Ethereum and Solana Price Analysis and Trends
Ethereum and Solana Price Analysis and Trends
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Ethereum and Solana Price Analysis and Trends

By R.L. Bryer - 11 Aug 2021

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Ethereum analysis

Ether is +45.5% for the last 30 days at the time of writing and back in full stride after more than 3 weeks of almost entirely positive price action. 

The below chart from T_V_TreeTrader shows Ether’s fairly strong support at the $2,700 level that bears will need to crack to the downside if they want to stop the current rally.

Bulls on the contrary will be looking to climb and test overhead resistance at $3,700. If Ether bulls can crack $4k as a result of breaking $3,7k then a test of the all-time high of $4,356 may not be far off.

The current pattern being painted is in the bulls favor however as a bullish crab is playing out to the upside at the time of writing.

ETH’s 24 hour range is $3,051-$3,230 and the 7 day range is $2,475-$3,230 Ether’s 30 day average price is $2,366. 

Ether is +686% against the U.S. dollar for the last 12 months and +107% against BTC.

Ether’s 24 hour volume is $29.8b at the time of writing. ETH dominance accounts for 19% of the aggregate crypto market capitalization of $1.93 trillion.

ETH [-.072%] closed Tuesday’s daily candle worth $3,139 and in red figures.

Solana analysis 

The last 24 hours have been a rollercoaster ride for market participants in Solana. The #12 cryptocurrency asset by market capitalization  somehow ended up with a strong bullish continuation to the upside after dipping mid-day on Tuesday’s candle. 

SOL’s broken above an important resistance at $38 and bulls will seek to mark the price up over the coming days if the macro cooperates. There’s overhead resistance for bulls at $44 but after that there’s little resistance overhead or looking left on the chart until the all-time high of $58.03.

The above chart from bclund shows that bears will need to push the price beneath $38 again just to get back in the old range and to do much damage they’d then need to break the bottom of the range at $24. If bears could breach $24 a longer term downtrend could emerge. 

SOL’s 24 hour range is $38.28-$41.85 and the 7 day range is $33.52-$41.85. Solana’s 30 day average price is $31.73. 

Solana is +1,159% against the U.S. dollar for the last 12 months, +231% against BTC and +60.02% against ETH.

Tuesday’s daily candle closed at $40.69 and Solana [+5.04%] finished in green figures for a second consecutive day. 

R.L. Bryer

Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.

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