Ethereum, the price goes up and drags the altcoins
Ethereum, the price goes up and drags the altcoins
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Ethereum, the price goes up and drags the altcoins

By Federico Izzi - 16 Apr 2020

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Vibrant markets: the altcoins rise again, Ethereum (ETH) in the first place, whose price goes up and drags all the other big names along. The rise this morning began with Ethereum, which suddenly turned the turbo on and in a few hours returned to review the levels of early April, the tops of the month. 

EOS 20200416

Among the biggest rises, Eos (EOS) stands out, which achieves a rise of the same intensity as ETH (7%) with peaks that have touched the double-digit. A setting for EOS similar to Ethereum although slightly weaker, less evident, with an extension reaching almost $2.70, a step from last week’s values slightly over $2.80. A recovery above these levels would cancel out all the drop suffered last March by EOS.

coin360 20200416
Source: COIN360.com

The day sees over 90% of cryptocurrencies in positive territory. Looking at the list of the most capitalized, the first red sign is Hedge Trade (HEDG) with a -3% due to the profit-taking that yesterday saw Hedge Trade among the best of the day.

ZEC 20200416

One of the best of the day is ZCash (ZEC), in 26th position with a jump of more than 10%. ZEC drags the other two privacy coins, Monero (XMR) and Dash (DASH), which move up by more than 4%. The privacy coins continue to stand out and today they hold the sceptre with ZCash reaching the podium of the best of the day. 

Also among the best of today is ABBC Coin (ABBC), in 65th position which goes up by more than 20%, as does Komodo (KMD), 64th position. 

A day that also shows a rise in trading volumes above $120 billion, a rise well over 25% from the trading recorded in the last few days until yesterday. Trades that were barely stirred. 

Today’s rise again pushes the market cap above the psychological threshold of 200 billion dollars, with Bitcoin returning above 130 billion capitalization. Bitcoin today pops its head above the $7,000 threshold with a jump of about 3%. This maintains dominance over 64%. In these hours the strong rise of Ethereum brings the crypto to reach over 9.3% of the market share, the highest level for Ether since the beginning of March. Ripple remains stable at 4.2%.

BTC 20200416
Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin recovers, and after about four days it’s back above the psychological threshold of $7,000. What is more important is the break of the bearish trendline that passed in the $6,900 area and which combines the decreasing highs of last mid-February. This is a technical signal that highlights the possible start of a new monthly sub-cycle that will have to be confirmed in the next two days. 

A possible confirmation of the break of the 6,900 points and a rise above the $7,500 high of April 8th, would attract new purchases and would also boost the confidence index. The rise of the last few hours would only be denied if prices returned below the $6,600 threshold in the next few hours.

ETH 20200416
Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum delivers an even stronger upward signal. The break of the bearish trendline that also, in this case, combines the decreasing highs since mid-February triggers new purchases also due to the closure of positions that have remained downwards. 

The prices break the dynamic resistance level of $155-160 and in a few minutes, they push to revise the $175 threshold, the highs of April 8th. An important signal that will have to find further confirmation, coupled with the support of the purchasing volumes that returned after having been absent for more than a week. 

An increase that if confirmed with the break of 175 in the next few hours would push prices to review the next level of resistance in the 190 dollar area. 

Only a descent below last night’s lows, below $155-150, would cancel out the euphoria and positive signal of the last few hours.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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