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Crypto Industry News:
Total market capitalization of all cryptocurrencies rose to record levels on Wednesday, ending a dramatic, month-long recovery that confirmed the bullish narrative for Bitcoin and Ethereum.
Crypto Capitalization, an important exponent for the overall health of the digital asset economy, has reached over $ 2.63 trillion. This is an increase of 5.9% in the last 24 hours.
The shopping frenzy in the market took Bitcoin to a new record as the flagship cryptocurrency hit $ 67,016.50 today. Meanwhile, Ethereum broke the $ 4,000 level for just the second time since May. With the exception of stablecoins, every cryptocurrency ranked in the top ten market capitalization saw profits.
The new high in market capitalization marks an important milestone for digital assets after a several-month correction over the summer that threatened the bullish narrative. During the low point of the summer correction, the cryptocurrency market capitalization fell below $ 1.2 trillion.
The US Bitcoin ETF approvals appear to have sparked a BTC rally and the wider crypto market, though a stubborn momentum has been building up for months. The favorable macroeconomic environment, strong foundations in the chain and technical confirmation of the July bottom have helped ensure Bitcoin's growth in the past three months.
Technical Market Outlook:
The ETH/USD pair has broken above the level of $4,000 and made a new higher high at the level of $4,242. The rally had ended with a Pin Bar candlestick pattern at the top of it, so a some kind of correction might be expected soon. The nearest technical support is seen at the level of $4,031 and $3,971. The momentum is strong and positive, so the bulls might risk to push the prices towards the level of $4,000 before any meaningful correction will occur, but any breakout below $3,677 will be a negative in the short-term.
Weekly Pivot Points:
WR3 - $4,596
WR2 - $4,262
WR1 - $3,971
Weekly Pivot - $3,631
WS1 - $3,394
WS2 - $3,073
WS3 - $2,777
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
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