After a week of tough market conditions for the major cryptocurrencies, especially Ethereum and other altcoins, overnight trading saw downward pressures on price ease.
As we reported yesterday, while Bitcoin’s price has remained relatively stable over the course of this week, the price of Ethereum and other altcoins has seem some forced down to year low-points, with Bitcoin Cash turning the clock back to prices it hasn’t seen since October of 2017.
It’s now been a little over a week since trading on September 5th and into the morning of the 6th (GMT+1) saw $36bn knocked off the total market capitalisation of all cryptocurrencies. The last seven days of trading has bought that down another $9bn to $194bn – though yesterday saw it as low as $186bn at times.
However, after days of losses, the last 24hrs of trading has seen the price of Bitcoin and Ethereum rally somewhat – with the former now back around the $6,400 mark and the later back above $180 and approaching $190.
As of around 9.30am this morning (GMT+1), the prices of the Top 10 most traded cryptocurrencies were as follows:
While the moves are encouraging, they will not be seen as enough to be characterised as a breakout from the general downward trends that the last week has seen. Bitcoin has spent the vast majority of the last week in a narrow channel between $6,200 and $6,400 – as so is only currently exploring resistance at the top of that, as things stand.
In the case of Ethereum, only when it starts to reach price points above $220 will technicals people begin to start talking about it breaking out of the downward channel that has shaped its price movement in 2018.
That, we’re afraid, seems a long way off. Indeed, a look at the amount of Ethereum holding a short position on the crypto shows that sentiment would very much still seem to be against the second-rank coin – though not, perhaps, to the extent it was a few days ago.