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Cryptocurrency Analysis: Bitcoin Still Strong but Ethereum Suspicious

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Cryptocurrency Analysis: Bitcoin Still Strong but Ethereum Suspicious

Introduction

This article was posted on Friday, 12:37, UTC.

The major cryptocurrencies are strongly diverging before the weekend, with Bitcoin regaining its dominance concerning capitalization (back above 50% of the total market) while Ethereum and the ecosystem built on is lagging, ever since the BIP 91 consensus. BTC showed strength during this week’s correction, and it recovered most of its losses overnight, touching the $2750 level this morning. The most valuable coin is 10% of its all-time highs, as of now, and looks poised for a re-test of the $3000 level with both the long- and short-term picture looking bullish now.

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BTC/USD, 4-Hour Chart Analysis

Dash is still holding on well among the other majors, but it failed to join the late rally yesterday and during the Asian session, still being stuck under strong resistance, while the other coins are more or less where they were yesterday. ETH, Ripple, Monero, Ethereum Classic, and Litecoin are all a few percent off, but holding up above their crucial support zones, for now. With the weekend approaching, the market’s mood and the short-term technicals could be crucial, so let’s see how the charts are shaping up today.

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Ethereum

ETH/USD, 4-Hour Chart Analysis

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Ethereum remained relatively weak throughout BTC’s overnight rally pointing to a possible leg lower in the coming days. The coin is still stuck right at the key $200 level, without strong momentum in either direction. The declining trend remains intact, despite the short-term series of higher lows, and a break below $175 would push back ETH to a short-term sell signal. Crucial resistance is still ahead between $235 and $250.

Litecoin

LTC/USD, 4-Hour Chart Analysis

The coin remained inside a narrow trading range above the $40 level throughout the week, as the dominant triangle consolidation pattern is still in play. The coin is neutral both long- and short-term, but it remains among the stronger coins, given the rally in June. The $38-$40 zone provides strong support, while the $44 level is the primary resistance. We still expect a move towards the $50 level in the coming weeks.

Dash

DASH/USD, 4-Hour Chart Analysis

Dash is being tossed around in low volume trading between $190 and $200, just below the prior highs near $220, but the coin showed some relative weakness compared to BTC so far today. The next bigger move will likely be a test of the highs, with our long-term target still being just above $250, and with the technical setup being unchanged.

Ripple

XRP/USD, 4-Hour Chart Analysis

Ripple is also trading in a narrow range, below the key $0,175 level, but the recent relative weakness could mean a re-test of the $0.14 level if the prior swing low near $0.1575 fails to hold the coin. With still no clear move out of the current range, the short-term buy signal remains intact, but XRP has to move above the zone around $0.22 for a long-term trend change.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC is also lagging Bitcoin this week, following Ethereum in its sideways drift. The coin is trading just above the crucial level near $14. Today’s weakness still didn’t change the technical setup for ETC, with strong resistance near $16, a neutral short-term position, and a favorable long-term outlook.

Monero

XMR/USD, 4-Hour Chart Analysis

Monero have been strong throughout the week, and it’s still consolidating in a bullish manner below the key $46 level. A break above that resistance would signal a test of $50, while the prior highs are still ahead at $58. The short-term trendline near $42 provides primary support, with a long-term base formation below that between $32 and $37.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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