Ethereum
Crypto Price Analysis & Overview September 10, 2018: Ethereum, Ripple Cardano and Solana
Ethereum
Ethereum dropped a sharp 10% this week as the cryptocurrency currently sits at around $3400. The cryptocurrency surged to $3975 last Friday, where it met the resistance at a 1. 272 Fib Extension level.
It was unable to overcome the sell-off over the weekend, and finally collapsed on Tuesday after the market wipeout. ETH dropped as low as $3000 during the sell-off but eventually recovered by the end of the day to close the daily candle at $3428 (. 382 Fib).
It held this support over the past two days but recently slipped beneath it today, reaching as low as $3350.
Looking ahead, the first support lies at $3350. This is followed by added support at $3240 (.5 Fib), $3100 (50-day MA), $3000, and $2890.
On the other side, the first resistance lies at $3500 (20-day MA). This is followed by $3790 (bearish . 786 Fib), $3975 (1. 272 Fib Extension), $4000, and $4135.
ETH was higher than BTC. 0785 BTC over the weekend. ETH fell below 0. 078 BTC to hit 0. 076 BTC. ETH fell below 0. 07 BTC during the Tuesday market capitulation but would close the daily candle at 0. 0733 BTC (. 382 Fib).
It did rebound from there on Wednesday, but met resistance at 0. 0765 BTC (bearish . 786 Fib). Since then, it has fallen to 0. 0765 BTC and is now back at the 0. 0733 BTC support.
Looking ahead, if bears fall below 0. 0733 BTC, the first support lies at 0. 072 BTC. Then, follow by 0. 07 BTC (. 618 Fib), 0. 0691 BTC, and 0. 0678 BTC (. 786 Fib & 50-day MA).
Ripple
XRP fell by a solid 13% over the past week to $1.10. The cryptocurrency was trading inside an ascending price channel over the weekend and pushed higher on Monday to break the August highs and hit $1.40.
XRP collapsed on Tuesday’s market wipeout as it fell as low as $0.94. By the end of the day, XRP had recovered to close the daily candle at around $1.12. Since then, XRP has been steadily falling as it reaches $1 support. 05 today (.5 Fib).
Looking ahead, the first support is at $1. 05 (.5 Fib). The $1. 00 (50-day MA), $0. 957 (. 618 Fib Retracement), and $0.9 (200-day MA).
On the other side, the first resistance lies at $1.15. The next step is $1. 20 (20-day MA), $1. 25 (Feb 2018 highs), $1. 36 (1. 618 Fib Extension), and $1.40.
XRP also suffered against BTC this week as it currently trades around 2360 SAT. It managed to break 2600 SAT on Monday and reached as high as 2728 SAT (August high-day closing price). On Tuesday, the cryptocurrency collapsed and fell beneath 2600 SAT to spike as low as 2200 SAT (50-day MA). The bulls had rebounded to close the daily candle at 2400 SAT by the end of the day.
Over the following few days, XRP slowly went lower to hit the support at 2290 SAT (. 382 Fib) today.
Looking ahead, the first support lies at 2290 SAT (. 382 FIb). This is followed by 2290 SAT (. 382 Fib), 2200 SAT (50-day MA), 2150 SAT (.5 Fib & 100-day MA), and 2000 SAT (. 618 Fib & 200-day MA).
On the other side, the first resistance lies at 2450 SAT (20-day MA). This is followed by 2670 SAT (bearish .5 Fib), 2730 SAT (1. 618 Fib Extension), 2915 SAT (bearish . 618 Fib), and 3000 SAT.
Cardano
ADA fell by a sharp 16% over the past week as it currently trades around $2.50. It was trading at $3 resistance. 00 (1. 272 Fib Extension) over the weekend but was unable to break it. On Tuesday, it slipped beneath the 20-day MA and spiked as low as $2. 00 (50-day MA).
By the end of the day, ADA was back at $2. 50 support (. 382 Fib). This support has continued throughout the week.
Looking ahead, if bears push below $2. 50, the first support lies at $2. 25 (.5 Fib). The support fee is $2. 05 (50-day MA & . 618 Fib), $1. 80 (100-day MA), and $1.60.
On the other side, the first resistance lies at $2.60. The next is $2. 75 (20-day MA), $3. 00, and $3. 20 (1. 414 Fib Extension).
ADA also fell against BTC this week after it slipped from 6000 SAT to reach the current 5340 SAT support (. 236 Fib). It was already decreasing against BTC throughout the weekend to hit the support at 5340 SAT. On Tuesday, it spiked lower to reach the 4590 SAT support (.5 Fib).
