Ethereum and Ren Analysis
Ethereum and Ren Analysis

Ethereum and Ren Analysis

By R.L. Bryer - 1 Jun 2021

Chevron down

Ethereum Analysis

Ethereum [$2,613] is +7.23% for the last 24 hours at the time of writing and again tracking upward towards $3k.

Ether’s 24 hour LOW is $2,280 and HIGH is $2,667. 

Over the last 90 days ETH is +79.8% despite bitcoin’s relative weakness [-22.8%] over that same duration.

The ETH market capitalization is back above $300 billion at $304.2 billion and makes up 18.1% of total cryptocurrency market capitalization.

Although ETH is -39.7% from it’s all-time high [$4,356] the world’s #2 crypto asset by market capitalization is still +979% for the last 12 months.

If ETH can get back above $3,5k Ethereum bulls will have their eyes set on breaking $5k for the first time in the asset’s history.

Ether closed Monday’s daily candle at $2,706.

As shown in the chart above by Babenski on tradingview, Ether has broken out of its pattern on the 4HR chart and as I noted last week, ETH is capable of a quick run back to $3k and then to $3,5k with little overhead historical resistance on the chart.

REN Analysis 

Ren is easily one of the hottest crypto assets across the market for the last 7 days.

Ren is +48.5% for the last week yet is -70.1% from it’s all-time high [$1.80] made on February 20th of this year.

Over the last 7 days Ren’s LOW is $.452 and HIGH is $.602.

Ren’s the 129th project by market capitalization with a cap of $482.4 million at the time of writing.

Ren closed Monday’s daily candle at $.558 and posted $73.4 million of trading volume over the last 24 hours. 

Total Market Outlook

The total crypto market capitalization closed Monday at $1.72 trillion and has been trading above $1.7 trillion much of the last 7 days.

Above a $2 trillion aggregate crypto market cap will likely be where bullish sentiment across the market begins to increase again.

Below $1.3 trillion and bears will try to push things below a $1 trillion aggregate market cap and end the hopes of further fireworks in 2021. 

Bitcoin dominance closed Monday at 40.5% and BTC closed the month of May at $37,305 with a market capitalization of $702 billion dollars.

R.L. Bryer

Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.