The weekend was characterised by the bullish return of the price of Ethereum which, after breaking the short-term support of 185 dollars, now returns again to the attack of 200 dollars. In relation to last Friday’s levels, Ethereum stands out with one of the biggest increases in the top 20, with a +15%.
However, the situation remains uncertain and the trading volume remains low: in the last 24 hours, it has been fluctuating around 45 billion dollars.
As for the rest, the week in the crypto market begins in perfect balance between red and green signs: VeChain (VET) stands out among the major rises of today, with an explosive climb of 10% recorded in the morning.
In contrast, there was a sharp drop for Aurora (AOA), which lost 14% from yesterday’s levels.
The weekend thus records a redemption by the altcoins. After the first indications of the last few days, Cosmos (ATOM) pushed its growth further over the weekend reaching 3.5 dollars and thus marking an increase of 90% from the lows of September 5th. Today Cosmos slips retracing by more than 4% but stays above the violated threshold of the last 72 hours, at 3 dollars.
The rise of Cosmos was a sign that gave the first indications of a possible recovery by the altcoins.
Yesterday EOS also managed to regain the $4 threshold, levels abandoned in the first half of August. On a weekly basis, EOS and Cosmos are the best: Cosmos gained 25%, making it the best out of the top 100.
The capitalisation recovers 267 billion dollars. The redemption of the altcoins affects the dominance of the bitcoin, which falls to almost 69%, the lowest level in September.
Ethereum’s recovery led to a return to 8% of dominance, which it had not seen since mid-August.
Ripple sees its dominance remain stable at 4.2%. The hesitant attempt to recover the 26 cents of the dollar is of little use and does not allow it to move away with conviction from the lows of recent weeks, slightly above the threshold of 25 cents.
Bitcoin (BTC) price
The consolidation of the 10,300 dollars continues to bring down the bitcoin volatility of the 30-day period, which now reaches 2.6%, levels that had not been recorded since last May.
For bitcoin it is necessary to go over 11,000 dollars in the next few days, otherwise, the current phase will be considered a rebound with the threshold of 9,500 dollars as a necessary basis for medium to long term stability.
Ethereum (ETH) price now
The movement of the last 48 hours leads to renewed confidence in Ethereum which breaks the threshold of 185 dollars, albeit with unsatisfactory volumes; ETH now pushes close to 200 dollars.
Within the next few hours, Ethereum must recover the technical and psychological area of the 200 dollars. The increase in gas is not enough, which has set a new historical record that can probably be associated with the rise in prices, even if the statistics are not so favourable to this correlation.
The recovery of the 200 dollars could attract again new purchases that in the last hours have not been so decisive as it would be necessary to have further confirmation of a real upward trend.
For Ethereum, in the next hours, it is necessary not to return under the threshold of 185 dollars, level of resistance of medium period, otherwise, the indication of the necessary holding of 165 dollars remains valid.