This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Ethereum Classic.
After a significant rally, Ethereum appears to have found a local top above $1,700, which so far has acted as a strong resistance. The price could not get past this level and fell by 3.4% in the past seven days. The major support was found at $1,400.
Despite the ongoing pullback, Ethereum is still running a very strong performance since the bottom in June. Even if the price drops to the key support level, the expectation is that buyers will return to the market and try to break beyond $1,700. The key support at $1,400 could act as a reversal point to move the cryptocurrency’s next stage.
Indicators are now showing some weakness on the daily time frame, but the sellers are not very convincing. This indicates that buyers may come back in force once again to take ETH above the current resistance and even towards $2000.
Ripple was unable to break out of the major resistance at $0.38 despite several attempts. There was a massive fuse on July 30 that exceeded this critical level, but the bears quickly pushed it down. Because of this, XRP’s price action has remained relatively flat in the past seven days, up just 1.4%.
While indicators remain bullish, the volume does not bring enough confidence that buyers will be able to break free from this range. With the weekend approaching, we are unlikely to see a breakout unless the market leaders (BTC and ETH) attempt a major rally.
Looking ahead, XRP enthusiasts are likely to accept more sideways price action until a clear breakout occurs that turns the major resistance at $0.38 into support. Until then, XRP may continue to move within this large channel between $0.38 and $0.30.
Cardano continues to struggle below the $0.55 resistance level. Multiple attempts failed for a successful breakout, and this price has kept the price relatively steady below the important level for the past seven days. Support levels remain at $0.50 and $0.45.
Looking at the price action, we can see that ADA managed to make higher highs and higher lowers which puts the price in a clear uptrend. Therefore, another battle between the bulls and the bears seems likely in the coming days at the key resistance level.
While the volume is not huge at the moment, buyers may try another breakout next week. Indicators like MACD and RSI are still bullish despite the recent pullback. This could build up a strong upward momentum if buyers remain interested.
There is finally some good news for Solana. After experiencing a market pullback due to the recent exploitation of some Solana wallets, the price managed to find support at $40 and avoid a crash below the ascending triangle. However, in the past seven days, SOL has lost 6% of its value.
It is crucial for the cryptocurrency to break through this ascending triangle as there are not many days left to do so. If he succeeds, his price will likely enter a much-needed rise to attract attention and buyers. Any break from the major support at $44 is likely to bring Solana back to the $35 support.
Looking ahead, we expect to see an increase in Solana’s volatility as it approaches the top of this formation. By calculating the number of days left inside the triangle, we can see that SOL has about another week inside the triangle before a major fracture will likely occur.
Ethereum Classic (ETC)
With Ethereum expected to move to Proof of Stake in September, there is a lot of speculation about what will happen to all miners currently mining for ETH. Vitalik, the recent founder of Ethereum advertiser (July 21) that one option may be for them to move to Ethereum Classic.
Following Vitalik’s statement, the price of ETC increased from $25 to $45. Shortly thereafter, the cryptocurrency entered a decline, and in the past seven days, ETC lost 10% of its value. However, the price found a good support at $34, which could act as a pivot towards the major resistance at $48.
Looking to the future, with the Ethereum consolidation approaching, it is expected that network proofs such as ETC will perform well along with moves to pay attention to alternatives. Moreover, ETC broke its massive downtrend set in May 2021. This is a big change in price action and gives a strong bullish bias.
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