Ethereum
Crypto Price Analysis & Overview August 13th: Bitcoin, Ethereum, Ripple, Cardano, & Binance Coin.
Bitcoin
Bitcoin saw a strong 13.9% price hike this week as the cryptocurrency continues the bullish run that started in late July when it penetrated above the descending wedge consolidation pattern.
Last Friday, BTC was trading beneath $42,000 but eventually surged higher above the resistance by the end of the day. By the weekend, BTC managed to hit the 200-day MA level at around $44,750.
It continued to surge higher on Monday to hit $46,500. However, BTC stalled there and started to head lower over the past few days until support was found at $44,000. It has since rebounded from there and is now back above $46,300.
Looking ahead, the first level of resistance lies at $46,500. This is followed by $47,800 (bearish . 618 Fib Retracement), $39,400 (1. 272 Fib Extension), and $50,000. Beyond $50K, added resistance lies at $50,740 (1. 414 Fib Extension), $52,000, and $53,000 (bearish . 786 Fib Retracement).
On the other side, the first support lies around $45,000 (200-day MA). This is followed by $44,000, $43,100 (. 382 Fib), $42,000 (Jan 2021 high & 20-day MA), and $40,500.
Ethereum
Ethereum also performed well this week as it surged by a strong 14.7% to hit the current $3230 level. The cryptocurrency surged above an ascending price channel last Friday to hit resistance at around $3170.
Throughout the week, ETH did spike higher above $3170 but was never able to close a daily candle above the resistance. Yesterday, it dropped lower into the support at $3000, closing the daily candle at $3036 (previous resistance). It has since rebounded from there today and is trading above $3200. A daily closing candle above $3200 today would signal that ETH is gearing up for another bullish swing into the following week.
Looking ahead, the first resistance lies at $3350 (bearish . 618 Fib). This is followed by $3540 (1. 618 Fib Extension), $3600, $3790 (bearish . 786 Fib), and $4000.
On the other side, the first support lies around $3150. This is followed by $3036, $3000, $2890, and $2725 (20-day MA & previous resistance).
ETH witnessed a relatively low price movement against BTC this week. It rose above 0.5% in the past two weeks. 07 BTC over the weekend. However, ETH dropped quickly below 0. 07 BTC and has not been able to climb back above it so far.
On Monday, ETH found support at 0. 067 BTC (. 382 Fib) and has made numerous attempts to break 0. 07 BTC but has failed on each occasion as it sits just below today.
Look ahead, if buyers break 0. 07 BTC, the first strong resistance lies at 0. 072 BTC (beraish . 618 Fib). Then, follow by 0. 074 BTC, 0. 077 BTC (1. 414 Fib Extension), and 0. 08 BTC.
On the other side, the first support lies at 0.068 BTC. The next support is 0. 067 BTC (. 382 Fib), 0. 066 BTC (100-day MA), 0. 0651 BTC ).5 Fib & 20-day MA), and 0. 0632 BTC (50-day MA & . 618 Fib).
Ripple
XRP saw an incredible 41% price hike over the past week as the coin finally breaks back above $1. It traded at $0. 71 last Friday as it started to surge higher above the 200-day MA into the 2020 high at $0.8282.
The 2020 high was finally penetrated on Tuesday as XRP hit the 100-day MA. On Wednesday, XRP exploded higher as it broke $1 and reached as high as $1.10. It dropped lower yesterday but found support at $0.93. Today, XRP climbed back above $1 as it trades at $1.03.
Looking ahead, the first resistance lies between $1.10-$1. 12 (bearish .5 Fib). Then, $1. 21 (1. 272 Fib Extension), $1. 25 (Fen 2018 highs), and $1. 27 (bearish . 618 Fib). Additional resistance is found at $1. 36 (1. 618 Fib Extension) and $1. 50 (bearish . 786 Fib).
The other support is at $1. The next support is $0. 932 (. 382 Fib), $0. 88 (.5 Fib), $0. 8282 (2020 high), and $0. 78 (20-day MA).
