ETH had one of its biggest surges during the previous week. It broke above $4k for the first time since March.
ETH and other cryptocurrencies contributed to the slight global cryptocurrency market cap increase. It is at $3.55 trillion at the time of writing but peaked at $3.71 trillion a few days.
The fear and greed index remained steady as many traders were bullish but cautious. Speculation of the cycle moving from Bitcoin season to altseason gains ground. The assertion comes after the apex coin failed to show as much volatility as before.
The massive increase this asset class recently experienced fosters the conviction. PEPE gained over 19% over the last 24 hours. Opening trading at $0.000021, it shot due to a massive increase in buying pressure and currently trades at $0.000026.
Quant resumes its uptrend with over 13% increase in the last 24 hours. It surged above $150 during the previous intraday session and flipped to $160. It briefly touched $170 a few hours ago but retraced and now trades at $166.
Several cryptocurrencies attained fresh milestones over the last five days. The top ten also saw tremendous shifts.
BTC/USD
The apex coin surged to its highest valuation last week. On Thursday, it started trading at $98,781 and gradually gained momentum, breaking the $100k mark for the first time ever. It continued hitting a new all-time high at $103,647.
The asset experienced massive selloffs after the milestone, resulting in notable price declines. It dropped to retest the $92k support before rebounding. It recovered, closing at $97k.
The bulls tried resuming the uptrend the next day with considerable success. Bitcoin surged to a high of $102k but retraced to a close at $99k. Another failed attempt at an uptick failed on Saturday. Nonetheless, it closed with gains exceeding 4%.
BTC has since failed to resume the uptrend or return to its ATH. Nonetheless, it had many positive fundamentals, with several institutions converting some of their reserves into the apex coin. Onchain data shows notable bullish evidence. Fewer whales are selling after the initial selloffs on Thursday.
Indicators show growing bearish sentiment among retail traders, resulting in ongoing price declines. Bitcoin is currently down by almost 4%. The relative strength index dropped to 58 from 64 the previous day. The accumulation and distribution chart shows growing supply and the bulls’ inability to soak it up.
The Bollinger bands show that the latest decline happened after the apex coin tested the upper SMA. MACD continued downward following the latest price trend.
ETH/USD
Ethereum broke above $4k for the first time in almost three years. The buildup started on Wednesday when it opened trading at $3,617 and shot up as buying pressure increased. It reclaimed the $3,800 barrier and hit a high of $3,900.
The flipping happened on Friday, starting at $3,789 and surging to $4,000. It continued upward but faced massive resistance at $4,096. Nonetheless, it maintained momentum, closing the day above the critical mark. The gain added up to the 8% increase it registered on the weekly scale
The apex altcoin’s return to $4k bolstered confidence in the asset. The trend spilled over to other assets in its ecosystem, with cryptocurrencies like PEPE, ENS, and ETC registering notable surges.
ETH struggled to keep prices above $4,000 but failed a few hours ago. The selloffs ravaging the crypto market saw the altcoin lose the $3,800 support, hitting a low of $3,753. If trading conditions remain the same, it may close with losses exceeding 6%.
ETH was overbought during the previous intraday session. A few minutes ago, the RSI dropped to 60 as the selling volume increased. The moving average convergence divergence blares warnings amidst the ongoing declines. The 12-day EMA stopped its uptrend and may intercept the 26-day EMA.
XRP/USD
XRP had its most bullish session on the first day of the previous week. It opened trading at $2.29 and shot up after a brief decline. It broke above $2.80 but faced a strong rejection of its bid to flip $2.90. The third largest cryptocurrency peaked at $2.87, retracing to a close at $2.72.
The bulls staged a recovery the next day, pushing prices higher. The asset edged closer to the $3 mark but faced massive resistance at $2.90. Nonetheless, this is the closest it got to its ATH in over five years. It experienced notable selloffs after the milestone, dropping to a low of $2.30.
The milestone thrilled XRP bulls, saying this is just the beginning. Many had high expectations for the asset, predicting a possible climb to $100.
Nonetheless, the bullish period is over as the altcoin grapples with massive selling congestion. It dropped from $2.60 to $2.31 and is currently down 11%, showing no signs of halting its decline.
MACD hints at further declines if trading conditions remain the same. The 12-day EMA is arching downwards and will intercept the 26-day EMA in the coming days. The relative strength index has been at its lowest over the last twenty days.
SOL/USD
Solana is printing one of its biggest candles on over two months. However, it’s a red as the asset experience massive declines at the time of writing. It opened trading at $237 and dropped, losing the $220 support. It currently trades at $218, down by over 7%.
Since surging to a new ATH two weeks ago, the altcoin has grappled with a massive bearish sentiment. It dropped to a low of $215 last week but recovered. It surged to a high of $240 on Tuesday and closed with gains of almost 4%. The one-week chart shows a doji, hinting at no significant change in price.
Since then, the Solana community has been less active, and there have been fewer speculations about its next price trajectory. Nonetheless, its ecosystem thrives, with traffic volume hitting fresh highs.
The moving average convergence divergence had a bearish interception two weeks ago. Due to the latest declines, the 12-day EMA hit a new low. The RSI is at its lowest in over twenty days, dropping to a low of 43.
