This week, we’ll take a closer look at Ethereum, Ripple, Cardano, Solana, and Ethereum Classic.
After a major rally, Ethereum appears to have found a local top above $1,700, which has been a strong resistance so far. Prices have failed to rise above this level, falling 3.4% over the past seven days. Key support is at $1,400.
Despite the ongoing pullback, Ethereum has performed very strongly since bottoming out in June. Buyers are expected to return to the market and attempt a break above $1,700 even if the price falls to a key support level. The key support at $1,400 could act as a reversal point to trigger the cryptocurrency’s next rally.
Indicators are currently showing some weakness on the daily time frame, but sellers are not very convincing. This suggests that buyers are likely to come back strongly again, pushing ETH above current resistance levels and even $2,000.
Despite multiple attempts, Ripple has not been able to break out of the key resistance at $0.38. There was a huge wick above this critical level on July 30, but the bears quickly pushed it back below. For this reason, XRP’s price action has remained relatively flat over the past 7 days, up just 1.4%.
While indicators remain bullish, volume has not given enough confidence that buyers will try to break out of this range. As the weekend approaches, we are unlikely to see a breakout unless the market leaders (BTC and ETH) attempt a sharp rally.
Going forward, XRP fans may have to accept more sideways price action until a clean breakout occurs that turns key resistance at $0.38 into support. Until then, XRP will likely continue to move within this large channel between $0.38 and $0.30.
Cardano continues to struggle below the $0.55 resistance. Multiple unsuccessful attempts to break out have kept prices relatively flat below important levels for the past seven days. Support remains at $0.50 and $0.45.
Looking at the price action, we can see that ADA has indeed managed to make higher highs and higher lows, which puts the price in a clear uptrend. Hence, another battle of key resistance levels between the bulls and bears seems likely to take place in the coming days.
While volume is not very high at the moment, buyers may try to break out again next week. Indicators such as MACD and RSI remain bullish despite the recent pullback. If buyers remain interested, this could create a strong upward momentum.
Solana finally had some good news. After suffering a market downturn due to the recent exploitation of some Solana-based wallets, the price managed to find support at $40 and avoid breaking below the ascending triangle. Still, SOL’s valuation has fallen 6% over the past seven days.
It is crucial for the cryptocurrency to break out of this ascending triangle as it does not have that many days to break out. If it succeeds, its price could enter a much-needed rally to regain attention and buyers. A break below the key support at $44 could take Solana back towards the support at $35.
Going forward, as Solana approaches the apex of the pattern, its volatility is expected to increase. By calculating the number of days remaining inside the triangle, we can see that the SOL has a week or so left in the triangle before a major breakout occurs.
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 the miners currently mining ETH. Recently, Ethereum founder Vitalik statement (July 21) They may choose to move to Ethereum Classic.
The price of ETC surged from $25 to $45 following Vitalik’s statement. Shortly thereafter, the cryptocurrency entered a pullback, with ETC losing 10% of its valuation over the past seven days. Nonetheless, the price found good support at $34, which could act as a pivot at the key resistance level at $48.
Going forward, as the Ethereum merger looms, proof-of-work networks such as ETC are expected to perform well as attention shifts to alternatives. Additionally, ETC broke the sharp downtrend set in May 2021. This is a major change in price action and creates a strong bullish bias.
Binance Free $100 (Exclusive): Use this link to sign up and get $100 for free and a 10% fee discount for your first month on Binance Futures (Terms).
PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to get a deposit of up to $7,000.
Disclaimer: The information found on CryptoPotato is that of the cited author. It does not represent an opinion of CryptoPotato as to whether to buy, sell or hold any investment. It is recommended that you do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for details.
Cryptocurrency Charts Via transaction view.