Cryptocurrency Market Analysis

Markets 1 min, 49 sec READ

by William A. Ebbs

The cryptocurrency market for Tuesday, April 17, 2018. Bitcoin, Ethereum, and the altcoins all post substantial recoveries, but will it continue?

Today is a green day in cryptocurrency, with most of the major assets staying flat or increasing slightly against the USD. There isn't much sector-wide news momentum, and most of the action seems to be the result of token-specific catalysts. 

Technical indicators are widely favorable, and this suggests we are in a bull market. Total market size is $333 billion with Bitcoin dominance at 41%, a decline of around 4% from previous weeks as altcoins grow to represent a larger share of capitalization.  

Bitcoin 

Is the bear market over? Investors look to Bitcoin, the flagship cryptocurrency for answers. 

Bitcoin prices recently broke out of their long-term descending channel indicating that a bullish reversal may be in the making. However, the market saw strong resistance at around $8450-8500 where prices pulled back sharply. A move above $8,500 would indicate the official end of the bear market and a massive buying signal.

Ethereum 

The ETH price recently made monthly highs of around $540 before correcting below the $525 support level to test hard resistance at $500. This was a bearish signal, and now the market is in do or die territory. 

Ethereum continues to trade near major support levels at $450-500 against the USD with a major bullish trend line forming at this level on the hourly chart. A significant move below this level (perhaps to the $480 retracement would probably mark the death of this rally while a break above $450 would be an excellent long-term buying signal. 

EOS

EOS is one of the best-performing assets in the top ten, up by around 10% in the last 24 hours to hit a per unit price of $8.79 and a total market cap of $7 billion. There is some psychological resistance around $9.00. Breaking past this level will be a major bullish catalyst. 

The reasons for the rally are unclear, but it may have something to do with the upcoming EOS Dawn 3.0. The team will be holding a meeting in Argentina, and they are also offering prizes for the upcoming EOS Hackathon competition in Hong Kong.