The Bitcoin And Ether War. Standard Chartered Is More Optimistic About Ether

Bitcoin has dominated the cryptocurrency market for a long time, but there is a sense of belief amongst some quarters that Ethereum would soon replace it as the leading crypto.

Standard Chartered Predicts Ether At $35,000

British banking giant Standard Chartered is very optimistic about the Ethereum network and believes its Ether coin would outperform Bitcoin in the long run. The banking giant published its first reports on the cryptocurrency market earlier today and revealed that it is more optimistic about Bitcoin than Ether.

Standard Chartered’s global research team led by Geoffrey Kendrick stated that Ethereum could be described as a financial market. On this market, various activities such as lending, insurance, and exchanges are carried out. The team further added that they view Bitcoin as more of a currency.

BTC/USD chart. Source: FXEMPIRE

Due to the broader use cases for the Ethereum blockchain compared to Bitcoin, the analysts believe that Ether’s total market cap will catch up to that of Bitcoin over time. The analysts put Bitcoin’s value between $50,000 and $175,000 over the long term. Ether, on the other hand, has a prediction of between $26,000 and $35,000. However, for Ether to reach that level, the team believes that Bitcoin would need to trade at $175,000 per coin.

Ether reaching the $35,000 mark would represent nearly 1000% increase in price from its current value. Meanwhile, BTC at $175,000 would only represent around a 350% increase from its current value.

If Ether were to reach the $35,000 price, its market cap would surpass that of Bitcoin, and it will become the leading cryptocurrency in terms of market capitalization.

Bitcoin And Ether Are Recovering From Recent Lows

Bitcoin and Ether are both recovering from the bearish performance experienced over the summer. Bitcoin dropped below the $30k region in July as the bears gained control of the market. However, BTC has now bounced back and is trading around the $52k region.

ETH/USD chart. Source: FXEMPIRE

Ether, on the other hand, dropped below the $2,000 resistance level. ETH’s price has seen gone up by over 80%, and it is now trading above the $3,700 level.

Bitcoin Price Prediction – Bears Eye a Return to sub-$50,000

After a mixed start to the week for Bitcoin and the broader crypto market, it’s been a bearish Tuesday morning.

At the time of writing, Bitcoin, BTC to USD, was down by 3.02% to $51,084.0.

A mixed start to the day saw Bitcoin rise to an early morning high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,262, Bitcoin slid to a late morning current day low $50,600.0.

The sell-off saw Bitcoin fall through the first major support level at $51,570.

Steering clear of the 23.6% FIB of $50,473 and the second major support level at $50,464 was key early on.

BTCUSD 070921 Hourly Chart

The Rest of the Pack

It has been a bearish morning for the broader crypto market.

At the time of writing, Ripple’s XRP was down by 7.45% to lead the way down.

Cardano’s ADA (-6.36%), Chainlink (-6.39%), and Crypto.com Coin (-6.47%) also saw heavy losses.

Binance Coin (-5.16%), Bitcoin Cash SV (-5.95%), Ethereum (-4.33%), Litecoin (-5.52%), and Polkadot (-2.42%) also struggled, however.

Through the early hours, the crypto total market cap rose to an early morning high $2,390bn before falling to a low $2,253bn. At the time of writing, the total market cap stood at $2,292bn.

Bitcoin’s dominance fell to an early morning low 41.45% before rising to a high 42.21%. At the time of writing, Bitcoin’s dominance stood at 41.93%.

For the Afternoon Ahead

Bitcoin would need to move back through the first major support level at $51,570 and the pivot at $52,156 to bring the first major resistance level at $53,262 into play.

Support from the broader market will be needed, however, for Bitcoin to breakout from this morning’s high $52,888.0.

Barring a broad-based crypto rebound resistance at $52,000 would likely pin Bitcoin back.

In the event of an extended rally through the afternoon, the first major resistance level at $53,262 would likely cap the upside. The Bitcoin bulls may need to wait for another day to revisit $55,000 levels.

Failure to move back through the first major support level at $51,570 would bring sub-$51,000 levels back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$50,000.

The 23.6% FIB of $50,473 and the second major support level at $50,464 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs early in the morning before narrowing.

The 100 EMA also pulled away from the 200 EMA adding further early support.

Through the mid-morning, however, a narrowing of the 50 and the 100 EMAs on the 200 weighed.

Key going into the afternoon would be a break back through to $52,000 levels.

A further narrowing of the 50 EMA on the 100 EMA, however, would bring sub-$51,000 levels back into play.

Shiba Inu Retreats Amid Broad Weakness In Crypto Markets

Shiba Inu Is Under Pressure

Shiba Inu is currently trying to settle below the support level at $0.000007 while Bitcoin is moving lower. The world’s leading cryptocurrency has managed to settle above the resistance at $51,500 and made an attempt to settle above the next resistance level at $53,000. This attempt yielded no results and Bitcoin pulled back, which triggered a pullback in many cryptocurrencies.

Ethereum failed to settle above the psychologically important $4,000 level and moved below $3,900. Dogecoin is currently trying to settle below $0.30 while XRP is testing the support at $1.35.

Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has recently moved away from lows near 41%. It should be noted that the recent decline of Bitcoin Dominance provided no material support to Shiba Inu as traders focused on major altcoins.

Technical Analysis

shiba inu september 7 2021

Shiba Inu settled below the support at $0.00000745 and got to the test of the next support level at $0.000007. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case Shiba Inu declines below the support level at $0.000007, it will move towards the next support at $0.0000067. A successful test of this level will push Shiba Inu towards the support which is located at the recent lows at $0.0000065. If Shiba Inu settles below this support level, it will head towards the next support at $0.0000063.

On the upside, the nearest resistance level for Shiba Inu is located at $0.00000745. A move above this level will push Shiba Inu towards the resistance near the recent highs at $0.0000077. In case Shiba Inu gets above this level, it will head towards the next resistance level at $0.000008. A successful test of this level will provide Shiba Inu with an opportunity to get to the test of the next resistance at $0.0000085.

