Altcoins
Ethereum Price Faces Rejection at $2K as XRP Rally Wanes
Ethereum price has been in the red for four consecutive days after facing a strong rejection at the crucial level of $2,000. The asset’s total crypto market cap has dipped by nearly 2% over the last day to $228 billion, while the total volume of Ether traded over the same period jumped by 58%. Even so, the altcoin remains 58.70% higher in the year to date.
Crypto Sentiment
The cryptocurrency market has been under intense pressure for the past few days as its recent XRP-induced rally fades slowly. The global crypto market cap has slipped over the past few days to $1.2 trillion, while the total crypto market volume increased by 40% over the last day. The Crypto Fear and Greed Index has also dipped from a Greed level of 63 to a neutral level of 57, indicating the lack of confidence by investors.
Crypto bigwigs, Bitcoin and Ethereum, have been in a freefall for the past few days as the cryptocurrency market sentiment dwindles. Bitcoin, the largest cryptocurrency by market cap, has hit an intraday low below the important level of $30,000 after facing a rejection at $31,000. At the time of writing, Bitcoin price was trading lower at $29,994. Ethereum price has also dropped below the crucial level of $1,900 to its current level of $1,899.20.
While the Ripple Labs’ court case against the US Securities and Exchange Commission buoyed the crypto market sentiment last week, economic headwinds have continued to weigh on the markets. Despite a decline in the latest key inflation data, traders are pricing in a 92% chance of the US Federal Reserve implementing a 25-basis point interest rate hike this month. A slew of policymakers, including the Fed chair Jerome Powell, have signaled their support for two more hikes this year.
Investors have remained focused ahead of a few economic data reports this week. The UK and European Consumer Price Index (CPI) reports are slated to be released later on Wednesday. The UK inflation, as well as the Eurozone inflation, is expected to have eased during the past month. The US retail sales report is also expected to be released later on Tuesday.
Ethereum Price Technical Analysis
The daily chart shows that the Ethereum price has been on a bearish trajectory for the past few days after a recent win for the crypto market. The asset has failed to start a fresh rally above the important resistance level of $2,000. ETH remains slightly above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages.
Its Relative Strength Index (RSI) has slipped slightly below the signal line, with the Moving Average Convergence Divergence (MACD) indicator hinting at more downside. Therefore, the Ethereum price is likely to pull back further in the ensuing sessions as sellers eye the next support at $1,845. However, a move above the important $2,000 level will invalidate the bearish thesis.
ETH Price Chart
Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.
Brighter Future Ahead?
Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.
The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.
Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
-
Blogs5 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs5 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs5 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Don't Miss5 years agoRipple’s five new partnerships are mouthwatering
-
Blogs5 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs5 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
