Crypto
Ethereum Price Faces Rejection at $1,620 in the Wake of Market Challenges
Ethereum price has been struggling in recent weeks on the back of its unstable on-chain performance and global economic uncertainty. The general market performance has not helped much either, as most altcoins have failed to hold an upside momentum. Ethereum, one of the most valuable assets in the cryptocurrency market, has dipped by nearly 3% in the past week and more than 5% in the month to date.
Fundamental Analysis
Ethereum price has been on a consistent bearish trajectory over the past few weeks against the backdrop of a dull crypto market and a stronger dollar. The dollar index, which measures the performance of the greenback against six major currencies, has been hovering around its highest level since December 2022 since Thursday. At press time, the dollar index was trading higher at 105.720. A stronger dollar tends to be bearish for risk assets, particularly cryptocurrencies.
Investors have been assessing the economic outlook, considering what could be next for interest rates and the economy, ahead of a string of key economic data due later this week. Investors will be looking at the data from the housing sector, as well as the CB Consumer Confidence data slated for Tuesday. Additionally, the quarterly GDP data for Q2 is expected to be published later Thursday, concurrently with the initial jobless claims.
The Fed’s favorite inflation gauge, the personal consumption expenditure index (PCE), is also expected to be published on Friday. Various Fed speakers are also due to give remarks and could provide fresh hints about the monetary policy outlook. Notably, Fed Chair Jerome Powell is slated to give a speech on Thursday.
Last week, the US Federal Reserve announced its decision to hold interest rates at its September policy meeting. Even so, Fed officials warned of further rate hikes later in the year, with markets pricing in a 25.5% chance of a 25-basis point hike to 5.75% in its November meeting.
Hope for Ethereum?
Ethereum price has not enjoyed favorable sentiment in recent weeks amid its struggling price and unstable on-chain performance. Even so, the latest on-chain data renews some hope for the asset’s price. On-chain analytics have always helped provide real-time analytics into crypto market trends.
According to data by Santiment, the Ethereum fees have dropped to their lowest levels since 2023, which might be a turning point for the asset’s market value and performance. As of Saturday 23rd September, the Ethereum network fees had dropped to $1.15, a significant fall from huge levels seen in 2021 and 2022 of above $50.
Historically, such a decline in fees prompts a rise in utility and adoption as the asset becomes more affordable to circulate. Notably, increased utility and adoption could lead to a recovery in the asset’s market cap levels and value. Even so, this development does not seem to have a significant impact on the ETH price, as it continues to struggle to break out from the current selling pressure.
Ethereum Price Technical Analysis
The daily chart shows that the Ethereum price has been on a steep decline over the past few days, after facing a strong rejection at $1,620 level. During this period, the asset has been hovering slightly above the crucial support level of $1,565. The digital currency remains below the 50-day and 20-day exponential moving averages, as well as the 50-day and 100-day simple moving averages.
As such, the Ethereum price is likely to extend its losses into the ensuing sessions as bears take full control of the market. A drop below the immediate support level of $1,550.60 might push the ETH price lower to find support at $1,450. Conversely, a breakout above the 50-day EMA at $1,672 might pave the way for further increases.
Crypto
BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Altcoins
Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Altcoins
Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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