experts still hope to see a Bitcoin ETF in the near future. Others, however, are not keen on Wall Street money entering the crypto world. They believe that Wall-Street managed money will cause more problems.

Cryptocurrencies are currently pulling back from their lows. So, should the traders start buying at these levels or wait? Let’s find out.

BTC/USD

Bitcoin continues to trade within the range of $5,900.06—$6,617.5. Currently, the bulls are making another attempt to break out of this range. Above the range, the virtual currency can again face resistance at the 20-day EMA, at the downtrend line of the descending triangle and at the 50-day SMA.

BTC/USD

For the past seven days, the bears have repeatedly pushed prices down from the $6,617.5 mark. We believe that if the bulls finally scale it, the momentum will carry it above the 20-day EMA and the downtrend line of the descending triangle.

Therefore, we retain the buy recommendation provided in the previous analysis.

Our assumption of a bull move will be invalidated if the BTC/USD pair breaks down of $5,900. Another possibility is that the price remains inside the range for a few more days, forming a bottom.

As prices are in a range, false breakouts are possible. Hence, we have suggested buying only if we find the price holding for four hours. If prices retreat following a breakout and show weakness, the long positions should not be taken.

As always, traders should trail the stops higher if the position moves in their favor.  

ETH/USD

Ethereum is struggling to stay above the $300 mark. For the past two days, it has retreated from this level.

ETH/USD

Both moving averages are sloping down and the RSI is still in the oversold zone. This shows that the bears still have an upper hand. The pullback will face selling pressure at the 20-day EMA, which is close to the previous support of $358 that will now act as a resistance.

If the ETH/USD pair sustains above $358 for three days, it will signal a probable change in trend. We shall wait for a new buy setup to form before suggesting any long positions on it.

XRP/USD

Ripple was deeply oversold. It is currently in a pullback that can carry it to the downtrend line 2 where we expect a strong resistance.

XRP/USD

The XRP/USD pair is one the worst performers among the top cryptocurrencies. Hence, we don’t advise buying the first pullback from the lows. The trend remains bearish with both moving averages still sloping down.

It has a slew of overhead resistances that will act as a hurdle, attracting selling. Hence, it is suitable only for the very short-term traders who can enter and exit positions quickly.

The swing traders or long-term investors should wait for the pair to complete a bottoming pattern and then buy it. Until then, it is best to stay with the outperformers.

BCH/USD

After failing to climb above the $537.8221 level for the past three days, Bitcoin Cash is again attempting to scale the overhead resistance and the RSI is trying to exit the oversold zone.

BCH/USD

On the upside, the bulls will face strong resistance at the 20-day EMA. After this is crossed, the 50-day SMA and the downtrend line will act as the next roadblock.

On the downside, if the BCH/USD pair plunges below $473.9060, it can slide to $400. We will wait for the price to break out and sustain above both moving averages before turning positive.

Currently, we don’t find any buy setup, hence, we are not proposing any trade on it.

EOS/USD

EOS has finally made a move today, after struggling to move up for the past two days. However, both moving averages are sloping down and the RSI is still in the negative territory, which shows that the sellers have an upper hand.

EOS/USD

Any recovery will face resistance at the 20-day EMA and above that at the 50-day SMA. The bulls have not broken out of the 50-day SMA since June 9. Hence, a break out of it will indicate strength.

In April of this year, the EOS/USD pair picked up momentum only after breaking out of the 50-day SMA. Hence, we might suggest long positions after the price sustains above the 50-day SMA. If a new setup develops before that, we shall consider it.

XLM/USD

Stellar has extended its stay inside the range of $0.184—$0.25. The pullback on August 13 and August 15, both faced selling at the 20-day EMA.

XLM/USD

Previously, in mid-April and mid-July of this year, the XLM/USD pair picked up momentum after it closed (UTC time frame) above the 20-day EMA.

Currently, the 50-day SMA is flat and the 20-day EMA is sloping down. If the bulls break out of $0.25, the probability of a rally to the downtrend line at $0.32 increases. Therefore, we retain our buy recommendation provided in the previous analysis.

LTC/USD

The attempt to pullback on August 18 met with selling at higher levels but Litecoin has maintained above the $54 level for the past two days.

LTC/USD

The 20-day EMA will be the first hurdle, above which, the pullback can extend to $80. The 50-day SMA and the downtrend line are both close to $80, hence, we anticipate the bears to strongly defend this level.

The RSI is trying to exit the oversold territory, which is a positive sign. All these indications point to a corrective rally, but we don’t find any reliable buy setups, hence, we are not recommending a trade on the LTC/USD pair.

ADA/USD

Cardano is struggling to bounce off the lows. This shows that the bulls are in no hurry to buy even at these low levels.

ADA/USD

On the upside, the zone between $0.111843 and $0.13 will act as a stiff resistance. The 20-day EMA is sloping down but the 50-day SMA is flattening out. This shows that the ADA/USD pair might enter into a consolidation for the next few days.

If prices sustain above $0.111843, it shows that the selling pressure has reduced. We shall wait for a new buy setup to form before recommending a trade on it.

XMR/USD

Monero has pulled back for the past three days and is close to the 20-day EMA where it might face resistance.

XMR/USD

If the bulls scale above the 20-day EMA, the recovery can continue till the $120 mark. The long-term downtrend line is also close to $120; hence, we anticipate selling at this level.

The next decline to the $76.074 mark will confirm whether a bottom has been made or is the current pullback only a bear market rally.

Currently, we don’t have any bullish pattern on the XMR/USD pair, hence, we suggest traders wait for a few days.

ETC/USD

Ethereum Classic has found a place in our analysis by taking the tenth spot. While its price has not risen, it has declined less, compared to some other cryptocurrencies.

ETC/USD

The ETC/USD pair has been holding above the $13 level since April of this year. While the bears broke below this support on August 13, prices have quickly bounced back, after taking support close to the $9.5 mark.

This shows that the buyers are scooping up the digital currency on sharp dips. The 20-day EMA is sloping down, but the 50-day SMA has been flat since July. This shows that the virtual currency might remain range bound between $13 and the downtrend line.

We don’t find a strong buy setup, hence, we are not recommending a trade on it.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.