Analysis of Ethereum [ETH] and Binance Coin [BNB]

The aggregate cryptocurrency market cap continues to hold $ 1.3 trillion and has met this level since the peak of the bull market until now. While altcoins continued to drop this week, BTC held steady around $ 33k. 

The fate of the macro cryptocurrency market continues to hang in the balance in the short term and today we will analyze two assets that make up a part of the larger macro picture – Ethereum and Binance Coin. 

Ethereum analysis 

Ethereum’s historical stretch over the past 12 months has been dramatically impacted by bitcoin and the lack of macro positivity in recent months.

Ether’s dominance represents 16.4% of the aggregate market capitalization of $ 1.386 trillion. As of this date last year, the aggregate cryptocurrency market cap was $ 278 billion. Ether’s market cap alone is $ 225 billion at the time of writing.

Ether [-2.3%] just got back below $ 2k and is really trying to maintain this level, but bullish traders have not been able to push ETH’s price towards the top of its $ 2.5k range. 

The AtlasTrades 2-hour chart below shows how important this range is and how well it has been adhered to since the end of June. 

The resistance above $ 2,500 has not yet been able to be broken, while the downside at $ 1,600 should be strong if challenged. Below $ 1,600 the next stop would be ex ATH around $ 1,400.

Ethereum’s 24-hour range is $ 1,918- $ 2,043. The average price of Ether over the past 30 days is $ 2,142.

Ether’s daily close on Tuesday was $ 1,940.72 for a back to back close in the red. 

Binance Coin Analysis [BNB] 

Binance Coin [-.60%] continues to outperform the market during the downtrend and is + 1,586% over the past 12 months. 

To highlight BNB’s strong performance over the past year just look at BNB versus BTC and ETH. BNB is + 374% against BTC in the last year and + 109% against ETH 

Will Binance Coin continue to gain ground to close 2021 and start 2022?

YMGroup’s 4-hour chart shows the ascending channel in which BNB has been trading since June 22. Binance Coin met the bottom of this trend line nearly 6 times during this price action stretch.

If the macro really turns as many analysts believe it will do this fall, BNB could be positioned to help drive the market higher.

Binance Coin ‘s 24-hour range is $ 305- $ 318 and the 52-week range is $ 16- $ 684. The 30-day average price of BNB is $ 311.

BNB closed the daily candle on Tuesday at a value of $ 308.97 and in the red for the second consecutive day.

 

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