Bitcoin and Ether Market Update September 9, 2021September 9, 2021
The Ethereum Project token ETH managed to break out of the $3,300 – $3,000 range on August 31 and managed to grow by 21 percent for the period leading to Sunday, September 5.
However, it went to face a solid resistance near the previous all-time high daily candle close at $3,920. Bulls were not able to ensure a stable break above this line even though they were trying for four consecutive days and on Monday formed a short red candle on the daily timeframe.
The move was followed by an unexpected flash crash on Tuesday, September 7. As mentioned above, the market was having one of its worst sessions since the May correction. The ETH/USD pair, in particular, dropped as low as $3,016 (the lower boundary of the old trading range) but hit a solid buy wall there. It successfully recovered later in the session and eventually closed right below the 21-day EMA at $3,435. It was 12.4 percent down for the day, but still 14 percent up from its daily low.
On Wednesday, the ether bears tested the middle of the range around $3,200 but their orders were quickly absorbed and ETH closed in green above the 21-day EMA.
As of the time of writing the biggest altcoin is trading at $3,487.
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