Bitcoin, Ether, Major Altcoins – Weekly Market Update August 2, 2021
ETH/USD
The Ethereum Project token ETH closed flat at $2,185 on Sunday, July 15, but that did not stop it from adding 15.3 to its value on a weekly basis. The move helped it surpass the 21-EMA on the weekly timeframe and also break above the falling wedge formation, usually a bullish reversal signal.
On Monday, the ether continued to rise. It climbed up to $2,228 at the daily candle close after hitting $2,430 during intraday on the already-mentioned false Amazon rumor.
The Tuesday session was a good one for bulls as well. The ETH/USDT pair first dropped to $2,150 in the early hours of trading, then recovered in the evening pushing its price further up to $2,300.
The third day of the workweek was when the coin reached the important daily/weekly timeframe resistance right below $2,400. That key zone was one of the most actively traded in the last few months providing support and resistance on multiple occasions, including the last registered peak from early July.
The leading altcoin closed the day flat after trading in the wide $2,240-$2,345 range.
On Thursday, July 29, it made one more step in the upward direction, this time to the zone above the Fibonacci 23.60 level at 2,380.
The Friday session was no different and the ether continued to increase in value forming another green candle to $2,456. The ETH/USDT pair was now forming a bullish W pattern on the daily chart with a breakout line around $2,800 around the June high and the Fibonacci 38.20 level.
The first day of the weekend came with 11th consecutive day in green for the altcoin and a fresh new monthly high – $2,528. The month of July was closed with a 10 percent increase.
On Sunday, August first, the ETH token hit $2,697 but sellers quickly absorbed the buy orders and pushed the price down to $2,550 at the candle close.
As of the time of writing, the coin is trading slightly higher – at $2,585.
Leading Majors
- XRP (XRP)
One of the most popular cryptocurrencies from the last bull run, XRP started to grow again in the last few weeks and quickly reached #6 on CoinGecko’s Top 100 list.
The XRPUSDT pair added 18 percent to its value for the last seven days and is now 44 percent up from its July bottom, currently trading around $0.75.
The $0.75-$0.80 area is a solid resistance that is visible on the weekly timeframe. It is where the altcoin peaked back in November, 2020 and again in February, 2021. It is also where the price of XRP found stability during the May market crash.
Next target in front of bulls, even the above zone is surpassed, will be $1.1.
Potential support at $0.65.
Altcoin of the Week
Our Altcoin of the week is Ankr (ANKR). The blockchain node hosting provider jumped with 61 percent during the last week and is now trading near the important $0.1-$0.11 support/resistance level.
The ANKR coin re-entered the Top 100 list and is now situated at #97 with a total market cap of $744 million. It peaked at $0.107 on Sunday, August 1.
The most probable reason for the recent surge is the recent listing on Binance US as well as the announced improvements in the Ankr’s Developer API, which is now also available on the Polygon ecosystem.
As of the time of writing, the ANKR/USDT pair is trading at $0.95.
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