. Daily Crypto Analysis - Ethereum Sparks Global Crypto Frenzy, Surging 2% Weekly

Daily Crypto Analysis – Ethereum Sparks Global Crypto Frenzy, Surging 2% Weekly

Daily Crypto Analysis – Ethereum Sparks Global Crypto Frenzy, Surging 2% Weekly

09 Nov 2023

Introduction:

In the cryptocurrency market, Crypto markets rallied on Thursday, led by a 2% gain in Ethereum. The recent rebound has boosted the market’s valuation to $1.27 trillion, up from $1.09 trillion last month. Bitcoin maintained its dominance, while Doge coin is expected to surge significantly according to analysts.

ETHEREUM:

Ethereum drives global crypto market rally.

Cryptocurrencies surged today, with Ethereum leading the way with a 2% gain to $1,924.37. This marked a weekly increase of 3.91%, and other cryptocurrencies also saw price increases over the past two days.

The recent rebound in the cryptocurrency market has boosted its valuation to $1.27 trillion, up from $1.09 trillion last month and $1.18 trillion three months ago. This sustained growth demonstrates the growing popularity and investment in digital assets.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 1896.84 | Positive Crossover | Bullish
  • MA 20: 1867.04| Positive Crossover | Bullish
  • MA 50: 1811.41| Positive Crossover | Bullish

Simple:

  • MA 5: 1891.43 | Positive Crossover | Bullish
  • MA 20: 1862.72| Positive Crossover | Bullish
  • MA 50: 1823.70| Positive Crossover | Bullish

RSI (Relative Strength Index): 65.91| Buy Zone |Bullish

Stochastic Oscillator: 51.57| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 1916.91| R2: 2008.58
  • S1: 1838.82| S2: 1740.36

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 1937.91 | Take Profit: 2008.83 | Stop Loss: 1892.44.

Elsewhere In the Crypto Market

Bitcoin maintained its dominance in the cryptocurrency market, with a 52.09% market share and a market capitalization of $717 billion. Trading volume also increased by 23.4% over the past 24 hours. Meme cryptocurrency Doge coin (DOGE) is expected to surge significantly, according to forecasts released on Thursday. XRP price has remained relatively flat today, hovering around $0.70 after falling 4% yesterday.

Bitcoin up (3.28%) at 36809.00, Ethereum up (1.32%) at 1,914.2, Litecoin up (2.26%) at 74.82, Solana up (7.97%) at 46.72, Doge coin up at (1.09%) at 0.76 as of writing time.

Key Economic Events & Data Release Today:

(CNY) CPI (MoM) (Oct) Actual –0.1%, Forecast 0.0%, Previous 0.2% at 07:00.

(USD) Initial Jobless Claims Forecast 215K, Previous 217K at 19:00.

(CAD) BoC Senior Deputy Governor Roger Speaks at 22:15.

(USD) ECB President Lagarde Speaks at 23:00