For a look at all of today’s economic events, check out our economic calendar.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 7th, 2021

Ethereum

Ethereum fell by 0.58% on Monday. Following a 1.66% gain on Sunday, Ethereum ended the day at $3,928.89.

A mixed start to the day saw Ethereum rise to a late morning intraday high $3,973.26 before hitting reverse.

Falling short of the first major resistance level at $4,011, Ethereum fell to a mid-day intraday low $3,868.00.

Coming within range of the first major support level at $3,864, Ethereum briefly revisited $3,970 levels before easing back.

At the time of writing, Ethereum was down by 0.14% to $3,923.22. A mixed start to the day saw Ethereum rise to an early morning high $3,931.63 before falling to a low $3,916.15.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 070921 Hourly Chart

For the day ahead

Ethereum would need to avoid a fall back through the $3,923 pivot to bring the first major resistance level at $3,979 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $3,950 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $4,000 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $4,100 before any pullback. The second major resistance level sits at $4,029.

A fall back through the $3,923 pivot would bring the first major support level at $3,873 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level at $3,818 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,874

Pivot Level: $3,923

First Major Resistance Level: $43979

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 5.52% on Monday. Partially reversing a 9.49% rally from Sunday, Litecoin ended the day at $219.47.

A bearish start to the day saw Litecoin fall from an early morning intraday high $232.41 to a mid-day intraday low $215.21.

Litecoin fell through the 38.2% FIB of $223 and the first major support level at $218 before finding support.

Litecoin broke back through the first major support level at $218 to end the day at sub-$220 levels. The 38.2% FIB of $223 pinned Litecoin back in the 2nd half of the day.

At the time of writing, Litecoin was up by 0.56% to $220.69. A bullish start to the day saw Litecoin rise from an early morning low $219.24 to a high $220.69.

Litecoin left the major support and resistance levels untested early on

LTCUSD 070921 Hourly Chart

For the day ahead

Litecoin would need to move through the $222 pivot and the 38.2% FIB of $223 to bring the first major resistance level at $230 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $225 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $232.41 would likely cap any upside.

In the event of another extended breakout, Litecoin could test the second major resistance level at $240.

Failure to move through the $222 pivot and the 38.2% FIB of $223 would bring the first major support level at $212 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$210 levels. The second major support level sits at $205.

Looking at the Technical Indicators

First Major Support Level: $212

Pivot Level: $222

First Major Resistance Level: $230

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rallied by 6.18% on Monday. Following a 4.11% gain on Sunday, Ripple’s XRP ended the day at $1.39238.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $1.31018 before making a move.

Steering clear of the first major support level at $1.2590, Ripple’s XRP rallied to a late intraday high $1.41608.

Ripple’s XRP broke through the first major resistance level at $1.3337 and the second major resistance level at $1.3605.

More significantly, Ripple’s XRP also broke through the 62% FIB of $1.4096 before ending the day at sub-$1.40 levels.

At the time of writing, Ripple’s XRP was down by 0.07% to $1.39134. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.39149 to a low $1.38901.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 070921 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.3729 pivot to bring first major resistance level at $1.4356 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB of $1.4096.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $1.50 before any pullback. The second major resistance level sits at $1.4788.

A fall through the $1.3729 pivot would bring the first major support level at $1.3297 into play.

Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.30 levels. The second major support level sits at $1.2670.

Looking at the Technical Indicators

First Major Support Level: $1.3297

Pivot Level: $1.3729

First Major resistance Level: $1.4356

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

EtherLite Stays Under Pressure While Ethereum Moves Closer To All-Time Highs

EtherLite Must Attract More Traders To Gain Traction

EtherLite failed to gain upside momentum and remains under pressure while Ethereum is moving towards all-time high levels.

EtherLite is a hard fork of Ethereum which has began to trade on exchanges this summer. Often, such projects benefit from the popularity of the original project as traders rush to buy all coins that look “similar” to the original coin, sometimes without digging deep into fundamentals and relying solely on hype.

However, Ethereum’s popularity failed to provide any support to EtherLite in recent weeks. Ethereum has recently managed to settle above the resistance at $3,775 and moved towards the psycologically important $4,000 level. Ethereum has already made several attempts to settle above $4,000 but failed to develop sufficient upside momentum.

Meanwhile, Bitcoin managed to get above the key resistance level at $50,000 and is testing the next resistance at $51,500. A move above this level should provide broad support to crypto markets, but it remains to be seen whether it will help EtherLite which suffers from lack of popularity.

Technical Analysis

etl usd september 6 2021

The market for EtherLite is fragmented and trading volume is low, so it’s hard to talk about significant technical levels. At the same time, it should be noted that EtherLite is trading close to a material support level, and a move below this level may trigger and additional sell-off, although it remains to be seen whether there is a sufficient number of active traders to make fast moves possible.

EtherLite project needs to attract more traders to have a chance to gain upside momentum. At this point, the trading volume is so low that it cannot attract a sufficient number of speculators who prefer more established coins. This is true for hundreds of similar projects that fight for traders’ attention – if they cannot attract some “critical mass” of trading volume, they fail.

In this environment, Ethereum’s strength may even serve as a bearish catalyst for EtherLite as traders have no reason to prefer the illiquid coin to an established and highly liquid project which is racing towards its all-time high levels.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin and Ethereum – Weekly Technical Analysis – September 6th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 6.10% in the week ending 5th September. Reversing a 0.95% decline from the previous week, Bitcoin ended the week at $51,780.0.

A bearish start to the week saw Bitcoin fall to a Wednesday intraweek low $46,590.0 before making a move.

Steering clear of the first major support level at $46,554, Bitcoin rallied to a Sunday intraweek high $51,900.0.

Bitcoin broke through the 23.6% FIB of $50,473 and the first major resistance level at $50,802 to end the week at $51,700 levels.

