Ethereum support ready to drop?

 Analysis of the Day: Bitcoin on the Rise?

The cryptocurrency market remains relatively volatile as a rule and obviously, with a bear market, this is even more so. Bitcoin seems to be stabilizing around $23,500 thus showing an upward trend compared to a few weeks ago. On the other hand, if the majority of experts believed that the main cryptocurrency would experience an upturn once the $20,000 stage is over, opinions are much more mixed at the beginning of August.

Thus, the value of Bitcoin is facing strong resistance since its arrival at $23,500. At the same time, most of the major altcoins like Ethereum are in the phase of experiencing a new rise in price terms. The ETH, for example, has finally exceeded $1,700. According to analysts, the price could accelerate positively if the token manages to reach $1,790. In terms of performance, the best altcoins remain BNB and SOL, which are among the top 10 cryptocurrencies today.

Bitcoin Struggling to Find Its Brands

Although the forecasts were quite favourable to the evolution of Bitcoin, it is clear that the market leader is still struggling to regain strength. The trend of its value shows that the latter is in full stagnation. This is quite obvious when one evaluates its figures in units of daily or monthly time on the market.

Thus, even though the price of Bitcoin has remained above the support zone of $22,500, it has not really evolved since. Once this area was cleared, the BTC began an upward movement and eventually surpassed the $23,000 mark.

During this uptrend, the cryptocurrency passed the $23,200 level and appeared to be in great shape. However, once it got close to the $23,500 level, the token faced strong resistance.

Cap of $24,000

It is precisely at this level that Bitcoin still encounters difficulties. Nevertheless, for experts, the cryptocurrency will also reach this milestone after some time. However, it will encounter a new area of resistance close to the $23,800 level. It is only once this area is exceeded that Bitcoin will be able to benefit from a stronger and constant increase in value.

On the other hand, if the value of the cryptocurrency starts to fall, it can still benefit from immediate support once at $23,000. If it continues to fall, it will have the opportunity to benefit from another major support near the $22,500 zone. below this limit, its value could very well be hit by a larger decline.

The value of the Bitcoin at the time of these lines is $24,023. It has thus passed the resistance of $23,800, but it will still have to be confirmed in the next few hours if this trend proves to be temporary or an indicator favorable to a price rise over the next few weeks. However, this remains a positive element showing a much larger potential increase in the future.

The value of Ethereum evolves gradually

After a few weeks of decline, the price of Ethereum finally changed. Indeed, today alone, it is 4% more than its value. Its price is therefore again above $1,700 (currently $1,780 more exactly). However, cryptocurrency still has many hurdles to overcome if it wants to progress further.

For many analysts, it will face relatively high resistance once it is close to the $1,740 level. Another level of resistance will manifest itself at the $1,790 level. Above this area, the ETH price could effectively continue with its upward trend to rising to $1880.

As for a downward trend, the cryptocurrency could benefit from support if it drops to the $1,650 level. It will receive major new support when it is around $1,620. Its price and value will continue to fall below that area.

It remains to be determined whether the upward trend will continue in the coming hours (and days). Especially with The Merge coming soon. For many experts, the current price of Ethereum is far below the potential it represents in the years to come.

The value of other altcoins

Apart from Bitcoin and Ethereum, several other cryptocurrencies are showing an upward trend in terms of value. This is especially the case with the famous Binance token (BNB) which had a very satisfactory week with an increase of nearly 5% over the last 24 hours and 15% in a week. Currently, the NBB is above the $320 level (more precisely, it trades at $325 when writing this article). Its value may well continue to rise in the coming days.

A situation that also affects the Solana (SOL) cryptocurrency, which has increased by 5% in the last 24 hours. Currently, SOL trades above $42 but could face immediate resistance once it reaches close to $43. However, once the cryptocurrency reaches above $43, its value could increase to $45.

As for Dogecoin, it has not really increased in recent days. Indeed, the famous same corner DOGE encounters a certain resistance that prevents it from imposing itself above $0.0700. However, if the token manages to climb beyond this level, its value could climb to reach $0.0720.

The coming days will help define the trend for the following weeks. Indeed, the market is starting to recover slightly, but Bitcoin remains the element that can further impact the price of cryptos positively or negatively. Even so, some experts in the field like the creator of Dogecoin like to enjoy the current situation.