Ethereum
Crypto Price Analysis & Overview September 24th: Ethereum, Ripple, Cardano, Solana, and Avalanche
Ethereum
Ethereum is down a sharp 21% this week as the coin sits beneath $3000. The sell-off started on Monday when ETH slipped beneath the neckline of a head & shoulders pattern and the 50-day MA. Initially, the market found support at $3000 but would continue to fall beneath it on Tuesday to find support at $2770 (. 786 Fib Retracement).
ETH did rebound on Wednesday and Thursday as it climbed back above $3000. However, it lost another sharp 9% today, causing it to break back beneath $3000 and reach the support at the 100-day MA at around $2730.
Looking ahead, if the sellers push lower, the first support lies between $2770 (. 786 Fib) and $2730 (100-day MA). This is followed by $2600 (200-day MA), $2500, $2420 (downside 1. 618 Fib Extension), and $2200 (. 786 Fib).
On the other side, the first resistance lies at $2890. This is followed by $3000, $3200, $3350 (50-day MA & 20-day MA), and $3500.
ETH is also struggling against BTC this week as it dropped as low as 0. 0667 BTC (downside 1. 272 Fib Extension) today. The cryptocurrency fell beneath the 50-day MA and 0. 07 BTC on Monday as it continued to slide until support was met at 0. 068 BTC. The rising trend line supported ETH’s rebound on Wednesday, allowing it to rise.
Unfortunately, ETH was unable to overcome the resistance at the 50-day MA and fell from there today to reach as low as 0. 0667 BTC. Since then, it has bounced back and is now trading above the rising trendline.
Looking ahead, if sellers break the trendline and fall below 0. 068 BTC, the first solid support lies at 0. 0667 BTC. Then, follow by 0. 066 BTC (. 618 Fib & 100-day MA), 0. 065 BTC, 0.064 BTC, and 0. 0632 BTC (downside 1. 618 Fib Extension).
On the other hand, the first resistance lies at 0. 0691 BTC. Then, follow by 0. 07 BTC (50-day MA), 0. 0711 BTC, and 0. 072 BTC.
Ripple
XRP dropped by a steep 17% this week as it falls back beneath $1. XRP dropped below the 50-day MA on Sunday and continued on Monday as it lost the 200-day MA until it found support at $0. 875 (. 618 Fib & 100-day MA).
XRP was $0. 875 on Tuesday and rebounded from there on Wednesday to return to $1. Unfortunately, the buyers could not break this level and fell from there today to return to the 100-day MA support.
Looking ahead, if the bears push beneath the 100-day MA, the first support lies at $0. 8282 (2020 highs). Then comes $0.8 (downside 1. 272 Fib Extension), $0. 732 (downside 1. 414 Fib Extension), $0.7, and $0.65.
On the other hand, $0. is the first resistance. 95 (200-day MA). The $1 is followed by $1. 05, and $1. 10 (50-day MA).
XRP is also in a bearish battle against BTC as it sits above 2200 SAT. On Monday, XRP fell beneath 2225 SAT (.5 Fib) and spiked as low as 2050 SAT (. 618 Fib). The coin found support at a rising trendline and recovered from there on Wednesday.
It managed to reach as high as 2300 SAT and reversed from there yesterday. Today, XRP fell beneath 2200 SAT but found support at the rising trend line. This is a promising sign.
Looking ahead, if the bears push beneath the rising trend line, the first support lies at 2100 SAT (200-day MA & 100-day MA). This is followed by 2075 SAT (. 618 Fib), 2000 SAT, 1900 SAT (July 2020 low), and 1735 SAT (. 886 Fib).
On the other side, resistance is first expected at 2300 SAT. This is followed by 2350 SAT (50-day MA), 2400 SAT, and 2500 SAT.
Cardano
ADA fell by a small 11% this week as the coin currently sits at $2.18. It also dropped beneath the 50-day MA on Monday and continued to slip until support was found at $1. 88 (downside 1. 414 Fib Extension) on Tuesday.
More specifically, ADA found support for $2. 00 (. 618 Fib Retracement) and rebounded from there on Wednesday.
Yesterday, ADA briefly crossed a falling trend line to reach the resistance at the 50-day MA. It continued to rise as high as $2. 50 earlier today but has since dropped back beneath $2.20.