5 days in the green that included a 3.53% rise on Wednesday and a 3.77% rally on Sunday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the 23.6% FIB of $50,473 and the $50,090 pivot to support a run the first major resistance level at $53,590.

Support from the broader market would be needed for Bitcoin to break back through to $53,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $54,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test the second major resistance level at $55,400.

A fall through the 23.6% FIB and the $50,090 pivot would bring the first major support level at $48,280 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $44,780.

At the time of writing, Bitcoin was flat at $51,782.6. A mixed start to the week saw Bitcoin fall to an early Monday low $51,503.0 before rising to a high $51,924.0.

Bitcoin left the major support and resistance levels untested early on.

BTCUSD 060921 Daily Chart

Ethereum

Ethereum rallied by 22.49% in the week ending 6th September. Following a 0.46% decline from the previous week, Ethereum ended the week at $3,952.17.

A mixed start to the week saw Ethereum fall to a Monday intraweek low $3,145.45 before making a move.

Steering clear of the first major support level at $3,058, Ethereum rallied to a Friday intraweek high $4,030.35.

Ethereum broke through the week’s major resistance levels and also through the 23.6% FIB of $3,369 to end the week at $3,950 levels.

5-days in the green that included a 6.23% rise on Tuesday and an 11.64% surge on Wednesday delivered the upside in the week.

For the week ahead

Ethereum would need to avoid the pivot level at $3,709 to support a run at the first major resistance level at $4,273.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,200 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $4,300 would likely cap any upside.

In the event of another extended breakout, Ethereum could test the second major resistance level at $4,594.

A fall through the $3,709 pivot would bring the first major support level at $3,388 and the 23.6% FIB of $3,369 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,000 levels, however. The second major support level sits at $2,824.

At the time of writing, Ethereum was down by 0.65% to $3,926.39. A mixed start to the week saw Ethereum rise to an early Monday high $3,964.21 before falling to a low $3,915.00.

Ethereum left the major support and resistance levels untested at the start of the week.

ETHUSD 060921 Daily Chart

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 6th, 2021

Ethereum

Ethereum rose by 1.66% on Sunday. Reversing a 1.33% loss from Saturday, Ethereum ended the week up by 22.49% to $3,952.17.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,835.70 before making a move.

Steering clear of the first major support level at $3,825, Ethereum rallied to a late intraday high $3,982.64.

Ethereum broke through the first major resistance level at $3,960 before easing back.

At the time of writing, Ethereum was down by 0.29% to $3,940.60. A mixed start to the day saw Ethereum rise to an early morning high $3,964.21 before falling to a low $3,926.55.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 060921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,924 pivot to bring the first major resistance level at $4,011 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,000 levels.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $4,150 before any pullback. The second major resistance level sits at $4,070.

A fall through the $3,924 pivot would bring the first major support level at $3,864 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,777.

Looking at the Technical Indicators

First Major Support Level: $3,864

Pivot Level: $3,924

First Major Resistance Level: $4,011

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 9.49% on Sunday. Following a 0.55% decline on Saturday, Litecoin ended the week up by 33.14% to $232.30.

A mixed start to the day saw Litecoin fall to an early morning intraday low $210.57 before making a move.

Steering clear of the first major support level at $205, Litecoin rallied to a late intraday high $323.64.

Litecoin broke through the first major resistance level at $222 and the second major resistance level at $232.

More significantly, Litecoin also broke through the 38.2% FIB of $223 to end the day at $232 levels.

At the time of writing, Litecoin was down by 1.49% to $228.84. A bearish start to the day saw Litecoin fall from an early morning high $232.41 to a low $227.04.

Litecoin left the major support and resistance levels untested early on

LTCUSD 060921 Hourly Chart

For the day ahead

Litecoin would need to avoid the $225 pivot and the 38.2% FIB of $223 to bring the first major resistance level at $240 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $235 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Litecoin could test the second major resistance level at $247.

A fall through the $225 pivot and the 38.2% FIB of $223 would bring the first major support level at $218 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$210 levels. The second major support level sits at $203.

Looking at the Technical Indicators

First Major Support Level: $218

Pivot Level: $225

First Major Resistance Level: $240

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 4.11% on Sunday. Reversing a 2.65% decline from Saturday, Ripple’s XRP ended the week up by X% to $1.30683.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.23801 before making a move.

Steering clear of the first major support level at $1.2306, Ripple’s XRP rallied to a late intraday high $1.31269 before easing back.

Ripple’s XRP broke through the first major resistance level at $1.2895 to end the day at $1.30 levels.

At the time of writing, Ripple’s XRP was up by 1.35% to $1.32441. A bullish start to the day saw Ripple’s XRP rally from an early morning low $1.31018 to a high $1.34039.

Ripple’s XRP briefly broke through the first major resistance level at $1.3337 before easing back.

XRPUSD 060921 Hourly Chart

For the day ahead

Ripple’s XRP would need to avoid the $1.2858 pivot to bring first major resistance level at $1.3337 back into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.33 levels.

Barring an extended crypto rally, the morning high $1.34039 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $1.40 before any pullback. The second major resistance level sits at $1.3605.

A fall through the $1.2858 pivot would bring the first major support level at $1.2590 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the second major support level at $1.2112.

Looking at the Technical Indicators

First Major Support Level: $1.2590

Pivot Level: $1.2858

First Major resistance Level: $1.3337

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – September 6th, 2021

Bitcoin, BTC to USD, rose by 3.77% on Sunday. Reversing a 0.20% loss from Saturday, Bitcoin ended the week up by 6.11% to $51,779.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $49,470.0 before making a move.

Steering clear of the first major support level at $49,352, Bitcoin rallied to a late intraday high $51,900.0.

Bitcoin broke through the first major resistance level at $50,495 and the second major resistance level at $51,091.

The breakout also saw Bitcoin break back through the 23.6% FIB of $50,473 to end the day at $51,700 levels.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Sunday

Chainlink led the way, surging by 12.51%, with Litecoin rallying by 9.49%.

