ETH and other crypto assets registered notable increases during the previous intraday session. The global cryptocurrency market surged by over 4% in response to the bullish trend.
Nonetheless, the massive increases were triggered by fundamentals from the Federal Reserve. The chairperson announced that an interest rate cut next month is almost inevitable. Most traders view a rate cut as an inevitable green signal as previous events bode well for the crypto market.
Bitcoin led the gains with a surge above its fourteen-day high. It went further, surging as high as $64k before corrections saw it halt its advances.
The latest price improvement across several cryptocurrencies affected some assets in the top 10. Let’s see how they performed
ETH/USD
Ethereum recently experienced a notable decrease in gas fees, which some reports claim to be the lowest in the past three years. The drop in gas fees was due to a decline in transactions within the network, resulting in reduced congestion and the computing power required to process transactions.
The cryptocurrency has seen an increase in buying volume over the last two days, indicated by the presence of green candles and another one being printed at the time of writing. Additionally, the Accumulation/Distribution (A/D) chart is on an upward trend in response to the current market trend.
Notably, the on-chain Relative Strength Index (RSI) is currently neutral, presenting a stark contrast to the reading from the one-day chart, where the metric indicates an upward trend.
The latest reading from the highlighted indicators was mostly due to trading action during the previous intraday session. Ethereum had one of its biggest surges during this period, starting trading at $2,623 and surged to a high of $2,800. Although it failed to flip this key level, current trading actions point to another failed attempt.
The altcoin briefly peaked above $2.8k a few hours ago but is now below the mark. Nonetheless, it is trading at its fourteen-day high, which is currently serving support. It is important to maintain this price level, as a slip will see the coin resume it previous trend below $2,700
BNB/USD
BNB is currently printing a red candle for the first time in over four days. The latest action comes after it edged close to $600 but failed to flip it. The coin started trading at $583 during the previous intraday session and peaked at $598.
The altcoin has recently shown notable increases and is encountering resistance as it continues to rise. The asset has experienced a significant shift in price trajectory as it tries to recover with moderate success. It has slowly climbed since the start of the week.
The latest trend is a significant improvement from the previous week’s performance. Last week, Binance coin tested $550 but retraced to $547. Although the coin briefly flipped its pivot point on Saturday when it opened trading at $530, it failed to maintain the trend on Sunday, resulting in nearly a 2% loss.
Starting the present seven-day session with gains exceeding 4%, the coin is up by over 8%. It is worth noting that it saw a significant improvement in trading since the surge started. The increase indicates improved traders’ sentiment, which may be the trigger for the uptrend.
News of the largest exchange reentering India also sparked notable bullish action as more traders have the freedom to trade the asset.
The coin is currently trading above its pivot point, and it’s crucial for the bulls to sustain the recent trend, as the pivot point may act as vital support in the near future. Furthermore, the MACD has shown bullish divergence over the past seven days despite the relatively low volatility of the altcoin.
RSI is also on the rise in reaction to the most recent change in market sentiment. The metric peaked at 63 but is arched downwards due to the small drop.
SOL/USD
Last week, Solana displayed a bullish performance with an initial gain of over 3%, starting trading at $141 and peaking at $151 before retracting to $146. On Wednesday, it retested the $150 mark after opening at $146, briefly reaching a high of $152 before closing at $143, incurring losses exceeding 2%. The decline continued over the following days, leading SOL to hit a low of $136.
Despite attempts at recovery, Solana failed to exhibit significant price improvements over the week, culminating in a doji as the session ended. The cryptocurrency has not experienced a clear upward trend, despite several bullish fundamentals, including increased revenue generation within the ecosystem amidst the gradual launch of meme coins.
However, trading actions in the last 48 hours show a huge improvement. The altcoin started the previous intraday session trading at $143 and surged as the rest of the crypto market did. It broke its ten-day high as it flipped $150. It peaked at $154 and closed with gains of over 7%.
The uptrend is ongoing and SOL briefly flipped $160, peaking at $162. The coin is up by over 11% on the weekly scale in reaction to the latest price improvements.
Solana faced rejection at a tough resistance. Previous price actions suggest that the bulls must sustain the ongoing trend or risk a drop below $150.
XRP/USD
XRP has seen a significant increase in its daily price movement, with a notable surge from $0.56 to a peak of $0.61, although it has retraced and is currently trading below a key resistance level.
Despite this, the cryptocurrency is up by more than 6%. The moving average convergence divergence indicator has responded to these price fluctuations, with the 12-day EMA approaching its counterpart. Sustaining the current trend will be important for the bulls to ensure continued divergence.