The bulls recovered by the end of the day to close the candle above 5340 SAT (. 236 Fib).
Looking ahead, if the bears break 5340 SAT, the first support lies at 5000 SAT. This is followed by 4925 SAT (. 382 Fib), 4590 SAT (.5 Fib & 50-day MA), 4250 SAT (. 618 Fib & 100-day MA).
On the other side, the first resistance lies at 5500 SAT. This is followed by 5670 SAT (20-day MA), 6000 SAT, and 6200 SAT (1. 414 Fib Extension).
Solana
SOL saw a strong 43% price hike this week as the coin set a new ATH price at $216. The coin started to surge from $140 on Monday to break above $160. On Tuesday, SOL did spike as low as $130 but quickly recovered and ended up closing the daily candle at $170.
SOL continued to rise over the following few days to hit resistance at $200 (1. 618 Fib Extension). Yesterday, SOL managed to spike above $200 to set the new $216 ATH price. Unfortunately, it was unable to close the daily candle above $200 and has since rolled over to $180.
Looking ahead, the first support lies at $170 (. 236 Fib). This is followed by $142 (. 382 Fib), $120 (.5 Fib), and $100.
On the other side, the first resistance lies at $200 (1. 618 Fib Extension). This is followed by $220, $230 (1. 618 Fib Extension – purple), $256 (1. 272 Fib Extension – blue), and 277 (1. 414 Fib Extension – blue).
SOL is also performing very well against BTC as it sets a new ATH at 46,980 SAT this week. Since mid-August, the coin has been rising within an ascending price channel. It recently encountered resistance at the upper angle.
On Monday, SOL surged higher from 26,850 SAT as it started to soar. The cryptocurrency was already testing the upper angle for the price channel by Wednesday. Yesterday, it spiked above the channel to establish the new ATH, but couldn’t close above it.
Looking ahead, the first support lies at 37,380 SAT (. 236 Fib). This is followed by 35,000 SAT (lower angle of price channel), 31,560 (. 382 FIb), and 30,000.
On the other side, the first resistance lies at 43,000 SAT (1. 618 Fib Extension & upper angle of the channel). This is followed by 45,000 SAT, 46,980 SAT (1. 618 Fib Extension – purple), and 50,000 SAT.
MATIC
MATIC has fallen by a mere 5% in the last week of trading. Over the weekend, the coin surged to break the August high and reach resistance at $1. 75 (bearish . 618 Fib). This resistance was too much for the Fib and it rolled over on Sunday.
During the Tuesday market collapse, MATIC slipped as low as $1.10. It recovered by the end of the day to close the daily candle at the 50-day MA. It is currently sitting above an ascending trendline and is using that as support.
Looking ahead, if bears push below the trend line, then the first support is at $1. 30 (. 382 Fib). Then, $1. 23 (100-day MA), $1. 17 (.5 Fib), $1. 05 (. 618 Fib), and $1 (200-day MA).
On the other hand, the first resistance lies at $1. 40 (20-day MA). The $1 is the next step. 60, $1. 75 (bearish . 618 Fib), $2. 00, and $2. 05 (bearish . 786 Fib).
MATIC is also above an ascending trend line against BTC as it uses support at 2865 SAT (.5 Fib) as support. The coin surged from beneath 3000 SAT on Saturday to reach resistance at 3630 SAT (bearish . 382 Fib) on Sunday.
It rolled over from that point and began to head lower through the week. On Tuesday, MATIC spiked as low as 2500 SAT but managed to recover by the end of the day to close the candle at 2865 SAT (.5 Fib & 100-day MA).
It is now using the ascending-price channel as support.
Looking ahead, the first resistance lies at 3000 SAT (50-day MA). This is followed by 3200 SAT, 3500 SAT, 3630 SAT (bearish . 382 Fib), 3865 SAT (1. 272 Fib Extension), and 4000 SAT.
On the other side, the first support lies at 2865 SAT (.5 Fib). This is followed by 2685 SAT (. 618 Fib), 2500 SAT, 2400 SAT (200-day MA), and 2300 SAT.
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Ethereum
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Ethereum
Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K
Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.
The outcome at this level is expected to shape Ethereum’s mid-term trajectory.
Technical Analysis
By Shayan
The Daily Chart
ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.
Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.
The 4-Hour Chart
On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.
This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.
Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.
Onchain Analysis
By Shayan
The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.
During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.
However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.
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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.
Cryptocurrency charts by TradingView.
Ethereum
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