- Bitcoin price continues to experience sideways congestion. On-chain analytics suggest more chop is likely underway
- Ethereum price begins the anticipated ascent. The chances of crypto outperformance remain prevalent.
- Ripple price still presents a chance to rally higher. Key levels have been identified.
The crypto market is in stagnation mode. An explosive move is likely to resolve the congestion but could take days to manifest. Placing an early entry is purely a speculative gamble at the current time.
Bitcoin price remains indecisive
Bitcoin price continues to coil within a wedging-like leading diagonal. Based on Into the blocks in/out the money indicator 54% of traders who have opened a position are currently in profit.
Thus the mundane price action is likely to continue until smart money has enough liquidity to wreak havoc on one side of the boat. At current time it is uncertain which way direction the BTC price goes next. Previous forecasts still target higher liquidity levels at $24,600 and 25,200 which have yet to be tagged.
Intotheblock: In/Out of the Money Indicator
BTC/USDT 2-Hour Chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum set to outperform
Ethereum price remains in negative sentiment based on community disagreement over the upcoming merge. As the first trading week of August comes to an end, Ethereum hovers near new new summertime monthly highs at $1,676. Regardless of what the community may assume, based on technicals and on chain analytics Ethereum price seems poised to go higher.
Additionally, the Ethereum price shows new yearly lows on Crypto Quants’ Ethereum: Exchange Withdrawing Transactions indicator. According to Crypto Quant “The total number of withdrawals is counted from all exchanges” In theory the more withdrawals from exchanges inversely means less participants actively trading the digital token. A less liquid digital asset may also be easier to influence in terms of price.
Crypto Quants- Ethereum: Exchange Withdrawing Transactions – All Exchanges
ETH./USDT 2-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
XRP price continues to display optimism
Xrp price hovers above a key trend channel; median line. The bearish pressure comes under significantly low volume compared to the bullish impulse that enabled the 25% rally towards the end of July. If market conditions are genuinely bullish a bullish spike above $0;38 should be the catalyst to prompt an additional 25% rally targeting $0.47 in the short term.
Xrp price has also witnessed an uptick in gossip surrounding collaborations with the World Economic Forum. Hype and FOMO could become a new factor for the digital remittance token if market sentiment continues to build positive momentum.
XRP price should remain on traders watch lists over the weekend as smart money may try to pull off a rally while traders take a break from their screens. Invalidation of the uptrend still remains at $0.3250 until further notice.
XRP/USDT 2-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team