Altcoins

Ethereum Price is Struggling Below $1.9K: Time to Sell?

Published

9 months ago

July 25, 2023

Crispus

Ethereum price has been in a steep downtrend for the past few days ahead of the Fed’s two-day monetary policy meeting. The asset has been struggling below the crucial level of $1,900 over the past few days amid a decline in market sentiment. At press time, Ethereum was trading slightly lower at $1,855.

Economic Headwinds

Ethereum price has been under intense pressure for the past few days as the Fed’s two-day policy meeting sparks market jitters. The global crypto market cap has crashed over the last few days to $1.17 trillion, while the total crypto market volume decreased. Bitcoin, the largest cryptocurrency by market cap, has dropped below the critical $30,000 level, buoyed by the weak crypto market sentiment.

A look at the Crypto Fear and Greed Index shows that the confidence among investors about the crypto sector has continued to dwindle. The Index has declined from a Greed level of 63 last week to a neutral level of 52, indicating that most investors are in conservation mode.

The US Treasury yields climbed higher on Tuesday as the Federal Reserve is due to kick off its meeting. The meeting is expected to end on Wednesday when the central bank is expected to announce its interest rate decision. Markets are pricing in a 98.9% chance of the Fed implementing a 25 basis points interest rate hike after its meeting.

Investors will also be watching the guidance by the central bank and comments by the Fed chair, Jerome Powell, hunting for clues about the Fed’s monetary policy path. Additionally, the European Central Bank (ECB), as well as the Bank of Japan, is expected to meet later this week, when the policymakers are expected to announce their interest rate decisions.

Notably, investors will also be on the lookout for several key data points, including the Fed’s favorite inflation gauge, the personal consumption expenditures (PCE) index on Friday. The CB Consumer Confidence Index data for July is also slated to be published later today.

Ethereum Price Analysis

The daily chart shows that the Ethereum price has been on a steep decline for the past few days after facing a strong rejection at the important level of $2,000. During this period, ETH has managed to drop below and remain above the 50-day and 200-day exponential moving averages.

Its Relative Strength Index (RSI) has moved below the neutral line, with the Moving Average Convergence Divergence (MACD) indicator pointing to a sell signal. The Bollinger Bands have narrowed as indicated on the chart, showing a decline in volatility.

As such, the Ethereum price is likely to pull back further in the immediate term as concerns about a hawkish Fed continue to weigh on prices. If this happens, the next support levels to watch will be $1,845 and $1,775. On the other hand, a move past the bullish support level at $1,920 might push the price higher to $2,000, invalidating the bearish thesis.

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

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

Published

4 months ago

December 22, 2023

Crispus

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 5^th 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…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6^th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…