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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets August 31, 2021 Sponsored by Bitcoin (BTC) -1.4% $47,431 Ether (ETH) +4.2% $3,333 (Price data as of August 31 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning: Technician's Take: Bitcoin Rangebound; Holding Support Above $46K And check out the CoinDesk TV show "First Mover," hosted by Zack Seward and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Caitlin Long, Avanti Bank John Woo, Ava Labs – Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Polkadot (DOT): +12.2% Algorand (ALGO): +11.4% Uniswap (UNI): +7.2%Chainlink (LINK): +4.0%
Losers: Polygon (POLY): -2.7% Dogecoin (DOGE): -1.9% The Graph (GRT): -1.6% Bitcoin Cash (BCH): -1.6%Litecoin (LTC): -1.5%
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Market Moves by Omkar Godbole Ether Poised for Biggest Monthly Price Gain Since April; Analysts Remain Bullish As ether heads for a monthly rise of more than 10%, analysts are maintaining a positive bias, citing $3,400 as key resistance to beat for the bulls.
The native token of Ethereum’s blockchain was trading near $3,340 at press time, representing a 31% gain for August. That’s the second straight monthly rally and the largest since April, when prices rose by nearly 45%, according to CoinDesk 20 data.
Data tracked by Skew show ether is the top-performing major asset for this month, with bitcoin languishing in second place on a gain of almost 15%.
Demand for ether spiked earlier in the month in hopes that the Ethereum Improvement Proposal (EIP) 1559 implemented on Aug. 5 would remove a notable chunk of coins from circulation. Ether outshines bitcoin, S&P 500 and gold (Source: Skew) The amount of ether burned is now directly linked to network usage because the EIP burns a portion of fees paid to miners.
The upgrade has burned a total of 146626.2 ETH since activation, taking out 40% of the new coins issued, according to data source Etherchain. Recently, ether’s daily issuance, or the number of coins mined, fell below bitcoin’s, indicating that the path of least resistance for ether is to the higher side.
Still, ether’s ascent has stalled since mid-August, with prices stuck in the $3,000-$3,400 range. According to Stack Funds’ co-founder and COO Matthew Dibb, traders have been occupied with non-fungible tokens (NFTs). Furthermore, money has been flowing into the so-called Ethereum alternatives like Solana, Cardano, Cosmos, Avalanche. Ether's Bollinger bands squeeze (Source: TradingView) Ether’s Bollinger bands, or volatility bands placed two standard deviations above and below the 20-day moving average (MA) of price, are narrowing due to the ongoing price squeeze.
The Bollinger bandwidth calculated by dividing the spread between the volatility bands by the 20-day MA has declined to 0.12, the lowest since October 2020. A prolonged period of low volatility consolidation often ends with a big move.
A bullish breakout looks likely as blockchain analytics firm IntoTheBlock foresees a supply crisis in ether. “Just in the month of August, more than 781,000 ETH have been withdrawn from exchanges. This, combined with the amount of ETH deposited in the 2.0 contract + the amount locked in DeFi (~ 9.7m) + the increasing burn rate driven by non-fungible tokens, may push a liquidity crisis in ETH,” IntoTheBlock said in the Telegram-based market insights group.
According to Stack’s Dibb, “a confirmed close [UTC] above the $3,400 range may pave the way to significant gains for ETH, despite the network’s gas being historically high.” Gas refers to the fee paid to execute a transaction or a contract on Ethereum successfully.
Joel Kruger, a currency strategist at LMAX Digital, also mentioned that price as the level to beat for the bulls. “We need to pay attention to $3,400 and see if we can get a daily close above. Otherwise, no confirmation and could just roll over,” Kruger told CoinDesk in a Telegram chat.
Katie Stockton, the founder and managing partner of Fairlead Strategies, expects a breakout as intermediate and long-term trends are positive. “The rising 50-day (~10-week) MA, near $2707 currently, has now become initial support for Ether, but we think short-term overbought conditions may be absorbed without a pullback of that magnitude,” Stockton mentioned in the weekly research note published on Monday, referring to the moving average.
Rrecent options market flows also suggest investors are positioning for a range breakout. “Options implied volatility has dropped off substantially from previous highs; however, we have seen renewed interest in ether call options for September and December expiry,” Stack Funds’ Dibb told CoinDesk in a WhatsApp chat.
A call option gives the purchaser the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date.
Read the original story here: Ether Poised for Biggest Monthly Price Gain Since April; Analysts Remain Bullish
Technician's Take by Damanick Dantes, CMT Bitcoin Rangebound; Holding Support Above $46K Bitcoin (BTC) registered a series of lower price highs over the past few days as buyers continue to take profits. The cryptocurrency is stuck in a tight range between $46,000 support and $50,000 resistance and is roughly flat over the past week.
A consolidation phase is likely to persist this week as the Aug. 6 price breakout above $42,000 appears to be exhausted. Bitcoin four-hour price chart. (Source: TradingView) The relative strength index (RSI) is almost oversold on the four-hour chart, similar to August 19 and August 26, which preceded brief price bounces.Initial support is seen around the 100-period moving average on the four-hour chart, currently around $47,000. Short-term momentum is deteriorating, which is typical during a consolidation phase. However, if $46,000 support is broken, there is risk of a deeper pullback towards the $42,000 breakout level.
Read the original story here: Bitcoin Rangebound; Holding Support Above $46K
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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