Altcoins
Ethereum Price Holds Steady Amid Waning Risk Appetite: What Next?

Ethereum price has been trading sideways for the past few weeks after facing a strong rejection from the important level of $1,900. At the time of writing, Ethereum was trading slightly higher at $1,850.88. The asset’s total market cap has slipped to $222 billion, while the total volume of ETH traded over the last day jumped by more than 77%.
Fundamental Analysis
Ethereum price has been under intense pressure for the past few days against the backdrop of global uncertainty and a decline in market sentiment. According to Coinmarketcap, the global crypto market has crashed over the past few weeks to $1.17 trillion, while the total crypto market volume surged by nearly 50% over the past 24 hours.
Bitcoin, the largest cryptocurrency by market capitalization, has failed to start a fresh upward trajectory above the crucial level of $30,000, weakening the global crypto market sentiment. A look at the Crypto Fear and Greed Index, the key measure of the emotions driving the crypto market, shows that investors are in conservation mode. The current reading on the index is neutral at 50, down from a Greed level of 64 seen a few weeks ago.
The US dollar jumped to a five-week high on Monday after high inflation readings published last week. Data published by the Bureau of Labor Statistics on Thursday showed that the US headline inflation in July rose slightly from June. The month-on-month Consumer Price Index (CPI) rose by 0.2% in July, matching June’s increase, while the annual inflation rose by 3.2%, up from 3% in June. The US Producer Price Index also grew more than expected in July.
Higher inflation rates give the US Federal Reserve more incentive to further hike interest rates, improving the outlook of the greenback. A stronger US dollar tends to be bearish to the prices of assets, including stocks, commodities, and particularly cryptocurrencies. Even so, the CPI increase in July was smaller than expected, supporting the case for the US central bank to hold steady its interest rates till its next meeting in September. The Federal Open Market Committee (FOMC) is slated to release its meeting minutes later this week on Wednesday.
Ethereum Price Prediction
The daily chart shows that the Ethereum price has been in consolidation mode for the past few weeks, trading between the tight range of $1,885 and $1,830. The asset remains slightly below and above the 50-day and 200-day exponential moving averages, respectively. Its Relative Strength Index (RSI) has improved slightly, moving above the signal line. The Bollinger Bands have narrowed, indicating a decline in market volatility.
As such, the Ethereum price is likely to continue trading sideways in the ensuing sessions, struggling to find direction. A flip above the upper band at $1,888, could pave the way for further gains to the next resistance levels at $1,930.75 and $2,000. However, a move below the crucial support level of $1,845 will invalidate the bullish thesis.
Altcoins
Solana Price Outlook Amid Cautious Optimism

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…
Altcoins
Cardano Price Needs to Clear Major Hurdle at $0.2785 for a Bullish Breakout

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…
Altcoins
Dogecoin Price: Eyes are on the Key Inflation Data

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…
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