Crypto Daily: Ethereum Price Showed Highest Growth in Portfolio

Aug 05, 2021
10:08
2 min de lectura

Equipo de Choise.com

Last week the value of our portfolio showed significant growth, increasing by 20%. This was facilitated by the general rise of the entire market. Let’s see how our portfolio performance has changed over the past 7 days:

As you can see from the table, our portfolio increased slightly – by 1%. At the same time, most of the coins showed either a downward trend or did not change in value. The exception is Ethereum. First of all, this is due to the upcoming London hardfork on the Ethereum blockchain today. The market has been growing on this news all the time.

It is not surprising that it was Ethereum that became the growth leader this time by a wide margin. Its price has risen by almost 20% amid an important upcoming network upgrade. The chart was finally able to break through and gain a foothold above the uptrend line on the daily timeframe, which opens the way to new heights. The closest mark to which the chart may rise is the $3,000 – $3,100 level.

ETH is followed by XRP, the price of which increased by 3.16%. However, the coin has been trading within a slight sideways movement all week between $0.70 – $0.76. According to some indications, XRP has a good chance of further growth. To do this, he needs to gain a foothold above $0.77. In this case, the chart can quickly come first to $0.91, and then to the range of $1 – $1.04.

You can see positive dynamics on the Litecoin chart, which grew by 0.61%. However, this is not a significant increase and the coin has been trading in a flat all week. The chart ran into a strong resistance level of $145 – $150 and could not break it in any way. At the same time, LTC retains good chances for medium-term growth. It is possible that at first, we will see a slight decline towards the $125 area and after that, the coin will finally turn upwards.

Over the past 7 days, the price of Bitcoin has decreased by 1.45%. Most of the time the chart fell from $42,000 to $37,500. However, yesterday the price quickly turned upward and showed an increase of almost 5%. Soon, Bitcoin will come to the key range of $41,000 – $42,000. This is where the first cryptocurrency will be able to show an upward trend in the medium term.

CRPT is down 7% this time. Over the past two months, the chart has been steadily declining, as has the entire cryptocurrency market. At the same time, on the daily timeframe, you can see that the price bounced off the low point at $0.10 and is gradually growing. This is very similar to the period of accumulation of positions on a chart. Some indicators show that the chart is already heavily oversold, which means that soon the coin will face a strong upward reversal to the level of $0.20.

Ethereum’s strong growth has had a significant impact on the structure of our portfolio. Some assets have gone beyond the permissible values and therefore today we will be rebalancing. We will sell part of Bitcoin, Ethereum and XRP and use the released funds to buy CRPT and Litecoin:

The past week has passed under the sign of Ethereum. The entire crypto community is waiting for an important update, and against this background, this asset shows significant growth. However, it is necessary to understand that this excitement can end rather quickly, as has happened more than once after significant updates of such kind.