Market Analysis by Investing.com (Günay Caymaz) covering: ETH/USD, XRP/USD, Solana. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Despite this surge, the uptrend hinges on key resistance zones.The cryptocurrency market has rallied over the past two weeks, clawing back most of the losses suffered in early July. However, the uptrend remains fragile as key resistance levels haven't been breached yet.
If Ethereum fails to maintain this level, it may retest the previous support at $3,270. The $3,270-$3,330 zone, aligned with short-term EMA values, serves as an important support line. A potential retreat to this support line, extending to $3,200, could strengthen the upward movement. Spot ETF transactions for Ethereum are likely to start next week, with issuers already setting transaction fees for spot ETH ETFs. This could lead to volatile movements, but an increase in ETH demand may drive prices upward.Since March, Solana has shown a bearish momentum, consistently forming lower highs. It has established support around $128.
This week, Solana paused at the falling trend line, which corresponds to the $155-160 range. For a confirmed breakout, Solana needs to close above $160 on a daily basis. However, if Solana fails to overcome the resistance at $180, it may retest the downtrend. Additionally, if sellers remain active at $160, Solana could continue to move within the triangle pattern, potentially leading to a retest of the support zone below $130.'s price compressed following a sharp decline in April. It broke out of a symmetrical triangle formed by lower peaks and higher lows, resulting in a 25% depreciation that matched the triangle's height.
Conversely, a weekly close above $0.60 would be significant, as it would re-establish the bullish channel from July 2022 and surpass the Fib 0.618 level.
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