XRP was trading at around It was trading at around 1800 SAT and was struggling to break the 50-day MA until Tuesday when XRP poked above the descending trend line.
On Wednesday, XRP exploded higher to break 2000 SAT and hit the 100-day MA at around 2200 SAT. It is currently still trading around this level after finding support at 2160 SAT (. 236 Fib) yesterday.
Looking ahead, the first resistance lies at 2300 SAT. This is followed by 2425 SAT (bearish . 382 Fib), 2515 SAT (1. 272 Fib Extension), 2670 SAT (bearish .5 Fib), and 2800 SAT.
On the other side, the first support lies at 2160 SAT (. 236 Fib). This is followed by 2050 SAT (. 382 Fib), 2000 SAT, 1965 SAT (.5 Fib), and 1900 SAT (July 2020 low & 50-day MA).
Cardano
ADA also saw an impressive 47.9% price explosion this week as it breaks back above $2. ADA traded within an ascending price channel at the beginning of the week. The breakout above the channel came on Tuesday when pushed above the 100-day MA and broke the upper border at $1.50.
It climbed higher on Wednesday and Thursday, to hit resistance at $1. 90, provided by a bearish . 618 Fib Retracement level. Today, ADA surged another 17% to break the resistance at $1. 90, pass $2. 00, and reach as high as $2.10.
Looking ahead, if buyers break $2. 10, the first resistance lies at $2. 17 (bearish . 786 Fib). Then, $2 is added. 33 (bearish . 886 Fib), $2. 40, and $2. 50 (1. 414 Fib Extension).
Also, $2 is the first support. The next support is $1. 90, $1. 83 (. 236 Fib), $1. 68 (. 382 Fib), $1. 60, and $1. 50 (100-day MA).
ADA also performs well against BTC. It found support around 3200 SAT on Tuesday and rebounded to meet the 50-day MA. On Wednesday, ADA continued above the 50-day MA to reach resistance at a long-term descending trend line.
This trend line was penetrated yesterday, and ADA continued higher today to reach 4430 SAT (1. 618 Fib Extension).
Moving forward, the first resistance above 4430 SAT lies at 4570 SAT (1. 414 Fib Extension). This is followed by 4900 SAT (1. 618 Fib Extension), 5000 SAT (May highs), and 5320 SAT (1. 618 Fib Extension – orange).
On the other side, the first support lies at 4200 SAT (July highs). This is followed by 4000 SAT, 3850 SAT (100-day MA), 3750 SAT (50-day MA), and 3600 SAT.
Binance coin
BNB saw a respectable 18.8% price hike this week as the coin breaches $400 again. The coin was trading around $340 last Friday as it started to push higher. By Tuesday, BNB managed to meet the 100-day MA and break it on Wednesday to reach $410.
It did drop lower yesterday to meet support at $372 (. 236 Fib) but rebounded again today to break back above $400.
Looking ahead, the first resistance lies at $433, provided by the June highs. This is followed by $442 (bearish .5 Fib), $472 (1. 414 Fib Extension), and $500 (bearish . 618 Fib).
On the other side, the first support lies at $373 (. 236 Fib). This is followed by $350 (. 382 Fib), $332 (.5 Fib & 200-day MA), and $315 (. 618 Fib & 50-day MA).
BNB also saw a rebound higher than BTC, setting a new August high. At 0., the coin formed a double bottom. 00765 BTC on Tuesday and started to rebound from there. By Wednesday, BNB penetrated the 20-day MA to reach the 50-day MA at around 0. 00877 BTC.
BNB has since struggled to produce a closing candle above the 50-day MA.
Looking ahead, the first resistance lies in 0. 00877 BTC (50-day MA & bearish .5 Fib). Then, follow by 0. 009 BTC (bearish . 618 Fib & falling trend line), 0. 0094 BTC (100-day MA), 0. 0096 BTC, and 0. 01 BTC.
