Ethereum
Crypto Price Analysis August-5: Ethereum Ripple Cardano Solana and Ethereum Classic
This week, we look closer at Ethereum, Ripple and Cardano.
Ethereum (ETH)
After a significant rally, Ethereum seems to have found a local top above $1700, which has so far acted as strong resistance. This level was not reached and the price fell 3.4% over the last seven days. The key support is found at $1,400.
Despite the continued pullback, Ethereum maintained a strong performance since June’s bottom. Even if the price falls to the key support, the expectation is that buyers will return to the market and attempt a breakout beyond $1,700. The key support at $1,400 can act as a reversal point to trigger the next leg up for the cryptocurrency.
The indicators are showing some weakness in the daily timeframe but sellers aren’t convincing. This shows that buyers may return in force again to take ETH above the current resistance and even towards $2,000.
Ripple (XRP)
Ripple is still stuck at $0. 38 despite several attempts. There was a massive wick on July 30th that went above this critical level, but the bears quickly pushed it back down. The price action for XRP is relatively stable over the past seven days, with only a 1.4% rise.
While the indicators are bullish, volume doesn’t give enough confidence that buyers can break out of this range. Unless the market leaders (BTC/ETH) attempt a major rally, it is unlikely that we will see a breakout.
XRP supporters will have to take more sideways action until there is a clear breakout that turns the key resistance at $0. 38 into support. Until then, XRP will continue to trade within this channel of $0. 38 and $0.30.
Cardano (ADA)
Cardano continues struggling below the $0. 55 resistance. Multiple attempts to break the resistance failed, which has led to the price remaining relatively flat below the critical level for the past seven days. Support levels are $0. 50 and $0.45.
Looking at the price action we can see that ADA managed to make higher highs than lows, which indicates that the price is in an uptrend. It seems that another battle between bears and bulls is likely to take place at the key resistance in the days ahead.
While volume isn’t high right now, buyers might attempt a breakout next week. Despite the recent pullback, indicators like the MACD or RSI are still bullish. If buyers are interested, this could lead to a strong upward momentum.
Solana (SOL)
There is some good news for Solana. After suffering a market downturn due to the most recent exploit of some Solana-based wallets, the price managed to find support at $40 and avoid a breakdown below the ascending triangle. SOL lost 6% in the last seven days.
It is crucial for the cryptocurrency to break out of this ascending triangle, as it has only a few days to do so. If it does, its price will likely rally to attract buyers and attention. Any breakdown from the key support of $44 will likely take Solana back to the support at $35.
Looking ahead, we can expect Solana to experience more volatility as it nears the apex. We can see that SOL still has about a week before a major breakout occurs by counting the days remaining in the triangle.
Ethereum Classic ETC )
With Ethereum expected to transition to Proof of Stake in September, there is a lot of speculation about what will happen to all those miners currently mining ETH. Vitalik, the founder of Ethereum, recently stated (July 21st) that one option could well be for them to move to Ethereum Classic.
After Vitalik’s statement, ETC’s price shot up from $25 and topped at $45. Soon after that, the cryptocurrency entered a pullback, and in the past seven days, ETC lost 10% of its valuation. Nevertheless, the price found good support at $34, which could act as a pivot towards the key resistance at $48.
Looking ahead, ETC and other proof-of-work networks like ETC will perform well in the merger for Ethereum. Moreover, ETC broke its massive downtrend set in May 2021. This is a significant change in price action and gives rise to a strong bullish bias.
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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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