Ethereum has fallen below its $1,600 support level and has displayed bearish sentiment on the chart. Broader market weakness has also contributed to Ethereum’s current price action.
Bitcoin had fallen to the $20,000 price mark and altcoins depicted similar price movements.
Ethereum over the last 24 hours depicted some minor appreciation on the chart. The altcoin’s technical outlook remained bearish.
Buying strength had fallen over the past two days and at press time the coin ‘s movement was dominated by sellers.
Continued selling pressure can pull ETH to the $1,100 price level before it starts to pick up momentum again.
In case the bulls find their way back into the market, ETH might continue to consolidate on its chart and then try to rise.
Buying strength also has to recover significantly for Ethereum to invalidate the bearish thesis. Over the last week, Ethereum lost 4% of its market value.
Ethereum Price Analysis: Four Hour Chart
ETH was exchanging hands at $1472 at the time of writing. After Ethereum witnessed a sharp fall, it tried to recover slowly but bearish pressure was still strong in the market.
Overhead resistance for the altcoin was at $1,542 and a current fall in price will drag ETH to $1,260.
For bearish thesis to be negated Ethereum has to trade above the $1,600 price mark for longer than a few trading sessions. If buying strength doesn’t display consistency then Ethereum can fall to $1,100 in just a matter of time.
The volume of ETH traded in the last session rose which indicated that buying strength struggled to move north on the chart.
The altcoin over the last 24 hours registered some increase in price, although technical outlook was bearish, buying strength tried to recover.
The Relative Strength Index was below the half-line but over the last trading sessions, there was an uptick in the indicator.
This meant that buying strength was recovering on the four hour chart.
Despite the recovery, the price of the altcoin was below the 20-SMA line, a reading below the 20-SMA line points towards sellers driving the price momentum in the market.
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The fall in price can be directly tied to a sell signal. The Moving Average Convergence Divergence depicts price momentum and reversals in the same.
MACD underwent a bearish crossover and flashed red signal bars which are tied to sell signal for the coin.
Directional Movement Index presents price direction and where the coin is headed next. DMI was negative as the -DI line was above the +DI line.
The Average Directional Index (Red) was below the 20 mark which meant that the current price action was losing steam.
Related Reading | TA: Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits
Featured image from UnSplash, chart from TradingView.com
Report Shows Crypto Assets Record Steady Growth As Inflation Lowers
The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the crypto sector. According to the Department of Labor publication, the July customer price index (CPI) report dipped to 8.5%. This was against its last year’s value of 9.1%.
With the report’s release, many people have expressed their recommendations for the Biden Administration and their shock. Some confessed that they have expected to see a spike in inflation due to some of the prevailing factors at the moment. They mentioned that the ongoing Ukraine-Russia war and price increase in goods were expected to play a role.
US President Joe Biden has reacted to the great news of the CPI report. Commenting from the White House, he maintained that the news shows that the economy ran with zero percent inflation for July.
President Biden further mentioned that their approach to controlling inflation yields positive results. Hence, he encouraged Congress to pass the inflation Reduction Act. This will help to build an economy that would reward hard work.
In the past six months, the US reported a negative GDP value for the two quarters of the year. Inflation also rose within the period, as indicated by the high-priced economy.
The report pointed out the monthly energy cost reduction that hit 4.6%. The value contradicts that of 2021, which gave a climbing curve to be at 32.9%. On the part of food expenses, there is a continuous uptrend.
The report recorded an 11% increase for July and a 10.9% rise on a year-over-year basis. Pundits reported that this value stands as the highest surge since May 1979.
Gasoline prices dipped by 7.7% monthly to give drivers a little aid. However, it remained higher than the value for 2021 by 44%.
Crypto Market Followed An Uptrend
In a new development, the crypto market is making positive progress in price and value. However, the crypto space has been in shamble due to the impact of the crypto winter and other combining factors.
In addition, the geopolitical climate and macro influences had been quite unfavorable. As a result, bitcoin and most major crypto assets experienced drastic price drops over the first half of 2022.
While expecting the CPI July report, many cryptocurrencies dropped on August 9. On its part, BTC plummeted by 4% to trade at $23,100. This sudden downward move was after it hit the $24,000 level as of Monday. For Ethereum, the drop went below 5%.
But the market prices are making a bounce with most assets moving uptrend. For example, while Bitcoin has climbed above $24,200, Ethereum is increasing slightly beneath $1,900 at the time of writing.
Featured image from Phemex, Chart from TradingView.com
Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing?
Polkadot (DOT) price reveals that the extreme bullish movement pumped the price reaching $9.54.
- DOT price extremely bullish; set to retest $9.88 key resistance level.
- Support spotted at the $9.29 zone.
