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ethereum pumps

The endless game of crypto-market Mortal Kombat featuring just two characters, a bull and a bear, seems a little more intense today. Can tenuous-looking support hold?

Bears sound like they’re ready to rip off a head, or at least a horn or two, while bulls are ducking, weaving, and throwing back the odd connecting haymaker, doing a little Ali dance in the process.

In actual terms, what this means is, outliers aside, the entire market is down a bit but the fight is not yet lost, with majors Bitcoin and Ethereum both holding on to some kind of support amid, frankly, pretty ominous looking technicals.

On to some price action…

 

Top 10 overview

With the overall crypto market cap at US$1.16 trillion and down about 2.3% since yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

After a positive and energetic 24 hours, top piece of canine memery, Dogecoin (DOGE) is curled up again in its manky-looking bed in the corner, dreaming of SpaceX rockets and farting. Is that it then? Has the dog-coin frisson run its course? We wouldn’t want to call it.

As for the top end of the major scale, Bitcoin and Ethereum’s weekend exuberance ended with firm rejection, although BTC has presently found some support in between US$23k and $23.5k, while ETH is clinging on a bit under $1,850.

What do respected* crypto analysts (*okay, so large Twitter followings isn’t the greatest “respected” metric) and various random Crypto Twitter commentators think?

There are some pretty gloomy bearish voices pointing to the dreaded “rising wedge” pattern to which they suggest Bitcoin’s cliff-falling fate is surely bound…

https://twitter.com/CryptoWhale/status/1559951966465392640

Hmm… one of YouTube’s biggest crypto identities, BitBoy is bearish, too. It’d be nice if that particular call has a do-the-opposite-of-Jim Cramer effect on the market.

But check this bloke out… analyst Justin Bennett, who’s mooting a whopping 65% drop for crypto’s total market cap from here. That’d be one hell of a flush out.

We’ve heard enough. What about those bulls? Or at least, some analysts/traders who can entertain the other side of the coin…

Flying Dutchman (he travels occasionally) Michaël van de Poppe is seeing a ray of light based on the release of the US Federal Reserve’s minutes from its last big inflation powow held in July. Those revealed a slightly more “dovish” outlook than perhaps feared, indicating that yes interest rate hikes will continue for now, but at a potentially less aggressive pace.

Meanwhile, “il Capo of Crypto” is certainly no raging bull just lately, but he’s spotting a potential short squeeze…

… although this is his broader thesis: “Still seeing a lot of early shorts, which makes me think the last leg up to 25400-25500 is even more likely now. Once they are out, the downtrend continues.”

As for another prominent twittering crypto analyst, “Rekt Capital”, at least he’s seeing the possibility of a BTC and ETH retrace to solid support.

 

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$9.6  billion to about US$464 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Celsius Network (CEL), (market cap: US$1.2 billion) +20%

• EOS (EOS), (mc: US$1.49 billion) +8%

• Chiliz (CHZ), (mc: US$1.19 billion) +6%

• Cosmos Hub (ATOM), (mc: US$3.4 billion) +3%

• Osmosis (OSMO), (mc: US$516 million) +2%

 

DAILY SLUMPERS 

• STEPN (GMT), (market cap: US$581 million) -10%

• Gala (GALA), (mc: US$475 million) -9%

• Aave (AAVE), (mc: US$1.4 billion) -9%

• Curve DAO (CRV), (mc: US$464 million) -8%

• Loopring (LRC), (mc: US$524 million) -7%

 

Around the blocks

A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…

Elon Musk is up to his old Twittering japes… pretending to buy a major sports team. Must be fun to be a Tony Stark-wannabe with more money than a horse has hairs. (And yep, we’re referencing Boomer-era Dr Hook songs now)…

In other cashed-up weird guy news, here’s how Mark Zuckerberg’s metaversal moves are apparently shaping up, at least, based on one image from one crypto account.

But still, the message here seems to be: Hey, crypto “buidlers”, don’t lose too much sleep just yet over the walled-gardened version of the metaverse, with its admittedly massive headstart on network effect.”

Elsewhere…

And finally this, which would make for a decent crypto/stonk market metaphor… if genuine support can indeed be found near these levels.

 

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