Looking ahead, the first strong support lies in at $2. 00 (. 618 Fib). Then, $1. 88 (downside 1. 414 Fib Extension), $1. 80 (100-day MA), and $1. 66 (. 786 Fib).
On the other hand, the first resistance lies at $2. 40 (bearish . 382 Fib & 50-day MA). Then, $2 is added. 53 (bearish .5 Fib), $2. 68 (.bearish . 618 Fib), and $2.80.
ADA is attempting to recover against BTC as it sits above 5200 SAT. The coin found solid support at 4800 SAT on Monday and managed to hold it during the entire week.
On Wednesday, ADA finally surged back above the 50-day MA and continued higher above 5000 SAT. It broke the 20-day MA at 5200 SAT today and reached above 5500 SAT.
Looking ahead, the first support lies at 5000 SAT (50-day MA). This is followed by 4800 SAT, 4715 SAT (.5 Fib), 4600 SAT, and 4400 SAT (100-day MA).
On the other side, the first resistance lies at 5600 SAT. This is followed by 5800 SAT, 6000 SAT, and 6200 SAT.
Solana
SOL is down a steep 13% this week as the coin currently trades around $135. Since the beginning of September, the cryptocurrency has been trading in a downward price channel. It must break this trend to end its current negative trend.
SOL dropped beneath $140 on Monday and continued lower until support was found at $123 (downside 1. 272 Fib Extension) on Tuesday. After meeting resistance at the upper angle, the price channel’s support level on Tuesday, it rebounded and rolled over today.
Looking ahead, the first support lies at $123 (downside 1. 272 Fib Extension). This is followed by $119 (.5 Fib Retracement), $112 (downside 1. 414 Fib Extension), $110 (50-day MA), and $100.
On the other side, the first resistance lies at $150 (upper angle of the price channel). This is followed by $160 (20-day MA), $180, and $200.
SOL is currently in a phase of consolidation against BTC as it trades sideways between 0. 0035 BTC and 0. 003 BTC. Support was found at 0. 003 BTC on Tuesday and bounced higher on Wednesday to meet the resistance at the 20-day MA, beneath 0. 0035 BTC.
It ended up rolling over yesterday to find support at 0. 00315 BTC (. 382 Fib) today.
Looking ahead, the first solid support is at 0. 003 BTC. Then, follow by 0. 00288 BTC (downside 1. 414 Fib Extension), 0. 00267 BTC (.5 Fib Retracement), 0. 0025 BTC, and 0. 00233 BTC (50-day MA).
On the other hand, the first resistance lies at 0. 0035 BTC (20-day MA). Then, follow by 0. 00367 BTC (1. 272 Fib Extension), 0. 004 BTC (1. 414 Fib Extension), and 0. 0043 BTC (1. 618 Fib Extension).
Avalanche
AVAX is up by a small 3% this week as the coin sits around $70. The cryptocurrency actually managed to set a new ATH price at $80 this week after finding support at the 20-day MA (around $55) on Monday.
It held the $55 support on Tuesday and exploded on Wednesday to hit $75. The new ATH was set on Thursday, but AVAX has since rolled over to fall to $70 today.
Looking ahead, the first support lies at $68. 55 (. 236 Fib). This is followed by $65, $61. 67 (. 372 Fib), $60 (20-day MA), and $56. 10 (.5 Fib).
On the other side, the first resistance lies at $75. This is followed by $80, $85. 45 (1. 618 Fib Extension), $90 (1. 618 Fib Extension – orange), $92. 30 (1. 414 Fib Extension – blue), and $100.
AVAX is also performing well against BTC after setting a new ATH on Thursday at 0. 0018 BTC. Support fell below 0. 0014 BTC on Monday but managed to hold support at 0. 0013 BTC on Tuesday.
It rebounded and broke the previous 0. 0016 BTC ATH on Wednesday. Yesterday’s spike saw it reach 0. 0018 BTC but has since dropped back to 0. 0017 BTC.
The first resistance is at 0. 0018 BTC. Then follow 0. 00185 BTC (1. 272 Fib Extension), 0. 0019 BTC, 0. 00197 BTC (1. 414 Fib Exnteison), 0. 002 BTC, and 0. 0021 BTC.
On the other hand, the first support is at 0. 0016 BTC. Then, follow by 0. 00155 BTC (. 236 Fib), 0. 00138 BTC (. 382 Fib), 0. 0013 BTC (20-day MA), and 0. 00125 BTC (.5 Fib).
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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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