Kategorie: Crypto Analysis

Key takeaways

• ETH dropped below the $3,750 mark on Monday as the broader crypto market undergoes a correction.
• It is now trading above $3,800 despite the net outflows.

Ether bounces back above $3,800

Ether, the second-largest cryptocurrency by market cap, lost 3% of its value on Monday and temporarily dropped below $3,750. However, it has recovered nicely and now trades above $3,800 per coin. 

The bearish performance comes amid net outflows for the cryptocurrency. According to data from July 29, Ethereum recorded a net outflow of $52.36 million from spot exchanges. 

The outflow highlights the growing Ether withdrawals this month as long-term investors take profit. However, the profit-taking hasn’t halted Ether’s performance as the coin looks set to hit the $4k psychological level soon.

Ether continues to see growing volume thanks to the ongoing NFT boom. While speaking to Coinjournal, Evan Kuhn, President of DeLorean Labs, the Web3 division of the DeLorean brand, revealed that legacy NFTs are seeing increased volumes. He stated that,

“Renewed volume around legacy NFT collections like CryptoPunks shows that digital ownership still has speculative appeal, but the more important shift is how NFTs are evolving into infrastructure. We’re seeing a transition from collectibles to utility. NFTs are now being used to manage access, automate rules, and assign roles within on-chain ecosystems.

While Ethereum’s price rebound has contributed to rising volume, the deeper story is about maturation. As NFTs become tools for real utility, they will move from novelty to necessity.”

Ether targets $4k as bulls remain in control

The ETH/USD 4-hour chart is bearish following Ether’s underperformance on Monday. However, the technical indicators on the lower timeframe have switched bullish, suggesting that buyers are regaining control.

The MACD lines have entered the positive region, indicating that the bias has switched bullish. Furthermore, the RSI of 61 shows that ETH could face buying pressure soon. If the recovery continues, Ether could break past the TLQ and resistance at $3,938 and hit the $4k psychological mark.

An extended bullish run would allow ETH to target the $4,200 level for the first time since December. The all-time high price remains $4,891, and it remains Ether’s medium-term target.

However, if the bearish trend returns, ETH could retest the low below $3,500 in the coming hours or days.

The post Ether tops $3,800 after consolidating below $3,780; check forecast appeared first on CoinJournal.

Key takeaways

• SOL is trading at $197 after adding 2% to its value over the weekend.
• The coin could rally towards $250 soon as investors anticipate a spot ETF.

SOL approaches $200 as altcoins lead the market charge

The cryptocurrency market is having a positive start to the week following last week’s deep correction. Bitcoin is trading above $119k while Ether is targeting the $4k psychological mark.

Binance’s BNB has hit a new all-time high of $857, with XRP and Solana also recording healthy gains. SOL, the native coin of the Solana blockchain, is up by more than 2% in the last 24 hours and now trades close to $200.

The positive performance comes as investors anticipate a Solana spot ETF in the coming months. Bitget Wallet CMO Jamie Elkaleh stated that,

“ETF conversations around SOL are further amplifying interest. With a more crypto-friendly regulatory tone emerging in the U.S., sentiment around both XRP and SOL remains constructive.”

According to market analysts, fundamentals are finally starting to align with Solana’s market structure. Liquidity is improving, and institutional flows are growing. The addition of spot ETF products would boost SOL’s adoption and push the price to new highs.

SOL could hit $250 soon

The SOL/USD 4-hour chart is bullish and efficient, with the market structure shifting to the upside. This shift suggests that SOL could be preparing for another leg up in the coming hours or days.

The technical indicators are also bullish. The RSI of 62 shows that SOL is bullish and could head into the overbought region soon. The MACD lines crossed over into the positive region, suggesting that buyers are in control.

If SOL’s daily closes above $195, it could hit the minor resistance level at $207 over the next few hours. An extended rally would allow it to approach the FVG around $225k before rallying to $250 for the first time since January. 

However, failure to close above the $195 region could result in a correction and push SOL lower to the $177 support level. If the bulls fail to hold this support level, SOL could dump further to the $157 low created on July 15.