Bitcoin Cash SV (+3.48%), Cardano’s ADA (+2.84%), Crypto.com Coin (+5.53%), Polkadot (+2.51%), and Ripple’s XRP (+4.11%) also found strong support.

Binance Coin (+1.44%) and Ethereum (+1.66%) trailed the front runners, however.

It was also a bullish week for the crypto majors.

Chainlink (+30.44%), Ethereum (+22.49%), Litecoin (+33.14%), and Polkadot (+26.20%) led the way.

Bitcoin Cash SV (+13.65%), Crypto.com Coin (+14.93%), and Ripple’s XRP (+14.50%) also found strong support.

Binance Coin (+5.17%) and Cardano’s ADA (+2.14%) saw modest gains, however.

In the week, the crypto total market fell to a Monday low $1,996bn before rising to a Sunday high $2,390bn. At the time of writing, the total market cap stood at $2,342bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Sunday low 40.85%. At the time of writing, Bitcoin’s dominance stood at 41.50%.

This Morning

At the time of writing, Bitcoin was down by 0.24% to $51,657.1. A mixed start to the day saw Bitcoin rise to an early morning high $51,877.0 before falling to a low $51,657.1.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (+0.09%), Crypto.com Coin (+2.00%), and Ripple’s XRP (+0.84%) found early support.

It was a bearish start for the rest of the majors, however.

At the time of writing, Chainlink was down by 1.97% to lead the way down.

BTCUSD 060921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $51,050 pivot to bring the first major resistance level at $52,630 into play.

Support from the broader market would be needed for Bitcoin to break back through $52,000 levels.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,480.

A fall through the $51,050 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $50,200 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $48,620.

Bitcoin Rises Back Above $50,000

The world’s biggest and best-known cryptocurrency is up 81% from this year’s low of $27,734 on Jan. 4.

Ether, the coin linked to the ethereum blockchain network, rose 1.16% to $3,932.07 on Sunday, adding $44.97 to its previous close.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Bhargav Acharya in Bengaluru; Editing by David Goodman)

The Crypto Daily – Movers and Shakers – September 5th, 2021

Bitcoin, BTC to USD, fell by 0.20% on Saturday. Following a 1.48% gain on Friday, Bitcoin ended the day at $49,899.0.

After mixed start to the day, Bitcoin rose to a late morning intraday high $50,544 before hitting reverse.

While falling short of the first major resistance level at $51,318, Bitcoin broke back through the 23.6% FIB of $50,473.

The reversal, however, saw Bitcoin fall to a late afternoon intraday low $49,401.0.

Steering clear of the first major support level at $48,501, Bitcoin revisited $50,200 levels before easing back into the red.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday

Bitcoin Cash SV (+3.75%), Binance Coin (+1.86%), and Crypto.com Coin (+1.03%) bucked the trend on the day.

It was a bearish day for the rest of the majors, however.

Cardano’s ADA slid by 4.53% to lead the way down.

Chainlink (-2.89%), Polkadot (-3.38%), and Ripple’s XRP (-2.65%) also struggled.

Ethereum (-1.33%) and Litecoin (-0.55%) saw relatively modest losses on the day, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Saturday high $2,334bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Saturday low 40.74%. At the time of writing, Bitcoin’s dominance stood at 41.36%.

This Morning

At the time of writing, Bitcoin was down by 0.15% to $49,822.0. A mixed start to the day saw Bitcoin rise to an early morning high $49,956.0 before falling to a low $49,819.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Crypto.com Coin was up by 0.16%, with Bitcoin Cash SV flat to buck the early trend.

It was a bearish start for the rest of the majors, however.

At the time of writing, Ripple’s XRP was down by 0.93% to lead the way down.

BTCUSD 050921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $49,948 pivot to bring the first major resistance level at $50,495 into play.

Support from the broader market would be needed for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $50,544.0 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,091.

Failure to move back through the $49,948 pivot would bring the first major support level at $49,352 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level at $48,805 should limit the downside.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 4th, 2021

Ethereum

Ethereum rose by 4.01% on Friday. Reversing a 1.08% fall from Thursday, Ethereum ended the day at $3,940.06.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,710.59 before making a move.

Ethereum fell through the first major support level at $3,728 before rallying to an early afternoon intraday high $4,030.35.

Ethereum broke through the day’s major resistance levels before a late pullback to sub-$4,000.

The pullback saw Ethereum fall back through the third major resistance level at $4,014 to end the day at $3,900 levels.

At the time of writing, Ethereum was up by 0.69% to $3,967.27. A mixed start to the day saw Ethereum fall to an early morning low $3,915.00 before rising to a high $3,970.00.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 040921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,894 pivot to bring the first major resistance level at $4,077 into play.

Support from the broader market would be needed, however, for Ethereum to break out from Friday’s high $4,030.35.

Barring another extended crypto rally, the first major resistance level and resistance at $4,100 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $4,213.

A fall through the $3,894 pivot would bring the first major support level at $3,757 into play.

Barring another extended sell-off, however, Ethereum should steer clear of sub-$3,600 levels. The second major support level sits at $3,574.

Looking at the Technical Indicators

First Major Support Level: $3,757

Pivot Level: $3,894

First Major Resistance Level: $4,077

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin surged by 16.25% on Friday. Following a 1.40% gain on Thursday, Litecoin ended the day at $213.28.

A bearish start to the day saw Litecoin fall to an early morning intraday low $179.87 before making a move.

Finding support at the first major support level at $179, Litecoin surged to a late intraday high $218.00.

Litecoin broke through the day’s major resistance levels to wrap up the day at $213 levels.

At the time of writing, Litecoin was up by 1.34% to $216.13. A mixed start to the day saw Litecoin fall to an early morning low $211.52 before rising to a high $216.25.

