Altcoin Market Analysis KW37 - Red Week - Ethereum price drops more than 30 percent
Total market capitalization has fallen to $ 196 billion. All cryptocurrencies suffered price losses. While Bitcoin, Stellar and Monero only lost about 12 percent, Ethereum has lost more than 30 percent.
It shows the performance of the ten highest-priced crypto-currencies expressed in billions of dollars.
The positive price developments of recent weeks have been almost undone. Again, the MA20 has slammed in the weekly chart. In addition, there were "fake news" to Goldman Sachs, which forced the Bitcoin course and thus most other courses to their knees. While price losses for Bitcoin, Stellar and Monero remained relatively low, Ethereum, Bitcoin Cash, EOS and Cardano had to cope with price losses of over 20 percent. Ethereum was hit particularly hard: The cryptocurrency focused on smart contracts had to make up almost a third of its course. The market capitalization of all cryptocurrencies has fallen accordingly from $ 235 billion to $ 196 billion. Overall, the situation looks bearish. Short positions are an option, at the latest when the price drops below the specified levels, while the indicated resistances can be used as stop loss.
Best Performance: Monero (XMR)
Yes, also the Monero-course suffered price losses. At 11 percent, however, the price loss is very small compared to other top 10 cryptocurrencies. Shortly after a test of the EMA100 exponential moving average, the price fell, still trying to rally on the EMA50, shortly thereafter falling below the mid-August uptrend. This will continue to be tracked and provides a rough orientation. The MACD is positive and falling while the RSI is at 45. Taking into account the still existing upward trend, one comes to a rather bullish assessment. With the first support at $ 103.15, you can open a long position targeting the two EMAs and specified resistances at $ 138.00 and $ 161.13, respectively. If the price falls below the stop loss, a short position offers itself, with which the EMA50 can be used as stop loss and the second support with 84,13 US dollar as target.
Worst Performance: Ethereum (ETH)
As described on September 9, the Ethereum course faces long-lost course minima. Vitalik's rather modest statements about the industry's growth opportunities may have contributed to this dramatic fall in prices. It is clear that the price is well beyond the exponential moving averages EMA50 and EMA100. With a negative, falling MACD and an oversold RSI, the overall picture is rather bearish. Should the price once again fall below support at $ 191.41, a short position would offer itself, with the first resistance standing at $ 221.71 as stop loss and second support at $ 155.00 as Target can be used. Should the price rise above the first resistance, one could think of a long position where the first target for the second resistance is $ 286.00 and the stop loss is $ 191.41.
Stability of the top 10
In the meantime, Dash has announced a new contender for last place in the top 10: Currently, Dash is with a just 5 percent lower market capitalization competitor Monero hot on the heels. But IOTA is not completely out of the race: only eleven percent separate IOTA from the top 10. Finally, the gap between Cardano and Monero also dropped to eleven percent and also between Stellar, Litecoin and Tether, the distances are about 15 percent.
Winners and losers in the price fall
On average, all cryptocurrencies have fallen by just under 16 percent. Thus, on average, all crypto currencies performed worse than Bitcoin. For the top 100, the result is identical; here, too, prices have fallen by an average of 16 percent. With BitcoinDark and Bitcoin Diamond, there are even two cryptocurrencies that can boast price increases of more than 50 percent. A pump has even doubled the price of BitcoinDark. Otherwise, Dogecoin was able to show a price increase of 17 percent. The losers of the week are MOAC and RChain, which have lost more than 35 percent. 80 out of 100 cryptocurrencies performed worse than Bitcoin. The market share of Bitcoin rose accordingly to 56 percent.
Disclaimer: The price estimates shown in this post does not constitute buy or sell recommendations. They are merely an assessment of the analysis.