According to data from Glassnode, the total volume of ETH futures contracts sold on Binance reached an estimated value of $541,916.15 during the last 24 hours. The previous ATH was $224,926.35 on February 4, 2022. Ethereum is trading at $1,700.68, 2% higher than yesterday.
Ethereum (ETH) Is Working on Recovering
The price of Ethereum is currently fluctuating, and it may break down to gain more momentum. However, at the moment, it’s still hovering around $1,700. It means that it’s poised to cross below the moving averages.
If the price of Ethereum breaks below this barrier, it could test the support levels of around $1,000, $600, and $800. It could also be triggered by the Relative Strength Index (14) falling below the 60 levels.
On the other hand, if the price of Ethereum breaks above the channel, it could bounce back and test the support level of $1600. However, it’s important to remember that the coin could face more potential losses if it fails to break the resistance levels of $2900, $2500, and $2700.
The daily chart of Bitcoin shows that the price of Ethereum is currently hovering above the 9-day and 21-day moving averages. If the cryptocurrency price breaks above the upper boundary of this channel, it could go higher.
The next resistance level that the cryptocurrency could reach is around 8000 SAT. It could break the psychological barrier of 9,000 SAT if it goes above this level. If the price of Bitcoin breaks below the moving averages, it could trigger the support level of 7000 SAT. However, if the bears manage to bring the price back below this level, the support could be rolled over and tested at 6,000 SAT.
Cardano Steadily Rising
According to a report by Santiment, a total of $138 million worth of Cardano’s native token, ADA, was purchased by whale and shark wallets in mid-June. Although this amount doesn’t seem like a huge amount, it could potentially get interesting if these investors continue to buy up the token in August.
The price of Cardano has been rising steadily since it triggered a bullish pattern for the fourth time. It is expected that the rally will continue to move higher. However, it is important to watch out for the shifting winds that could affect the bias.
A liquidity-based pattern known as the Cardano price fractal is triggered after a lower low is recovered. The first instance occurred on June 13, when it swept the swing low of $0.435 away. After producing a lower low, ADA immediately recovered and started a 25% run-up to $0.550.
The pattern continued to develop during the next month. The latest example of this was on July 28, when the price of ADA broke through the swing low of $0.488. This level is expected to continue to support the rally until the price of ADA reaches the $0.550 resistance. Although it is unlikely that it will break this level, a move higher could still result in an extension of the rally to $0.628, which is a 22% gain.
If the price of ADA breaks below the support level of $0.450, it could cause a significant decline. However, if it manages to bounce back higher, investors have another chance to recreate the said pattern.
Failure to break below the support level could invalidate the bullish thesis of the ADA market. If the price of ADA closes below the daily candle below $0.435, it could trigger a significant decline and test the support level at around $0.380.
Meanwhile, despite the recent decline in the market, cryptocurrencies could still hold their ground due to the strong resistance level at around $1.1 trillion. Bitcoin and Ether were the main losers, as the two leading digital currencies lost 2.5% and 1%, respectively. However, several altcoins managed to rally.