Litecoin left the major support and resistance levels untested early on

LTCUSD 040921 Hourly Chart

For the day ahead

Litecoin would need to avoid the $204 pivot to bring the first major resistance level at $228 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $218.00.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Litecoin could test the second major resistance level at $242.

A fall through the $204 pivot would bring the first major support level at $189 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the 23.6% FIB of $178. The second major support level sits at $166.

Looking at the Technical Indicators

First Major Support Level: $189

Pivot Level: $204

First Major Resistance Level: $228

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.91% on Friday. Following a 1.35% gain on Thursday, Ripple’s XRP ended the day at $1.29081.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.22020 before making a move.

Ripple’s XRP fell through the first major support level at $1.2198 before rallying to a mid-afternoon intraday high $1.32354.

Ripple’s XRP broke through the first major resistance level at $1.2919 before hitting reverse.

Coming within range of the second major resistance level at $1.3295, Ripple’s XRP fell back through the first major resistance level to briefly revisit sub-$1.29 levels.

Finding late support, however, Ripple’s XRP wrapped up the day at $1.29 levels.

At the time of writing, Ripple’s XRP was up by 0.32% to $1.29500. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.28223 before rising to a high $1.29500.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 040921 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $1.2782 pivot to bring first major resistance level at $1.3362 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Friday’s high $1.32354.

Barring an extended crypto rally, the first major resistance level and resistance at $1.35 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $1.40 before any pullback. The second major resistance level sits at $1.3815.

A fall through the $1.2782 pivot would bring the first major support level at $1.2328 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level sits at $1.1748.

Looking at the Technical Indicators

First Major Support Level: $1.2328

Pivot Level: $1.2782

First Major resistance Level: $1.3362

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

The Crypto Daily – Movers and Shakers – September 4th, 2021

Bitcoin, BTC to USD, rose by 1.48% on Friday. Following a 0.92% gain on Thursday, Bitcoin ended the day at $50,001.0.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,332.0 before making a move.

Bitcoin fell through the first major support level at $48,482 before rallying to an early afternoon intraday high $51,142.0.

Bitcoin broke through the first major resistance level at $50,216 and the 23.6% FIB of $50,473.

Coming within range of the second major resistance level at $51,157, however, Bitcoin fell back to end the day at sub-$50,100.

The pullback saw Bitcoin fall back through the 23.6% FIB and the first major resistance level.

The near-term bullish trend remained intact, supported by the latest return to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Friday

Litecoin led the way, surging by 16.25%.

Bitcoin Cash SV (+6.26%), Crypto.com Coin (+4.78%), Ethereum (+4.01%), and Polkadot (+4.04%) also found relatively strong support.

Binance Coin (+1.03%), Cardano’s ADA (+0.20%), Chainlink (+2.72%), and Ripple’s XRP (+2.91%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Friday high $2,333bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Friday low 41.13%. At the time of writing, Bitcoin’s dominance stood at 41.45%.

This Morning

At the time of writing, Bitcoin was down by 0.16% to $49,921.0.  A mixed start to the day saw Bitcoin rise to an early morning high $50,012.0 before falling to a low $49,877.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Ripple’s XRP bucked the early trend, rising by 0.16%.

It was a bearish start for the rest of the majors, however.

At the time of writing, Crypto.com Coin was down by 1.73% to lead the way down.

BTCUSD 040921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to avoid the $49,825 pivot to bring the first major resistance level at $51,318 into play.

Support from the broader market would be needed for Bitcoin to break out from 23.6% FIB of $50,473 once more.

Barring a broad-based crypto rally, the first major resistance level and Friday’s high $51,142 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $53,000 before any pullback. The second major resistance level sits at $52,635.

A fall through the $49,825 pivot would bring the first major support level at $48,508 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,015.

Dogecoin Fundamentals Look Up as Elon Musk Touts Update

The Dogecoin community has had a lot to celebrate lately. Doge is hovering near the USD 0.30 level at the start of September after rising 35% last month. Now that the Dogecoin team has released its latest update, fundamentals could be driving the price more than usual for this meme coin.

The “Dogecoin Developers” Twitter account announced the 1.14.4 release for all users, especially miners. According to Billy Markus, co-founder of Dogecoin, it’s most useful for miners to download the update because they are the ones who “put transactions into the blocks they mine.”

Update Details

It is a minor update but introduces several improvements to the cryptocurrency. According to Dogecoin’s Twitter account, these enhancements include:

  • Facilitating lower fees, which will make it more attractive to users.
  • Bolstering synchronization time up to 2.5x, enabling speedier transactions.
  • “RPC ‘getpeerinfo’ improvements”
  • “GUI options to add peers and import private keys, and peer traffic visibility”
  • Better security

Tesla CEO Elon Musk, who is working with Dogecoin developers to bolster “transaction efficiency,” applauded the progress.

Mainstream Adoption

Never one to be outdone by bitcoin, the Dogecoin community wants to hop on the Twitter bandwagon for payments. Twitter is reportedly in the process of adding bitcoin payments to its Tip Jar feature, which has the potential to catapult the biggest cryptocurrency further into the mainstream. Dogecoin investors are looking to get on Twitter CEO Jack Dorsey’s radar and have their favorite meme coin included too.

No word if Dorsey, a known bitcoin bull, will budge. There is no question, however, that cryptocurrencies have been moving closer to wide-scale adoption.

Most recently, famous actress Reese Witherspoon announced on Twitter that she “just bought her first ETH.” Her tweet drew tens of thousands of likes and thousands of comments, largely from inside the cryptocurrency community, welcoming her to the party and wanting to know if she owns any bitcoin.

Witherspoon bought Ethereum as the second-biggest cryptocurrency has been on a bull run, thanks largely to the popularity of non-fungible tokens (NFTs) and the rise of DeFi. Incidentally, an NFT of the Dogecoin mascot Doge, which is a Shiba Inu breed of dog, sold as an NFT for $4 million.

