ETH dropped to a new low earlier but rebounded and is currently trading at its opening price. The largest altcoin grapples with slight selling pressure at the time of writing.
Nonetheless, trading action at the time of writing shows minute volatility as the asset experiences a decline in trading volume. The bearish end to the previous day left ETH with reduced interest from the bulls.
However, the global cryptocurrency market cap is now at $3.73 trillion, following a previous decline. Price movements suggest that sellers are becoming exhausted. It is also worth noting that the market is seeing a massive 27% drop in volume, which is unsurprising.
Nonetheless, the sentiment across the industry is at its lowest in the last 30 days. The fear and greed index dropped to a 39 on Saturday, down several points from its peak at 68. A closer look at the metric shows that the last time sentiment dropped to this level was in June.
Away from the metrics, the last five days have passed with news of several institutions accumulating more cryptocurrencies for their strategic reserves. Some of the notable ones were from Strategy, buying Bitcoin after Monday’s dip.
Interestingly, many BTC OGs became active over the last five days, with some dumping their assets for ETH. Following the general overview of the crypto market’s performance, let’s take a closer look at how prices trended.
BTC/USD
Bitcoin experienced a significant retracement on Monday, resulting in losses of nearly 3%. It saw a slow but steady recovery over the next three days and failed to clear off the losses it incurred earlier.
However, the apex coin had another massive retracement on Friday. This time to levels not seen since the first week of July. The asset plummeted from $112,581 to $107,488 before rebounding and lost almost 4%.
The asset prints a small candle as it is experiencing slight volatility on Saturday. Nonetheless, it registered another low a few hours ago but rebounded.
A previous analysis noted that the apex coin has two demand zones, with the first spanning between $108k and $105k. It noted that it will see a notable pullback within this zone. The latest drawback marks the second time in August that the asset has traded around this zone.
Nonetheless, it is worth noting that BTC retested bollinger’s lower band a few hours ago. The indicator saw several retests over the last seven days, with a few resulting in a rebound. Aside from the bollinger bands, the moving average convergence divergence is trending downward following several selloffs, indicating massive downward momentum.
ETH/USD
ETH is printing a doji at the time of writing. However, the latest candle depicts notable improvement from the previous intraday session. Ethereum started that session at $4,511 but retraced to a low of $4,268, slipping below $4,300 for the first time in the last seven days.
Nonetheless, the asset dropped lower in the early hours of Saturday but is recovering, and traders are holding prices at its opening. Additionally, the relative strength index suggests that the coin is seeing almost equal pressure from the bears and bulls.
The bollinger bands show that since ETH tested the upper band last week, it has seen massive retracements. The coin is currently trading close to the middle band. However, another trend is unfolding on this metric; the upper and lower bands are contracting due to less volatility.
Nonetheless, ETH is trading above a key support; $4,200. The barrier held out against several attempts and may continue to hold.
XRP/USD
XRP is trading at $2.80 and has spent an extended period around this mark. Nonetheless, its current price depicts recovery from a slight decline to a low of $2.76, its lowest value since August 3.
However, the altcoin had one of its biggest declines on Friday. It retraced from $2.96 to a low of $2.77 before a slight rebound. The asset ended the session with losses of almost 5%.
A bearish close on Saturday will mark the asset’s fourth consecutive day of downtrend. Nonetheless, it is worth noting that the altcoin is trading at a critical level. It is exchanging above the 61% fib level. A closer look at this mark indicates that XRP has held this barrier since mid-July.
It is worth noting that the asset retested the bollinger bands a few hours ago. The indicator is trending downward as the upward momentum is fading. However, it is worth noting that the coin trended close to the middle band and consistently tested the lower band for almost two weeks now.
BNB/USD
Like ETH, Friday was a bearish day for BNB. The asset saw notable retracement, dropping to a low of $850. However, it rebounded and closed with no significant losses.
A closer look at the candle representing the previous indicates that the asset bulls are becoming hungry for further increases. As a result, the selling pressure was minimal compared to what happened on Monday.
Nonetheless, the coin revisited its previous low a few hours ago. It trades close to its opening price at the time of writing. It is worth noting that this marks the third attempt $850 in the last four days, which raises concerns about how long it will hold.
The 1-day chart also reveals that the asset found support around the bollinger bands. The coin barely slipped below the middle band since reclaiming it on August 8.
SOL/USD
Solana is experiencing another round of selling on Saturday. It dropped to a low of $197 a few hours ago, its lowest in the last three days. Nonetheless, the selloffs started on Friday when the coin retraced from a high of $217 to $199. Although it saw a slight recovery, it registered losses exceeding 4%.
However, SOL is down by over 2% at the time of writing. It edges closer to erasing the losses it incurred on the sixth day of the week.
Nonetheless, the fibonacci retracement levels point to the fact that the altcoin is trading above a demand zone. It slipped closer to retesting the 23% mark at $196 but rebounded after seeing a buyback. Aside from the fib levels, the relative strength index shows that the selling pressure is slowing down.
However, previous price movements suggest that the asset must hold $200 as there are no levels with demand concentration until $182.
Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now
