Bitcoin, Ether, Major Altcoins – Weekly Market Update April 5, 2021
ETH/USD
The Ethereum project token ETH was rejected at the 21-day EMA near $1,715 on Sunday, March 28 and closed with a short red candle to $1,691. It was 5.2 percent down for the seven-day period as a direct result of the price pullback registered during the first three days of the week.
On Monday, the leading altcoin started trading by skyrocketing all the way up to $1,819. It surpassed the previous weekly open level and the psychological level of $1,800 to end the session 7.7 percent higher.
On Tuesday, March 30, the ETH/USD pair drew a second straight green candle on the daily chart and extended its gains up to $1,844. Here the ether bulls were about to face a really solid horizontal and diagonal resistances coming from the previous high registered on March 13.
The third day of the workweek came with a break above that zone. Buyers managed to consolidate around the $1,780 in the early hours of trading then pushed the price up to $1,920 at close.
The ETH token was 34 percent up on a monthly basis.
On Thursday, April 1 the coin registered its highest close ever on the daily chart hitting $1,967, above the weekly resistance.
The Friday session was no different and the ether successfully avoided the double-top formation by continuing to move upwards in the lower timeframe corridor. It jumped up to a new all-time high at $2,134, which corresponded to an 8.4 percent increase.
The first day of the weekend came with a 6 percent correction to $2,006 as the profit-taking activities started to kick in.
Then on Sunday the price partially recovered by climbing up to $2,075 at the end of the week.
Bears are once again in control on Monday morning. The ether is trading close to its previous all-time high registered in February – $2,045.
Top 10 Movers
- Polkadot (DOT)
Ethereum’s main competitor added 37.5 percent to its valuation for the last seven days and moved up to #4 on CoinGecko’s Top 100 list with a market cap of $42.8 billion.
The coin moved above the short-term EMAs on the daily chart in the three-day period between 29-31 March then surpassed the previous range high at $38.2 on April 2, which allowed it to climb even higher. On April 3, DOT peaked at $46.7registering a new all-time high.
It was of critical importance for Polkadot to keep up with Ethereum’s pace to ensure it stays competitive during the initial parachain auctions phase.
DOT/USDT bulls have to make sure their prefferible pair stays above the $40 level to avoid going back into the previous trading range.
A proper consolidation in this zone will serve as a starting point for the next leg up to the area above the psychological level of $50.
Altcoin of the Week
Our Altcoin of the week is WINk (WIN). The gaming platform that runs on the TRC-20 standard on the TRON blockchain added the stunning 526 percent for the last seven days and moved up to #67 with a total market cap of $1.75 billion.
The WIN/USDT pair is 3,397 percent up since the beginning of 2021 thanks to the various applications of the platform’s native token WIN including staking and in-game social interactions.
As of the time of writing, WIN is trading at $0.00229 against USDT on Binance.
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