Ethereum: volumes exceed those of Bitcoin
Ethereum: volumes exceed those of Bitcoin

Ethereum: volumes exceed those of Bitcoin

By Federico Izzi - 14 Sep 2020

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For the second consecutive time, the sum of volumes on Ethereum during the weekend exceeds those of Bitcoin

In general, today the volumes are stable at the average of the last few days even if they are decreasing from the records set last weekend.

The dominance of Bitcoin hardly remains above 56%, while Ethereum’s market share is stabilizing close to last year’s highs at 12.2%. XRP’s dominance is now below 3.2%, once again falling close to the lowest levels.

The weekly candle draws a pattern (technical figure) of substantial stability of the market with a body smaller than the two shadows: it is a sign that the high volatility of the prices of the last days, tripled from the historical lows of end July, is more contracted on a weekly basis. 

In the Top 20, there is a modest prevalence of positive signs. Among the Top is Polkadot (DOT) the best of the week with a gain of over 40%. This is followed by NEO, up 25% since last Monday’s prices. 

YFI 20200914

Yearn.Finance (YFI) is one step away from entering the top 20 capitalized and has jumped more than 80% in a week to over $40,000, doubling its value in less than 10 days.

coin360 20200914

The new week starts showing weakness with more than 75% of the first 100 cryptocurrencies below par

Looking at the list of the major capitalized currencies, only Binance Coin (BNB) is in green, gaining more than +2.7%. To find bigger rises, we need to go beyond the 70th position with Hyperion (HYN) in the sprint over 80%, after the recent fall below $0.20, the lowest level in the last year. It follows at a distance from Ampleforth (AMPL) over 10% from Sunday morning levels.
Bitcoin chart by Tradingview

Bitcoin (BTC)

Over the weekend, the price attempt to go over $11,600 failed. The rise was repelled by the short-term resistance that coincides with the peak of this period set on September 4th. 

Fluctuations in BTC prices within the channel between $10,000 and $10,500 continue. Options traders remain cautious while keeping the strength of the protections stable below $10,000. 

While upwards, the first resistance in the 10,620 area is strengthening, a level that in the last few hours has repelled the bullish attack. The return above $11,650 continues to be decisive to trigger the first bearish coverages and attract new purchases.

ETH 20200914
Ethereum chart by Tradingview

Ethereum (ETH): volumes falling

Between Saturday and Sunday night, ETH prices exceeded 390 USD for a few minutes and for the first time since September 5th. 

The effort to show strength has not found the support of the purchasing volumes with prices again rejected at the levels of the second part of last week in the 365 USD area. 

The former resistance at the beginning of the month in the 355 USD area now proves to be an important support. It is a level to be maintained in the coming hours to reinforce the hypothesis of consolidation. 

Options traders prefer to reinforce this level of support by moving positions to protect against a possible downturn. 

On the other hand, the strength of the hedges is increased by positioning just above the weekend highs ($390). It remains crucial that the $415 is exceeded to trigger stop losses and bearish positions.

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & 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 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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