Ethereum Touches Mt.4k And Much More!

BITCOIN ANALYSIS: SEPTEMBER, 2021

Market Structure:

Bitcoin is the largest cryptocurrency developed by an anonymous person in 2009. Bitcoin inspired all future projects including Ethereum. Here’s the market structure of Bitcoin.

Bitcoin is trading at $50461. The market structure of Bitcoin is extremely bullish owing to the break of multiple structures on the daily time frame. In addition to this, the coin broke $50000 and closed above it on the hourly chart. The coin has rallied over 70% from the May crash. In the process, key structure points such as $36176, $41277 and $49779 were broken by Bitcoin decisively. Bitcoin needs to hold above $50000 to witness a move to $55000 and $60000.

On the hourly chart, the coin has faced a rejection from a prominent supply zone of $50716 to $51000. However, it found support at the 49550 levels and is prime for a bounce back. The coin must close above the aforementioned supply zones in order to witness the next leg of its bull-run. If it does not give a breakout, it needs to sustain above $50000 at least.

Bitcoin analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for Bitcoin in the short-term. The hourly RSI is above the neutral region. It stands at 54.53 and has the potential to go higher,

The MACD is on the verge of crossing above the signal line. If it does, the coin may witness a move above the supply zone.

Bitcoin analysis ethereum
source: tradingview

Conclusion:

On the breakout and close above $51000, $53000 and $55000 are the targets on the upside.

On the breakdown and close below $49569, $49000 and $48536 are the targets on the downside.

ETHEREUM ANALYSIS: SEPTEMBER, 2021

Market Structure:

Ethereum is the second largest cryptocurrency in terms of market capitalization, developed to complement Bitcoin. Here’s the market structure of Ethereum.

Ethereum is trading at $3917. The market structure of Ethereum is extremely bullish as it looks to regain its all-time high again. Ethereum reclaimed the $4000 early in trade yesterday. However, it failed to hold that level and quickly went into consolidation between $3900 and $4000. It seems as though the coin is going through a possible accumulation phase. If it is so, it will give a huge impulsive move or a mark-up when and if the consolidation breaks. On the other hand, if it turns out to be a distribution phase, the coin may fall to $3700 as it provides a short-term demand zone.

The coin must break and close above $4000 to witness new all-time highs in the recent future. Thus, $4000 will act as the immediate resistance. On the other hand, short-term demand zones are present at $3900 and $4000.

Ethereum analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price strength for Ethereum in the short-term. The hourly RSI is barely above the neutral zone. It stands at 50.51 and has the potential to move in either direction.

The MACD is below the signal line owing to the rejection faced at the $4000 level.

Ethereum analysis
source: tradingview

Conclusion:

On the breakout and close above $4000, $4200 and $4400 are the targets on the upside.

On the breakdown and close below $3885, $3700 and $3553 are the targets on the downside.

XRP ANALYSIS: SEPTEMBER, 2021

Market Structure:

XRP is the cryptocurrency owned and issued by Ripple labs. Here’s the market structure of XRP.

The market structure of Ripple is extremely bullish owing to the recent surge in its price. The coin has made four consecutive bullish candles on the daily chart following the SEC’s hearing on 31st August. In the process, the coin broke an important resistance at $1.25 and even crossed $1.30 for a brief time. The coin must close above $1.30 on the daily chart to witness $1.35 and beyond.

On the hourly chart, the coin has given a minor breakdown below $1.27. If the coin fails to close above $1.27, XRP may retest the zone of $1.23 for the last time before witnessing an impulsive move on the upside. $1.23 is the immediate demand order block on the hourly chart, thus making it favourable for the coin to test it.

XRP Analysis
source: tradingview

Market Indicators:

The Relative Strength Index is indicating mild price weakness for the coin in the short-term. The hourly RSI is below the neutral region. It stands at 43.56 and has the potential to go lower.

The MACD is below the signal line, confirming the breakdown of the support zone.

XRP Analysis
source: tradingview

Conclusion:

On the breakout and close above $1.2877, $1.30 and $1.32 are the targets on the upside.

On the breakdown and close below $1.2633, $1.245 and $1.233 are the targets on the downside. The market structure of XRP is similar to that of Ethereum.

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