Ethereum
Will XRP skyrocket next week? Ethereum (ETH) Not Losing $3,370, Will Solana (SOL) Hit $150 Again?
Arman Shirinian
The market could head towards a recovery zone if trading volume reappears
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XRP might have been in a downtrend, but the current state of the asset implies the possibility of a reversal. The current state of XRP is best described by saying that few people are selling it, but almost no one is buying it either.
The graph shows that XRP has struggled to gain value over the past few months. The lack of price movement can be explained by the volume profile, which shows minimal trading activity.
Given the state of the market, it appears that neither buyers nor sellers are willing to take large positions due to low volume. An increase in volumes could be interpreted as a sign of renewed interest and could push the price higher.
With an RSI of around 41, XRP is in the lower neutral zone. This implies that there could still be room for growth before overbought conditions materialize. An increase in buying pressure and the potential start of a new uptrend would be indicated by a rise in the RSI above 50.
Even with the recent decline, XRP XRP still has strong fundamentals. Once the legal dispute between Ripple, the company that created XRP, and the SEC is resolved, it could be beneficial for the price of XRP. Ripple’s continued partnerships and technological developments also provide a solid foundation for future expansion.
Ethereum remains calm
Ethereum Bitcoin price is actively moving around the $3,400 price threshold, but it is also showing worrying signs, while the 100 EMA is not considered the most reliable technical level for an asset. However, things might turn out better than expected.
Because it closely resembles the 100-day exponential moving average (EMA) (orange line), the chart indicates that Ethereum has managed to hold above the $3,370 mark. With the recent market turbulence, this level has served as a support zone, stabilizing the price of ETH. Volume analysis shows inconsistent signals.
Even though trading volume hasn’t increased significantly, the consistency shows that interest in Ethereum at these prices is stable. It’s important to monitor this metric, as a spike in volume can indicate a more energetic move in either direction.
Ethereum The RSI is currently in the lower neutral zone, according to the Relative Strength Index, which is hovering around 43. This indicates a potential move higher before overbought conditions materialize. Further evidence of bullish momentum would be provided if the RSI could approach the 50 point level.
Long-term trend indicators, the 26-day and 200-day EMAs, are also displayed on the chart. Currently, Ethereum is trading above the 200-day moving average, a long-term bullish indication. It is still below the 50-day EMA, which suggests some short-term pessimism.
Ethereum price action is heavily influenced by market sentiment. The overall trend remains positive despite some negative signs. Potential price increases for Ethereum are well-founded due to its strong fundamentals, which include ongoing network upgrades and growing user adoption.
Solana has trouble climbing
Solana The price of the asset has been actively fighting to reach the $150 threshold for several weeks. However, despite positive fundamental developments, including the introduction of Blockchain links (or blinks), which is a specification allowing a user to complete an on-chain transaction on any website capable of displaying a URL, the asset price has not evolved actively.
In order to verify a bullish reversal and pursue the $150 target, Solana must close above numerous moving averages. Solana recently found support at the 200-day EMA, around $130. Multiple tests of this support level show that there is significant buying interest at this price.
Mixed signals can be seen in the volume profile. While there has been some trading activity, there is no indication that strong bullish momentum has emerged. The market’s growing confidence in Solana’s price action would be indicated by an increase in volume. For bulls, a move in the RSI above 50 would be positive.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant use in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.