Crypto Weekly: ETH, BTC gained pace, DOT surprises the market

Aug 15, 2022
11:08
2 min reading

Choise.com team

Ethereum price eyes more upsides

Ethereum remained well bid above the $1,850 level.ETH gained paceafter there was a clear move above the $1,880 resistance zone. It even climbed above the $1,920 level.

The bulls pumped the price above the $1,950 resistance and the 100 hourly simple moving average. Finally, there was a move above the $2,000 resistance and the price traded as high as $2,029. Recently, there was a downside correction below the $2,000 level.

Ether declined below a key bullish trend line forming with support near $2,000 on the hourly chart. There was a move below the $1,950 level, but the bulls were active near the100 hourly simple moving average.

A low was formed near $1,905 and the price started another increase. There was a clear move above the 50% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The price even tested the $2,000 resistance.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $2,000 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The first major resistance is near the $2,030 level. A clear move above the $2,030 level could start a steady increase to $2,080. If there are more upsides, the price may perhaps rise towards the $2,120 resistance zone in the near term.

Technical indicators

Hourly MACD–The MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSI–The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,920

Major Resistance Level – $2,030

Bitcoin price gains momentum

Bitcoin price attempted a fresh increase above the$24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average.

The price even spiked above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high.

However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high acted as a support.

There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $24,000 level and the100 hourly simple moving average.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might send the price towards the $26,200 level.

Technical indicators

Hourly MACD – The MACD is now gaining pace in the bullish zone

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level

Major Support Levels – $24,500, followed by $24,200

Major Resistance Levels – $25,000, $25,800 and $26,200

Will Polkadot (DOT) bulls regain solid footing?

Polkadot (DOT) price reveals that the extreme bullish movement pumped the price reaching $9.54. Today, DOT/USD is trying to test the $9.87 key resistance level which is pretty strong. However, if the bulls continue to push further then DOT will have no problem breaching this critical resistance zone.

DOT price pumped to $9.54

On the 24-hour timeframe, DOT price has shown a boost in price value as it pumped its price to $9.54 a few hours ago.

According to CoinMarketCap,DOTis now trading at $9.49 or showing an impressive spike of 2.20% as of this writing. DOT price was down by a trickle in a few hours but is still on the green lane. The DOT/USD pair has shown a remarkable 10.05% gain in terms of value as seen in the past week which hints a continuation of the bull run.

On the flip side, trading volume for DOT tremendously fell by 12.66% which shows some weak spots in terms of momentum.

DOT/USD pair shows increased volatility as seen in the expansion of the Bollinger bands. The price is seen to be trading the upper limit with $9.99 as the current key resistance, and the lower band or $6.84 poised as the current support zone for the coin.

More so, the EMA is spotted at $9.10 with RSI at 64 which is indicates strong buying pressure in the market.

Polkadot price correction anticipated

The 4-hour timeframe shows that DOT price breached upwards which was observed at the onset of the trading session which prompted the price to spike to $9.58, but when the selling pressure resurfaced, the price also went down in the last few hours.

The 4-hour chart for DOT shows a rather very mild volatility. The upper band is spotted at $9.84, while the lower band is found at $8.73. More so, the EMA trades at the $9.35 level with the RSI showing a mild downtrend as it continue to trade at index 62 propelled by the immense selling pressure.

DOT price reveals that the coin is working extremely hard to override the key resistance found at $9.87, as the price is still seen trading on the green. A price correction is expected for short-term or in a just a few hours before the coin retests the key resistance zone again.

On the other hand, if the bears manage to dominate the bulls, then DOT may hold on to $9.29 as its next support zone.

Source: TradingView.com

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