Altcoins
Ethereum Price Nudges Higher Amid Successful US Debt Ceiling Bill and a Weaker Dollar
Ethereum price jumped on Friday, hovering slightly below the important level of $1,900 as the approval of the US debt ceiling bill increased bullish sentiment in markets. At the time of writing, Ethereum was trading 1.48% higher at $1,888.86, surpassing the 50-day exponential moving average at $1,845. The asset’s total market cap, as well as its total volume, has increased over the last day.
Fundamental Analysis
The crypto market was in the green on Friday as investors digested the latest news on the US debt ceiling bill. The global crypto market cap increased by nearly 1% over the past 24 hours to $1.14 trillion. Even so, the total crypto market volume, as well as Bitcoin’s dominance, inched lower over the same period.
Ethereum price jumped to an intraday high of $1,900 on Friday before pulling back slightly amid increased bullish sentiment and a weaker US dollar. The US Senate passed the bill to suspend the US debt ceiling deal to January 1, 2025, on Thursday, a few days before the US government ran out of cash. The US government will now be able to keep borrowing money to pay its bills.
The dollar index, which measures the greenback’s performance against six major currencies, has dropped by nearly 1% this week, its biggest weekly loss since mid-January. The passage of the US debt ceiling deal removed a pillar of support of the US dollar, which had been a key beneficiary because of its safe-haven status.
With the debt ceiling now in the rear-view mirror, the focus will be on the central banks and economic data. Data released on Friday shows that Nonfarm payrolls grew by 339,000 in May, beating analysts’ expectations and marking the 29th straight month of positive job growth.
Traders have ramped up bets that the Federal Reserve will be pausing its interest rate hike in June but does not rule out further hikes later in the summer. Philadelphia Fed President Patrick Harker said on Thursday, “It is time to at least hit the stop button for one meeting and see how it goes”.
Ethereum Price Outlook
The daily chart shows that the Ethereum price has been moving sideways for the past few days. Even so, the digital asset has managed to move above the 50-day and 200-day exponential moving averages. It has also moved above the 100-day and 200-day simple moving averages.
Its Relative Strength Index (RSI) has moved up the signal line into the neutral zone, indicating an increase in buying pressure. The Moving Average Convergence Divergence (MACD) indicator also suggests a bullish uptrend.
Therefore, the Ethereum price is likely to jump higher in the ensuing sessions as buyers eye the important resistance level of $2,000. A flip above this level might give bulls enough momentum to push the price higher to this year’s high at $2,145. On the other hand, a move below the crucial level of $1,845 will invalidate this view.
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…
XRP price has been under intense pressure for the past few weeks, moving in tandem with the general crypto market movements. The asset has crashed by more than 20% in the month to date and 7% in the past week. XRP’s total market cap has plunged to $26 billion over the past few weeks, with the total volume of the asset traded over the last day down by 11%.
Regulatory Concerns
XRP price has posted significant losses over the past few weeks amid the bearish crypto market sentiment and regulatory concerns in the sector. The global crypto market cap has been under immense pressure over the past few weeks, with the overall crypto market cap inching lower to $1.04 trillion. The premier cryptocurrency, Bitcoin, has been struggling below the crucial level of $26,000 over the past few days, weakening the crypto market outlook.
Major altcoins, including Ethereum, Solana, Dogecoin, and Cardano, among others, have also succumbed to the general market outlook, dipping by more than 3% each. The Crypto Fear and Greed Index, which measures the key emotions driving the crypto market, is currently at a fear level of 35, pointing to an increase in selling pressure.
The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has also been weighing on the XRP price. The XRP price jumped by more than 70% in July after a federal judge ruled…
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