Ethereum analysis, bulls in charge. Solana +37%
Ethereum analysis, bulls in charge. Solana +37%

Ethereum analysis, bulls in charge. Solana +37%

By R.L. Bryer - 17 Aug 2021

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Ethereum Analysis 

Monday’s daily candle on Ethereum was in red figures, and humbled by Solana’s rocket ship launch on Monday, Solana was up as much as 37% during Monday’s candle.

While ETH didn’t have a major move to the upside, bulls are still controlling momentum at the time of writing. Ether bulls control an important level above $3k and could be heading to test $3k support resistance for the third time. The two prior touches each resulted in a nice bounce to the upside for bullish ETH traders.

The next major target to the upside for Ether bulls is $3,630, and bullish traders need to continue controlling the level between $3k and the most recent high of $3,334.

The below chart from CryptocurrencyMagnet shows how bullish Ether still looks despite climbing 64.1% over the last 30 days. However, if bears can push the price below $3k, the next target to the downside will be $2,640 on the 1D chart.

ETH’s 24-hour price range is $3,133-$3,334, and the 7-day price range is $3,000-$3,334. Ether’s average price for the last 30 days is $2,595. ETH’s 52-week range is $320-$4,352.

Ether [-4.89%] closed Monday’s daily candle in red figures.

Solana Analysis 

There were quite a few people who believed Solana would have a large summer performance, and it’s now delivering. 

The anticipated price action dubbed ‘Sol Summer’ by Solana bulls is here now, so how much higher can bulls take SOL’s price?

The chart below from diddy4 shows the potential for Solana bulls to send SOL’s price over $100 by October and to even steeper highs never before seen – SOL made a new all-time high of $68.24 on Monday.

In the short term, Solana bulls need to control the price above its former ATH of $58.03. A back-test of this region is not out of the realm of possibility, so it will be integral to bullish traders to hold this level if the market tests the old ATH.

Solana is +145% against the U.S. dollar over the last 30 days, +68.31% against BTC, and +45.7% against ETH over the same duration.

SOL [+11.81%] closed Monday’s daily candle worth $62.41 and in green figures for a second consecutive day. Solana also closed Sunday’s daily candle for a 5th straight higher close on the weekly timescale.

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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