The post Solana price prediction: SOL targets $250 amid ETF buzz appeared first on CoinJournal.

Key takeaways

• Binance’s BNB is the best performer among the top 10 cryptocurrencies by market cap, up nearly 8% in the last 24 hours.
• The coin has hit a new all-time high of $857 and could be set to rally higher in the near term.

BNB trades above $850 as altcoins rally higher

The cryptocurrency market was bearish last week but has begun the new week in a bullish fashion. Bitcoin hit the $119k mark after slipping below $116k on Friday, while Ether is approaching the $4k psychological mark.

However, Binance’s BNB is the best performer among the top 10 cryptocurrencies by market cap. The coin added nearly 8% to its value in the last 24 hours to hit a new all-time high price of $857 a few minutes ago.

The positive performance comes as BNB continues to attract institutional interest thanks to Binance’s position as the leading cryptocurrency exchange in the world. BNB’s rally also indicates that altcoins are currently leading the market charge.

In addition to BNB, other leading altcoins, including Ether, XRP, Solana, Dogecoin, and Cardano, all added over 2% to their values in the last 24 hours.

BNB could extend rally to $900

BNB overtook Solana last week to become the fourth-largest cryptocurrency by market cap and looks set to extend its lead. With a market cap of $119 billion, BNB is nearly $40 billion away from third-place USDC.

The BNB/USD 4-hour chart is bullish and efficient, suggesting that BNB could be preparing for another leg up. The technical indicators are also bullish as buyers are currently in control.

The RSI of 74 shows that BNB could be heading into the overbought region if the bullish trend continues. Meanwhile, the MACD lines have been in the positive zone for weeks now, suggesting a bullish bias.

If the rally continues, BNB could surge towards the $900 mark and set a new all-time high in the process. The $1k psychological level remains the medium-term goal for Binance’s native coin.

However, BNB might experience a correction following its recent rally. If that happens, BNB could retest the support and TLQ level at $841 over the next few hours. An extended selling pressure would see BNB drop to the weekend low of $795.

The post BNB hits a new all-time high, targets $900; Check forecast appeared first on CoinJournal.

Key takeaways

• ETH is up nearly 2% in the last 24 hours and now trades above $3,600.
• Technical indicators are showing signs of weakness, suggesting a bearish trend for the coin.

ETH stays above $3,600 as BTC dips

The cryptocurrency market has been volatile over the last couple of hours, with Bitcoin dropping below the $116k level. Bitcoin lost nearly 2% of its value and now risks dropping below $115k if the selloff continues.

However, Ether, the second-largest cryptocurrency by market cap, is currently in the green after adding more than 1% to its value in the last 24 hours. This allowed it to top the $3,600 mark.

However, the technical indicators are suggesting signs of weakness, and ETH could experience a selloff. The higher timeframe chart remains bullish, indicating that the buyers are still in control. 

ETH could retest $3k if the bearish trend persists

The ETH/USD 4-hour chart remains bullish as Ether outperforms Bitcoin and some other leading cryptocurrencies. The price is also efficient, suggesting that ETH could be getting ready for another upward movement. 

However, the technical indicators on the lower timeframe are switching bearish, suggesting a selloff on the horizon. ETH failed to find support around the daily level of $3.730 and declined below $3,600.

However, it has recovered its position above $3,600. If Ether closes below the $3,500 daily candle, it could experience a correction to retest the $3,000 psychological level. 

The Relative Strength Index of 49 shows that the bulls are losing control of the market, indicating a fading bullish momentum.

Furthermore, ETH’s MACD indicator is converging closer together, and the green histogram bars are also falling, both suggesting a growing bearish appetite.

On the flipside, if ETH’s daily candle closes above $3,500, the bulls could push the price higher in the near term. ETH could retest the $3,730 resistance level in the coming hours or days before aiming for the $4k psychological level.

The post Ether climbs above $3,600, but technical indicators show signs of weakness appeared first on CoinJournal.