Ethereum and Ren Analysis
Ethereum [$2,613] is +7.23% for the last 24 hours at the time of writing and again tracking upward towards $3k.
Ether’s 24 hour LOW is $2,280 and HIGH is $2,667.
Over the last 90 days ETH is +79.8% despite bitcoin’s relative weakness [-22.8%] over that same duration.
The ETH market capitalization is back above $300 billion at $304.2 billion and makes up 18.1% of total cryptocurrency market capitalization.
Although ETH is -39.7% from it’s all-time high [$4,356] the world’s #2 crypto asset by market capitalization is still +979% for the last 12 months.
If ETH can get back above $3,5k Ethereum bulls will have their eyes set on breaking $5k for the first time in the asset’s history.
Ether closed Monday’s daily candle at $2,706.
As shown in the chart above by Babenski on tradingview, Ether has broken out of its pattern on the 4HR chart and as I noted last week, ETH is capable of a quick run back to $3k and then to $3,5k with little overhead historical resistance on the chart.
Ren is easily one of the hottest crypto assets across the market for the last 7 days.
Ren is +48.5% for the last week yet is -70.1% from it’s all-time high [$1.80] made on February 20th of this year.
Over the last 7 days Ren’s LOW is $.452 and HIGH is $.602.
Ren’s the 129th project by market capitalization with a cap of $482.4 million at the time of writing.
Ren closed Monday’s daily candle at $.558 and posted $73.4 million of trading volume over the last 24 hours.
Total Market Outlook
The total crypto market capitalization closed Monday at $1.72 trillion and has been trading above $1.7 trillion much of the last 7 days.
Above a $2 trillion aggregate crypto market cap will likely be where bullish sentiment across the market begins to increase again.
Below $1.3 trillion and bears will try to push things below a $1 trillion aggregate market cap and end the hopes of further fireworks in 2021.
Bitcoin dominance closed Monday at 40.5% and BTC closed the month of May at $37,305 with a market capitalization of $702 billion dollars.