- Polkadot pumped up its price to $9.54.
DOT’s price trendline has spiked for the past couple of weeks following the coin’s overwhelming gains over the past few days.
Today, DOT/USD is trying to test the $9.87 key resistance level which is pretty strong. However, if the bulls continue to push further then DOT will have no problem breaching this critical resistance zone.
DOT Price Pumped To $9.54
On the 24-hour timeframe, DOT price has shown a boost in price value as it pumped its price to $9.54 a few hours ago.
According to CoinMarketCap, DOT is now trading at $9.49 or showing an impressive spike of 2.20% as of this writing. DOT price was down by a trickle in a few hours but is still on the green lane. The DOT/USD pair has shown a remarkable 10.05% gain in terms of value as seen in the past week which hints a continuation of the bull run.
On the flip side, trading volume for DOT tremendously fell by 12.66% which shows some weak spots in terms of momentum.
DOT/USD pair shows increased volatility as seen in the expansion of the Bollinger bands. The price is seen to be trading the upper limit with $9.99 as the current key resistance, and the lower band or $6.84 poised as the current support zone for the coin.
More so, the EMA is spotted at $9.10 with RSI at 64 which is indicates strong buying pressure in the market.
Polkadot Price Correction Anticipated
The 4-hour timeframe shows that DOT price breached upwards which was observed at the onset of the trading session which prompted the price to spike to $9.58, but when the selling pressure resurfaced, the price also went down in the last few hours.
The 4-hour chart for DOT shows a rather very mild volatility. The upper band is spotted at $9.84, while the lower band is found at $8.73. More so, the EMA trades at the $9.35 level with the RSI showing a mild downtrend as it continue to trade at index 62 propelled by the immense selling pressure.
DOT price reveals that the coin is working extremely hard to override the key resistance found at $9.87, as the price is still seen trading on the green. A price correction is expected for short-term or in a just a few hours before the coin retests the key resistance zone again.
On the other hand, if the bears manage to dominate the bulls, then DOT may hold on to $9.29 as its next support zone.
DOT total market cap at $10.3 billion on the weekend chart | Source: TradingView.com Featured image from Bitcoin Addict, Chart from TradingView.com
Filecoin Cruises Near Resistance, Now Attempts For A Breakout
Filecoin (FIL) price action shows the formation of a flag and pole pattern that indicates a bullish movement.
- Filecoin price displays a robust uptrend with a bullish flag and pole pattern.
- Four-hour time frame for Filecoin showed the formation of a symmetrical triangle pattern
- Filecoin currently trades at a long-term supply range following a breach of short-term key resistance
Currently, Filecoin price trades at a long-term supply level after successfully breaching a short-term key resistance.
Prior to the breach, FIL price has been in convergence for quite some time. With that said, the breach of the supply level has made a tremendous impact which blasted a robust bullish streak.
Filecoin Shows Robust Upward Movement
Following a robust bullish movement, FIL coin price has started consolidating once again and creating higher high as well as higher low patterns seen on a daily time frame.
According to CoinMarketCap, the Filecoin price has been highly bullish trading at $8.55 with a surge of 0.69% as of this writing.
As of press time, FIL coin price has breached the critical 50 and 100 EMAs. More so, the coin currently trades midway of the Bollinger band indicator after it failed to outpace the upper bands. More so, trading volumes for the coin have also surged following the breach.
At this point, investors are advised to keep an eye for any signs of a breach in the bullish flag and pole pattern, and then act fast.
FIL Price To Surge Once It Breaches Flag, Pole Pattern
Given a 4-hour time frame, the FIL coin price is observed to form a symmetrical triangle. The ADX curve has also spiked on a higher time frame as it moves in sync with the coin’s uptrend which hints at a rally in FILE coin price.
Judging by the daily time frame, the ADX curve is seen to have swerved past the 20 levels and shifted upwards. On 4-hour time fame, the coin is spotted currently sitting in the short-term demand zone. At this point, investors need to wait for the formation of a positive candle in the demand area.
FIL coin’s RSI is showing trading activity at the 50.41 mark. Its RSI also shows a crossover on the 50 zones. Remarkably, the FIL coin price revealed a breach seen at a robust supply zone. In the event that the coin price manages to breach the bullish flag and pole pattern, the RSI will also quickly swing upwards. RSI curve also shows that it has successfully crossed the 14 EMA which defines a short-lived bullish movement.
The Supertrend indicators are also very optimistic, especially with the breach of the critical small-term supply mark as seen on the daily time frame which also prompted the continuous rallying of coin prices.
Crypto total market cap at $1.15 trillion on the daily chart | Source: TradingView.com Featured image from Binance Academy, Chart from TradingView.com
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