Bitcoin Price Prediction – U.S Nonfarm Payrolls Bring $53,000 Levels into Play

After a relatively bullish Thursday for Bitcoin and the broader market, it’s been another bullish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 1.99% to $50,257.0.

A mixed start to the day saw Bitcoin fall to an early morning low $48,332.0 before making a move.

Finding support at the first major support at $48,482, Bitcoin rallied to a late morning intraday high $50,494.0.

The morning rally saw Bitcoin break through the first major resistance level at $50,216 and the 23.6% FIB of $50,473 before easing back to sub-$50,300 levels.

BTCUSD 030921 Hourly Chart

The Rest of the Pack

It has been a bullish morning for the broader crypto market.

At the time of writing, Litecoin was up by 5.79% to lead the way.

Bitcoin Cash SV (+3.82%), Chainlink (+4.34%), Crypto.com Coin (+3.21%), and Ethereum (+4.17%) also found strong support.

Binance Coin (+1.28%), Cardano’s ADA (+0.52%), and Ripple’s XRP (+1.31%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,175bn before rising to a high $2,289bn. At the time of writing, the total market cap stood at $2,266bn.

Bitcoin’s dominance rose to an early morning high 41.85% before falling to a low 41.47%. At the time of writing, Bitcoin’s dominance stood at 41.66%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $50,216 to bring the second major resistance level at $51,157 back into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside.

In the event of an extended rally, however, Bitcoin could target $53,000 before any pullback. The third major resistance level sits at $52,891.

A fall back through first major resistance level and through the $49,423 pivot would bring the first major support level at $48,482 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,689.

Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning.

The 100 EMA also pulled away from the 200 EMA adding further support through the morning.

Key going into the afternoon would be a break back through the 23.6% FIB and a move through to $51,000 levels.

A narrowing of the 50 EMA on the 100 EMA, however, would test investor resilience.

On the economic data front, particularly disappointing nonfarm payroll figures from the U.S should deliver support…

Avoiding a fall back through the first major resistance level at $50,216 will be key, however.

The Crypto Daily – Movers and Shakers – September 3rd, 2021

Bitcoin, BTC to USD, rose by 0.92% on Thursday. Following a 3.57% gain on Wednesday, Bitcoin ended the day at $49,273.7.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $48,631.0 before making a move.

Steering clear of the first major support level at $47,229, Bitcoin rallied to an early afternoon intraday high $50,365.0.

Bitcoin broke through the first major resistance level at $49,778 before easing back to $49,200 levels.

Late in the day, Bitcoin briefly revisit $49,850 levels before easing back to end the day at sub-$49,300 levels.

The first major resistance level at $49,778 pegged Bitcoin back.

The near-term bullish trend remained intact, supported by the latest return to $50,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday

Polkadot slid by 5.03%, with Binance Coin (-1.28%), Bitcoin Cash SV (-0.52%), and Ethereum (-1.08%) also seeing red.

It was a bullish day for the rest of the majors, however.

Cardano’s ADA and Crypto.com Coin led the way, with gains of 3.11% and 4.08% respectively.

Chainlink (+0.72%), Litecoin (+1.40%), and Ripple’s XRP (+1.35%) trailed the front runners, however.

In the current the week, the crypto total market fell to a Monday low $1,996bn before rising to a Thursday high $2,285bn. At the time of writing, the total market cap stood at $2,216bn.

Bitcoin’s dominance rose to a Monday high 44.14% before falling to a Wednesday low 41.40%. At the time of writing, Bitcoin’s dominance stood at 41.85%.

This Morning

At the time of writing, Bitcoin was up by 0.11% to $49,326.0. A mixed start to the day saw Bitcoin fall to an early morning low $49,212.7 before rising to a high $49.406.2.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-0.11%), Chainlink (-0.06%), Litecoin (-0.18%), and Ripple’s XRP (-0.24%) saw red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Bitcoin Cash SV was up by 2.38% to lead the way.

BTCUSD 030921 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $49,423 pivot to bring the first major resistance level at $50,216 and the 23.6% FIB of $50,473 into play.

Support from the broader market would be needed for Bitcoin to break out from Thursday’s high $50,365.0.

Barring a broad-based crypto rally, the 23.6% FIB would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,157.

Failure to move through the $49,423 pivot would bring the first major support level at $48,482 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$48,000 levels. The second major support level sits at $47,689.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 3rd, 2021

Ethereum

Ethereum fell by 1.08% on Thursday. Following an 11.64% surge on Wednesday, Ethereum ended the day at $3,787.97.

A mixed start to the day saw Ethereum rise to an early morning intraday high $3,838.28 before hitting reverse.

Falling short of the first major resistance level at $3,987, however, Ethereum fell to a mid-morning intraday low $3,722.65.

Steering clear of the first major support level at $3,528, Ethereum bounced back to an early afternoon high $3,834.98.

Continuing to fall short of the first major resistance level at $3,987, however, Ethereum eased back to end the day at sub-$3,800 levels.

At the time of writing, Ethereum was up by 0.12% to $3,792.70. A mixed star to the day saw Ethereum fall to an early morning low $3,787.80 before rising to a high $3,806.32.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 030921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,783 pivot to bring the first major resistance level at $3,843 into play.

Support from the broader market would be needed, however, for Ethereum to out from Thursday’s high $3,838.28.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $3,899 and resistance at $4,000.

A fall through the $3,783 pivot would bring the first major support level at $3,728 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of sub-$3,500 levels. The second major support level at $3,667 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,728

Pivot Level: $3,783

First Major Resistance Level: $3,843

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rose by 1.40% on Thursday. Following a 5.40% rally on Wednesday, Litecoin ended the day at $183.39.

A bearish start to the day saw Litecoin fall to an early morning intraday low $179.41 before making a move.

Steering clear of the first major support level at $172, Litecoin rallied to a late intraday high $188.00.

Litecoin broke through the 23.6% FIB of $178 and the first major resistance level at $186 before falling back to sub-$184 levels.

