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Daily Analysis: Ethereum and Bitcoin Skyrocket while Stocks Remain Stable

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Daily Analysis: Ethereum and Bitcoin Skyrocket while Stocks Remain Stable

Introduction

This article was posted on Monday, 16:23, UTC.

Monday Market Recap

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Asset Current Value Daily Change
S&P 500 2381 0.05%
DAX 12588 -0.40%
WTI Crude Oil 51.08 0.73%
GOLD 1256.00 0.19%
Bitcoin 2187 4.21%
EUR/USD 1.1232 0.24%

European stocks continue to underperform their global peers so far today, as the recent strength of the Euro weighs on local equities. Angela Merkel told the press that the common currency is “too weak”, blaming the European Central Bank, and that gave another boost to the Euro this morning, while pushing the DAX and the Eurostoxx 50 slightly lower. The major US indices are virtually unchanged, holding just below their recovery-highs from last week, while Asian stocks are also weak, as the Chinese market turned lower after the weekend.

Global sentiment is still mostly positive towards risk assets, which is confirmed by the Japanese Yen’s downward drift, as the main safe-haven asset is losing ground against risk-on currencies. Gold is surprisingly strong despite the stable conditions, holding up well above the $1250 level after last week’s strong rally. Crude oil is up once again today, as the WTI contract now breached the $51 per barrel level before Wednesday’s crucial OPEC meeting. Copper and other industrial metals are diverging from the Chinese market since Friday, and that also shows that tensions have eased temporarily concerning the country’s financial system.

Cryptocurrencies

The cryptocurrency market has another outstanding session, with Ethereum stealing the show so far, although Bitcoin is also flying high clearing the $2100 level. ETH is up by a remarkable 40%, getting close to the $200 mark, while its market capitalization reached the $17 billion level. Ethereum Classic is following its younger brother with a $35 gain, while NEM is up by double digits as well. Bytecoin surged past Monero and Stellar regarding size today, as it was up by 60% at one point while closing in on Dash as well in the process. Ripple continues its deep correction, as it trades near the $0.30 level once again after a failed break-out attempt, while Litecoin also fell back below $25.

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Ethereum, 4-Hour Chart Analysis

Technical Picture

The Chinese market experienced an oversold bounce during last week, as it turned higher off the key 3000 level after a long period of relative weakness. The bounce ran into strong resistance soon, and the benchmark lost ground today, dipping below the primary short-term support near 3085. A re-test of the 3000 level is possible later this week, especially if last week’s risk-off environment returns later on. The MACD indicator got back into neutral territory thanks to the recovery, but it’ snow close to providing a bearish signal once again. The 3110 resistance is the key for bulls right now, with further supply found near 3150.

SHANGHAI Composite, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
08:00 EUROZONE Eurogroup Meetings

 

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
09:00 EUROZONE Manufacturing PMI 56.5 56.7
09:00 EUROZONE Services PMI 56.5 56.4
10:00 GERMANY IFO Business Climate 113.1 112.9
14:30 CANADA Wholesale Sales 1.10% -0.20%
16:00 US New Home Sales 611,000 621,000
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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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