The second largest cryptocurrency Ethereum is doing much better than Bitcoin, which is still struggling to climb above its 200-session weekly average. Despite sizable gains, however, the token is retreating nearly 10% from record highs at $1,630 and is again struggling to hold $1,500. The heated sentiment around the cryptocurrency market cooled slightly today:
-
Ethereum's gains are directly driven by the upcoming version 2.0, which will make ETH greener, more efficient and create deflation (freezing the mining of more tokens). According to information from the developers' conference, September 19 of this year has been chosen as the approximate date for the final introduction of the modification;
-
Ethereum is doing better than Bitcoin, which has very rarely happened in the past in a bull market, in which altcoins lost the most against the 'king of cryptocurrencies'. The dominance of the major cryptocurrency is currently waning. Some markets are predicting that this could be a historic moment for Ether, which has a chance to overtake Bitcoin;
-
Cryptocurrencies are retreating as a result of the sell-off in US indices at the end of yesterday's session. Today, the opening of the European session is also in a mixed mood;
-
Apple (AAPL.US) conveyed yesterday that it is preparing for a recession by cutting costs, and Germany faced news of the suspension of Russian gas flow through the Nord Stream 1 pipeline, which could impinge on the margins of German industry and create an economic problem for Europe. At the same time, the markets rather expected such a scenario so it did not have a catastrophic impact on European indices - but it contributed to a cooling of sentiment, which ricocheted off the strength of bulls in the digital asset market.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appEthereum chart, H1 interval. The second largest cryptocurrency is trading up nearly 2.4% today and is trying to continue the move after breaking out of the upper limit of the downtrend. Currently, the $1500 and $1600 zones can be considered local resistance, while we can consider the previously mentioned broken trend limit as support. Source: xStation 5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
