Ethereum: volumes exceed those of Bitcoin

For the second consecutive time the sum of volumes on Ethereum during the weekend exceeds the Bitcoin exchanges.

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

Bitcoin’s dominance hardly remains above 56%, while Ethereum’s market share has stabilised close to last year’s highs at 12.2%. XRP’s dominance is now below 3.2%, however, far away and again downwards 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 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

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

coin360 20200914 (1)
The new week starts showing weakness with over 75% of the first 100 cryptocurrency under parity.

Looking at the list of major capitalised currencies, only Bitcoin Trader (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.

BTC 20200914

Bitcoin Trader chart by Tradingview

Bitcoin (BTC)
At 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 4 September.

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

While upward, the first resistance in area 10620 is strengthening, a level that in the last few hours has repelled the bullish attack. The return above $11650 continues to be decisive to trigger the first bearish overlays and attract new purchases.

ETH 20200914
Ethereum chart by Tradingview
Ethereum (ETH): volumes in descent
Between Saturday and Sunday night ETH prices exceed USD 390 for a few minutes and for the first time since September 5.

The test of showing muscles has not found the support of the volumes in purchase with prices again rejected at the levels of the second part of last week in the area 365 USD.

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

Option 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 blow stoplosses and bearish hedges.