Altcoin market analysis – Red week lets Ethereum course sink by more than 30 per cent

The total market capitalization has fallen to 196 billion US dollars. All crypto currencies had to cope with price losses. While Bitcoin, Stellar and Monero only lose about 12 percent, Ethereum has lost more than 30 percent.

The price development of the ten crypto currencies with the highest market capitalisation, which is stated in billions of US dollars, is shown.

The positive price developments of the last weeks were almost undone. Again, the MA20 has struck in the weekly chart. In addition, there was “fake news” about Goldman Sachs, which brought the Bitcoin price and most other prices to their knees. While the price losses for Bitcoin, Stellar and Monero remained comparatively small, Ethereum, Bitcoin Cash, EOS and Cardano had to cope with price losses of over 20 percent. Ethereum was hit particularly hard: the crypto currency, which focuses on smart contracts, had to give up almost a third of its price. The market capitalization of all crypto currencies fell accordingly from USD 235 billion to USD 196 billion. Overall, the situation is bearish. Accordingly, short positions are possible, at the latest when the price falls below the specified supports, while the specified resistances can be used as stop losses.

Best price performance according to the news spy: Monero (XMR)

Yes, the Monero course also suffered losses. At eleven percent, however, the news spy loss is very low compared to other crypto currencies in the top 10: Shortly after a test of the exponentially moving average EMA100, the price fell, tried to bounce off the EMA50 and shortly thereafter fell below the upward trend that had been in effect since mid-August. However, this is still being pursued and offers a rough orientation. The MACD is positive and falling, while the RSI is at 45. Considering the still existing upward-trend, one comes to a rather bullish assessment. With the first support at 103.15 US dollars one can open a long position and target the two EMAs as well as the indicated resistances at 138.00 US dollars and 161.13 US dollars. If the price falls below the stop loss, then a short position is the best choice, where the EMA50 can be used as a stop loss and the second support at 84.13 US dollars as a target.

Worst price performance: Ethereum (ETH)

As described only on 9 September, the Ethereum course is confronted with course minima that have not existed for a long time. Vitalik’s rather cautious comments about the industry’s growth opportunities may have contributed to this dramatic fall. What is certain is that the price is far beyond the exponentially moving averages EMA50 and EMA100. With a negative, falling MACD and an oversold RSI, the overall impression is bearish. Should the price fall below the support level of 191.41 US dollars again, a short position would be the order of the day, where the first resistance at 221.71 US dollars could be used as a stop loss and the second support at 155.00 US dollars as a target. Should the price rise above the first resistance again, one could think of a long position with the first target at the second resistance at 286.00 US dollars and the stop loss at 191.41 US dollars.

Stability of the Bitcoin secret

In the meantime, Bitcoin secret, a new contender for the last place in the top 10, has announced itself: Currently, Dash is closely on its heels with a market capitalization that is only 5 percent lower than that of Monero. But IOTA is not completely out of the running either: Only eleven percent separate IOTA from the top 10. After all, the gap between Cardano and Monero has also dropped to eleven percent and the gap between Stellar, Litecoin and Tether is also around 15 percent.

Winners and losers in the course crash
On average, all crypto currencies have fallen by almost 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 crypto currencies that can show price increases of over 50 percent. One pump even doubled BitcoinDark’s price. Otherwise Dogecoin could show a course increase of 17 per cent. Ver