ETH is currently trading at $3k and aiming to retake $3,200. Although it looks promising, the coin may see massive resistance at this mark.
The fear and greed index suggests that traders have not fully recovered from the shock of several fundamentals that rocked the market in the last seven days. One such is the fear of Mt. Gox’s plan to sell off over $2 billion in bitcoin.
The German govt continues to offload its bitcoin. It has ramped up its sales in the last seven days with a transfer of over 10,000 BTC. Amidst the dump, one crypto proponent in the German Bundestag implored the halt of such actions. Rumors are circulating that some exchanges have refused to fulfill the sell orders. The situation may force an off-market sale.
The Ethereum ETF is set to hit the market this week. How will the market react?
Top Five Cryptocurrencies
BTC/USD
Bitcoin is seeing small increases at the time of writing. It attempted $58k but failed to stabilize above it as it retraced. Nonetheless, the struggle for $58,000 continues.
With the market panic significantly reduced, several on-chain data are flipping positive. For example, the over 2% decrease in exchange reserve shows the dwindling supply, and the bulls are soaking up the previous excess supply. Although this metric saw a .24% increase in the last 24 hours, the buyers are making notable progress.
The biggest seller, Germany, has sold more than 50% of its bag in the last fourteen days. As its holding gradually reduces, it will become exhausted and halt the selloff.
The moving average convergence divergence is reacting to the ongoing buyback the coin is seeing. After several days below 0, the metric shows positive signs. The 12-day EMA has halted its uptrend and will start an uptrend if current market conditions remain stable.
The 12-day EMA ascent may also mean a bullish convergence, which is a positive sign and may herald more price increases.
In the coming days, BTC will flip $58k, resulting in the coin attempting $60k. Nonetheless, gathering momentum below the highlighted resistance may continue over the next 24 hours before a breakout.
ETH/USD
Ethereum has traded between the first and second pivot support over the last four days. Closing around $3k will add to the streak, making the $3,200 mark critical. Nonetheless, there are fears of the asset retracing. This will mean another retest of the S2 at $2,800. The support may hold as it did following two attempts in the last four days.
It is also worth noting that the coin retraced from its high of $3095 creating a wick. The current is filling this wick, which indicates a possible continuation of the gains. However, ETH failed to stabilize above $3,100 and may close with no significant gains.
The news of Ethereum ETF hitting the market is positive and will affect prices. Traders are looking forward to an impending surge that will break the coin from its current horizontal trend.
The Fibonacci retracement shows that a close above $3,000 may offer the needed relief for S2. Currently trading at $3,062, the coin is above the 50% fib level, which many consider a strong point. The next mark the metric points to is the 38% level at $3,179. The apex coin will also break this mark before the week ends.
WIF/USD
Dogwifhat was recently deranked as it saw less investment in the last seven days. It dropped one spot on the global cryptocurrency market cap ranking. The memecoin has since been on the decline, with one of the most significant decreases happening two days ago.
It started trading at $2 and saw a small increase but reclined after experiencing a sudden spike in selling volume. The corrections continued until it rebounded at $1.64. However, the rebound was insignificant, as it closed with losses exceeding 17%.
The previous intraday season closed with a doji as the cryptocurrency retraced from $1.80 to its opening price. Currently filling the wick, it may attempt the highlighted mark in the next 24 hours. Nonetheless, it is up by over 2%.
It is important for WIF to continue the uptrend a massive selloff looms. The moving average convergence divergence is printing sell signal. The metric shows a complete bearish convergence that may result in a divergence. The phenomenon may usher in the start of another downtrend.
The pivot point suggests that the coin may retrace as low as $1.30 if the downtrend starts. Nonetheless, it may halt around this mark as this is the 78% Fib level. There also lies the second pivot support, which indicates massive demand concentration.
AR/USD
Arweave has seen very little improvement in price over the last 24 hours. The coin is yet to fully recover from a wave of price decline it suffered last week.
On Wednesday and Thursday, it retraced to a new low. The decline, which started in the early hours of July 3, saw the asset retrace from $29 to $25.7, ending the day with over 10% losses. The decline continued into the next day, with the cryptocurrency reaching a low of $22 and losing over 13%.
AR started seeing buyback on Friday after it retraced below $20 for the first time in three months. It rebounded at $19 and closed with no significant change in value.
Nonetheless, since this significant shift in traders’ behavior, the asset has remained below $24. Even after several trials, it failed to flip this critical mark. Indicators are looking positive which may indicate an impending breakout.
MACH is printing positive signals at the time of writing. It shows an ongoing bullish convergence, which may result in divergence if the bulls continue the trend. Such continuation may result in the asset flipping $24 in the next five days.
The market expects a significant event, so it will see notable increases. The market’s state may also send AR higher.
TIA/USD
Celestia was one of the top losers during the previous intraweek session, losing over 17%. During the decline, it formed a steep decline pattern. However, the trend ended on Friday as the asset registered notable increases the next.
With such a start to reversal, the uptrend may continue, and the asset may hit more price marks. It is worth noting that the moving average convergence divergence is printing buy signals, which may continue as market conditions improve.
TIA may edge close to testing its pivot point at $8.