On the other hand, the first support is at 0. 0085 BTC. Then, follow 0. 00836 BTC (20-day MA), 0.008 BTC, and 0. 00765 BTC (Double-bottom).
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Ethereum
Ethereum Price Analysis: What’s Ahead for ETH After a 9% Weekly Dip?
Ethereum currently rests at a notable support region near $3.2K, with market participants closely observing the potential for a bullish rebound.
The Funding Rates metric offers valuable insights into the sentiment within the perpetual futures markets, helping to gauge the likelihood of a recovery.
Technical Analysis
By Shayan
The Daily Chart
Ethereum has seen consistent declines following its rejection at the $4K resistance level, indicating the dominance of sellers. Most recently, another sharp decline pushed the price toward a substantial support zone, defined by the 100-day moving average of $3.1K.
This dynamic support is critical as demand concentration near this region is expected to curb downward momentum, with a bullish rebound being plausible if buying interest emerges.
Currently, ETH is trapped between the 100-day MA ($3.1K) and the $3.5K resistance level, forming a tight consolidation range. A decisive move in either direction will likely determine the mid-term trend.
The 4-Hour Chart
On the 4-hour timeframe, Ethereum broke down from an ascending wedge pattern, a bearish structure that typically signals further declines. This breakdown triggered a swift sell-off, pushing the price toward a support zone defined by the 0.5-0.618 Fibonacci retracement levels.
This support zone has the potential to stabilize the price and possibly initiate a short-term bullish rebound. However, persistent bearish pressure could result in a break below this line, intensifying the downtrend.
If Ethereum breaches this critical support zone, it may trigger panic selling, further strengthening sellers’ dominance. Conversely, a sustained rebound could pave the way for a recovery toward the $3.5K resistance level.
Onchain Analysis
By Shayan
Examining the chart, the recent market correction has coincided with a significant decline in funding rates. This shift suggests growing bearish sentiment among speculators, with many traders betting on further decreases in ETH’s price.
However, upon reaching the substantial support zone at $3K, the Funding Rates metric has started to show signs of recovery. A notable bullish spike in the metric suggests an influx of buying interest as market participants begin to open long positions in anticipation of a price rebound.
If this recovery in funding rates continues, it could indicate sustained demand and the potential for a bullish rebound from the $3K support. On the other hand, if the current recovery loses momentum or reverses, it would signal a return to bearish sentiment, paving the way for a deeper correction.
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Ethereum
Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch)
Bitcoin’s volatile end of the week resulted in a price drop toward $91,000 and a subsequent surge to $96,000 before the asset calmed roughly in the middle.
The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines.
BTC Calms at $94K
It was nothing short of a volatile rollercoaster of a week for the primary cryptocurrency. It all started quite promising after the most recent MicroStrategy purchase on Monday, as the asset flew past $100,000 for the first time this year and kept climbing on Tuesday morning to over $102,000.
However, that’s when the landscape changed, and BTC slumped hard later that day, and on Wednesday, it slumped to $96,000. Although that was a painful correction on its own, bitcoin kept plunging in the following days to $91,200 (on Bitstamp) on Thursday, which became its lowest price tag in over a month.
The bulls managed to intervene at this point and pushed BTC north. More volatility ensued with several big moves that eventually pushed the asset to $96,000. However, it failed there and has lost almost two grand since then to trade at $94,000 as of now.
Its market cap has risen to just under $1.870 trillion on CG, while its dominance over the alts is up to 54.5%.
ADA, SOL Struggle
Most altcoins are in the red today as well. Ethereum slipped below $3,200 on Thursday, and even though it managed to recover some ground since that low is close to breaking below it now after a 2.3% daily decline. XRP is among the few alts with minor gains today.
In contrast, SOL, ADA, SUI, AVAX, and LINK continue to lose value, with losses of up to 4%. SOL is well below $190 now, while ADA is just over $0.9. More painful losses come from OM, ICP, and RNDR from the larger cap alts.
The total crypto market cap has lost some steam since yesterday and is down to $3.43 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
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Ethereum
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