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31 July 2021
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Ethereum

Trend of Ethereum (ETH) and Monero (XMR)

Ethereum trend

Ethereum [-6.78%] has yet to consolidate its price above $ 2,600 in this recent rally. On Wednesday, the price dropped more than BTC and traded below $ 2,500 for most of the day as all markets waited for news from the Federal Reserve on potential interest rate hikes 

Ethereum is the number 2 cryptocurrency by market capitalization [$ 279.5 billion] and the 24-hour volume of Ether is $ 26 million. 

The ETH / BTC pair has largely outperformed over the past 12 months [+ 154%] but in the last 30 days during this accumulation phase ETH has recorded [-18.5%] against BTC.

In the above chart from VincePrince you can see that Ether is currently in the ‘Main Decision-Zone’ of his scenario on the ETH / USD 12HR chart. 

A close below Ether’s $ 2,500 on the weekly time frame would be a bearish indicator for the market in the short term.

Ether closed a daily candle below the “Main Decision-Zone” lower limit on Wednesday of $ 2,365. 

Trend in Monero

Throughout the cryptocurrency market there are many voices talking about the importance of privacy coins . This is not an entirely subjective characterization of their increasing popularity, however, Google Trends does provide data regarding their recent interest from market players. 

XMR is + 305% against the US dollar for the past 12 months and -0.43% against BTC for the same duration. 

There are a number of advantages that bitcoin has over Monero, but a notable comparative advantage that comes with confidential transactions is fungibility .

As we move forward in this digital age, the desire for confidential transactions will increase dramatically. For the most basic use cases, like a company’s payroll, there are many benefits to XMR and other privacy coins.

The increase in the breadth of utility with the expansion of the number of users adopting cryptocurrencies, along with the Cup and Handle in the long term shown above, are bullish factors for XMR. 

The best privacy coins by market capitalization, data from Coincodex

Monero [-3.5%] is the leading privacy coin on the market and appears to be forming a giant Cup and Handle on the 1D Monero / US Dollar chart.

The following DonYakka chart shows how bullish XMR is starting in 2018, when the last bull market started to close.

A bearish outlook on XMR is a continuation of the non-evolutionary thesis that the government will eventually impose restrictions on currencies that allow confidential transactions. 

XMR closed a daily candle on Wednesday at $ 262.05. 

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