At the time of writing, Litecoin was up by 0.19% to $173.74. A mixed start to the day saw Litecoin fall to an early morning low $183.35 before rising to a high $184.12.

Litecoin left the major support and resistance levels untested early on

LTCUSD 030921 Hourly Chart

For the day ahead

Litecoin would need to move back through the $184 pivot to bring the first major resistance level at $188 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $185.00 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $188.00 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $195 before any pullback. The second major resistance level at sits $192.

Failure to move back through the $184 pivot would bring the first major support level at $179 and the 23.6% FIB of $178 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the second major support level at $175.

Looking at the Technical Indicators

First Major Support Level: $179

Pivot Level: $184

First Major Resistance Level: $188

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 1.35% on Thursday. Following a 4.33% gain on Wednesday, Ripple’s XRP ended the day at $1.25431.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.22296 before making a move.

Steering clear of the first major support level at $1.1864, Ripple’s XRP rallied to a mid-day intraday high $1.29500.

Ripple’s XRP broke through the first major resistance level at $1.2625 and the second major resistance level at $1.2873.

Coming up against resistance at $1.30, however, Ripple’s XRP fell back through the second major resistance level to end the day at sub-$1.26.

At the time of writing, Ripple’s XRP was down by 0.34% to $1.25000. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.26252 before falling to a low $1.25000.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 030921 Hourly Chart

For the day ahead

Ripple’s XRP will need to move back through the $1.2574 pivot to bring first major resistance level at $1.2919 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.29 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $1.29500 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $1.35 before any pullback. The second major resistance level sits at $1.3295.

Failure to move back through the $1.2574 pivot would bring the first major support level at $1.2198 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.20 levels. The second major support level sits at $1.1854.

Looking at the Technical Indicators

First Major Support Level: $1.2198

Pivot Level: $1.2574

First Major resistance Level: $1.2919

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

Vitalik Buterin Wants to See Dogecoin Adopt PoS

Meme coin Dogecoin might be a “cryptocurrency like bitcoin,” but Vitalik Buterin hopes it will resemble something closer to Ethereum one day. The Ethereum co-founder opened up a Twitter thread Q&A to the accounts he follows on the social medium platform, and the topics of discussion ran the gamut.

One of his followers, Zhu Su of 3ac, wanted to hear Buterin’s thoughts on the popular meme-coin project Dogecoin. Buterin is no stranger to Dogecoin. In fact, he was recently named as an advisor on the recently reestablished Dogecoin Foundation board. So when he was asked about the meme-coin project, it is no surprise that Buterin addressed the one theme that is expected to catapult the blockchain he architected, Ethereum, to another level — the proof-of-stake (PoS) consensus algorithm.

PoS Model

Ethereum is in the process of transitioning from a proof-of-work (PoW) to a PoS model, which will provide greater scalability and lead to lower fees on the network. Dogecoin is a PoW cryptocurrency that uses electricity for mining new coins.

Energy consumption is a sticking point in the cryptocurrency industry, a topic that came to the forefront after Tesla CEO Elon Musk addressed it. For his part, Musk recently revealed that he is working alongside Dogecoin developers to make the crypto more environmentally friendly.

Buterin’s hope is that “Doge can switch to PoS soon,” suggesting that it could even use the Ethereum code.

Staking for Rewards

While Ethereum is still moving to PoS, holders of the Ether token are already staking — or pledging their coins for a specified period of time to bolster the security of the network in exchange for interest on their holdings. If Dogecoin were to adopt a similar model, demand for the cryptocurrency could potentially increase even further, sending the price higher in the interim.

‘Much Good’

Vitalik Buterin would also like to see Dogecoin, which is known for two-word phrases such as ‘Much Wow,’ use its foundation for more good. He pointed to Dogecoin’s annual inflation of 5 billion coins, saying that instead of canceling it in a PoS world, the project should instead redirect the coins to a “DAO that funds global public goods,” pointing to the project’s “non-greedy wholesome ethos.” Now that he is on the board, it seems that Buterin might have some pull to achieve just that.

Bitcoin Price Prediction – Bulls Back in Control and Eyeing a Return to $53,000

After a bullish Wednesday for Bitcoin and the broader market, it’s been a bullish morning for Bitcoin and the broader crypto market.

At the time of writing, Bitcoin, BTC to USD, was up by 2.28% to $49,937.0.

A mixed morning saw Bitcoin fall to an early morning intraday low $48,631.0 before making a move.

Steering clear of the first major support level at $47,229, Bitcoin rallied to a late morning intraday high $50,350.0.

Bitcoin broke through the first major resistance level at $49,778 to revisit $50,000 for the first time since 23rd August.

Falling short of the 23.6% FIB of $50,473, however, Bitcoin slipped back to sub-$50,000 levels.

BTCUSD 020921 Hourly Chart

The Rest of the Pack

It has been a mixed morning for the broader crypto market.

At the time of writing, Polkadot was down by 4.00% to lead the way down, with Ethereum (-2.11%) also bucking the morning trend.

It was a bullish day for the rest of the majors, however.

Through the morning, Cardano’s ADA and Crypto.com Coin led the way, rallying by 6.06% and by 5.46% respectively.

Litecoin (+3.02%) and Ripple’s XRP (+3.10%) also found strong support, while Binance Coin (+0.17%), Bitcoin Cash SV (+0.61%), and Chainlink (+0.04%) trailed.

Through the early hours, the crypto total market cap fell to an early morning low $2,185bn before rising to a high $2,234bn. At the time of writing, the total market cap stood at $2,228bn.

Bitcoin’s dominance fell to an early morning low 41.76% before rising to a high 42.39%. At the time of writing, Bitcoin’s dominance stood at 42.15%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $49,778 to bring the second major resistance level at $50,733 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through the 23.6% FIB of $50,473.

Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside.

In the event of an extended rally, however, Bitcoin could target $53,000 before any pullback. The third major resistance level sits at $53,282.

A fall back through first major resistance level and through the $48,184 pivot would bring the first major support level at $47,229 into play.

Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$47,000 levels. The second major support level sits at $45,635.

Looking beyond the support and resistance levels, we saw bullish crosses in the early hours. The 50 EMA crossed through the 200 EMA, with the 100 EMA also crossing through the 200 EMA. We also saw the 50 EMA pull away from the 100 and the 200 EMAs through the late morning.

The bulls will be looking for a further widening of the 50 from the 100 to support a breakout from the 23.6% FIB of $50,473.

A flattening of the 50 EMA on the 100 and 200 EMAs, however, could pull Bitcoin back to sub-$49,000 before any recovery.

Bitcoin Gets Back To The Key Resistance At $50,000

Bitcoin Attempts To Settle Above August Highs

Bitcoin is currently trying to settle above the key resistance level at $50,000 while other cryptocurrencies are also moving higher.

Ethereum continues its rally and is trying to get to the test of the $3,800 level. Dogecoin is trying to settle above $0.30 while XRP is testing resistance at $1.25.

The crypto market mood is bullish which is not surprising as the world’s leading cryptocurrency managed to get back to recent highs.

This is a very important moment for Bitcoin bulls as Bitcoin needs to settle above the $50,000 level to continue its upside move. Bitcoin has already made one serious attempt to settle above this level back in August but failed to develop sufficient upside momentum.

In case Bitcoin fails to settle above $50,000, it may find itself under material pressure as some traders would prefer to take profits near highs while others would decide to bet against Bitcoin.

Technical Analysis

bitcoin september 2 2021

Bitcoin managed to get above the resistance at $48,000 and is trying to settle above the next resistance level which is located at $50,000. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Bitcoin settles above $50,000, it will head towards the next resistance at $51,500. A move above this level will open the way to the test of the resistance which is located at $53,000. If Bitcoin manages to settle above the resistance at $53,000, it will move towards the next resistance level at $55,000. It should be noted that Bitcoin will likely develop strong upside momentum if it manages to settle above $50,000, so it may quickly move between levels.

On the support side, the previous resistance at $48,000 will serve as the first support level for Bitcoin. If Bitcoin moves back below this level, it will head towards the support at $47,000. A move below this level will open the way to the test of the support at $46,000. In case Bitcoin declines below $46,000, it will head towards the support at the 50 EMA near $44,000.

For a look at all of today’s economic events, check out our economic calendar.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – September 2nd, 2021

Ethereum

Ethereum surged by 11.64% on Wednesday. Following a 6.23% rally on Tuesday, Ethereum ended the day at $3,829.39.

A mixed start to the day saw Ethereum fall to an early morning intraday low $3,384.24 before making a move.

Steering clear of the 23.6% FIB of $3,369 and the first major support level at $3,252, Ethereum rallied to a late intraday high $3,843.12.

Ethereum broke through the first major resistance level at $3,548 and the second major resistance level at $3,665 to end the day at $3,800 levels.

At the time of writing, Ethereum was up by 0.97% to $3,792.42. A mixed start to the day saw Ethereum rise to an early morning high $3,838.28 before falling to a low $3,782.18.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 020921 Hourly Chart

For the day ahead

Ethereum would need to avoid the $3,686 pivot to bring the first major resistance level at $3,987 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $3,900 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $4,000 would likely cap any upside.

In the event of a broad-based crypto rally, Ethereum could test the second major resistance level at $4,145.

A fall through the $3,686 pivot would bring the first major support level at $3,528 into play.

Barring another extended sell-off, however, Ethereum should steer well clear of the second major support level at $3,227. The 23.6% FIB of 3,369 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,528

Pivot Level: $3,686

First Major Resistance Level: $3,987

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 5.40% on Wednesday. Following a 2.50% gain on Tuesday, Litecoin ended the day at $180.86.

A bearish start to the day saw Litecoin fall to an early morning intraday low $168.57 before making a move.

Steering clear of the first major support level at $166, Litecoin rallied to a late intraday high $182.78.

Litecoin broke through the first major resistance level at $176 and the second major resistance level at $181 before easing back.

More significantly, Litecoin broke through the 23.6% FIB at $178 to end the day at $180 levels.

At the time of writing, Litecoin was down by 0.34% to $180.24. A mixed start to the day saw Litecoin fall to an early morning low $179.66 before rising to a high $181.54.

Litecoin left the major support and resistance levels untested early on

LTCUSD 020921 Hourly Chart

For the day ahead

Litecoin would need to avoid the 23.6% FIB of $178 and the $177 pivot to bring the first major resistance level at $186 into play.

Support from the broader market would be needed, however, for Litecoin to break back out from Wednesday’s high $182.78.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $200 before any pullback. The second major resistance level at sits $192.

A fall through the 23.6% FIB of $178 and the $177 pivot would bring the first major support level at $172 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $163.

Looking at the Technical Indicators

First Major Support Level: $172

Pivot Level: $177

First Major Resistance Level: $186

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 4.33% on Wednesday. Following a 7.82% rally on Tuesday, Ripple’s XRP ended the day at $1.2377.

Tracking the broader market, Ripple’s XRP fell to an early morning intraday low $1.15995 before making a move.

Steering clear of the first major support level at $1.1046, Ripple’s XRP rallied to a late intraday high $1.23600.

In spite of the breakout, however, Ripple’s XRP fell short of the first major resistance level at $1.2556.

At the time of writing, Ripple’s XRP was down by 0.97% to $1.22565. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.23941 before falling to a low $1.22296.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 020921 Hourly Chart

For the day ahead

Ripple’s XRP will need to avoid the $1.2112 pivot to bring first major resistance level at $1.2625 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $1.25 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $1.30 before any pullback. The second major resistance level sits at $1.2873.

A fall through the $1.2112 pivot would bring the first major support level at $1.1864 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$1.10 levels. The second major support level at $1.1352 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1.1864

Pivot Level: $1.2112

First Major resistance Level: $1.2625

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob