XRP’s epic battle against bears, Solana smashes $100, while Ethereum struggles for momentum

XRP is currently locked in a fierce struggle with bearish forces. The digital asset, which operates within the Ripple network, has difficulty establishing a position above an important technical indicator – the 200-day Exponential Moving Average (EMA).

The 200 Exponential Moving Average is an important measure of long-term trend and investor sentiment. For XRP, staying below this level indicates that the asset lacks the upward momentum needed to turn on an upward trajectory. The inability to secure a foothold above the 200 EMA raises questions about the stability of positive price action in the near term.

Technical analysis shows that the 200 EMA is a dynamic level of resistance that many traders watch closely. Continued failure to break through this mark could lead to a self-fulfilling prophecy as the resistance level grows stronger, with more traders setting their sell orders around this key price point.

Ethereum continues to struggle

Ethereum is showing signs of losing its upward momentum, as it has failed to form a higher high – an indicator that market experts often interpret as a sign of an impending price correction.

The ETH chart reveals a clear pattern; The absence of a new higher high is significant. Usually, in a bull market phase, the price of an asset creates a series of higher highs and higher lows. However, Ethereum’s inability to surpass its recent peak may indicate that the bulls have exhausted their steam and that a reassessment of market sentiment may be underway.

Analyzing the chart, the local resistance level was a difficult ceiling for Ethereum to break. This resistance, where sell orders tend to accumulate, acts as a barrier preventing further upward movement. On the other hand, a support level represents a price point with a concentration of buy orders, providing a potential cushion against falling prices. If Ethereum fails to maintain the support level, it could cause the price to collapse, indicating a shift into a downtrend.

If Ethereum price continues to struggle, a scenario could unfold where the asset declines further, testing subsequent support levels. While Ethereum’s underlying fundamentals, such as network upgrades and adoption rates, remain strong, short-term price action may still be subject to corrective forces.

Solana wants another round

The volatility battleground in the cryptocurrency market continues, and Solana (SOL) has not been spared from its whims. SOL, once a darling of the cryptocurrency world for its speed and efficiency, has recently hit a wall, struggling to cross the crucial $100 mark. The price chart reflects a story of struggle and resistance, painting a picture of an asset in need of momentum.

The technical outlook for SOL looks promising. After a period of bullish activity that piqued the interest of many investors, SOL hit a hurdle near the $100 resistance level. This resistance level represents a significant psychological and financial barrier, as sell orders tend to accumulate, putting downward pressure on the price.

Despite its efforts to rally, the asset has not been able to generate the momentum needed to easily cross this threshold and is currently consolidating there. One of the major factors influencing this lackluster performance could be the market’s lukewarm reaction to the Solana Saga 2 announcement. The news, which was expected to inject some enthusiasm into the market, failed to provide much support to the Solana’s price.

Looking at the chart, local support levels are clearly defined. The first line of defense for SOL is around the $88-$90 ​​price range, where previous declines found buyers waiting. If this level fails to hold, the next support may not appear until it reaches the more robust $70 level, which could serve as a stronger foothold for the price.

Conversely, resistance above $100 is now more difficult than ever. With each rejection, the resolve of buyers weakens, and the $100 level turns from a mere price point into a crucial psychological level that you should not miss.

About the author

Arman Shirinyan