Selling pressure might lead to a 6% to 8% drop, allowing the Ether bulls to drive the price closer to USD 2,000. The value of ADA might fall below USD 0.4 in the short term, while XRP might rise close to USD 0.5.
The price of Ether (ETH) is entering relevant resistance zones, attempting to close this week above USD 1,800. Since traders have decided to hoard, the value of ETH might break above USD 2,000. According to data from Glassnode, addresses with over 100 coins reached a 15-month high of 45,168.
An increase in buying pressure has pushed the Ether price higher by more than 8%, breaking through daily highs near USD 1750. The ETH bulls might face significant selling pressure soon, indicating an imminent drop of 6% to 8%. Therefore, the bulls could have an opportunity to enter and push the price nearer USD 2,000.
The Cardano (ADA) Price Is Bullish in the Short Term
Even though the price of Cardano is struggling to reach USD 0.4, uncertainty seems to favor the bears. Since ADA started recovering from the lows of June, it has been increasingly low levels.
After the latest cash inflow resulting in a 6% rise, investors may expect a rally beyond USD 0.5 before reaching USD 0.68.
However, the price of ADA might drop below USD 0.4 from around USD 0.5, favoring the bears. It is bullish in the short term but continues within a descending triangle.
The Price of Ripple (XRP) Remains Bearish in the Long Term
Following the recent recovery of the price wave, XRP bulls have regained dominance, not letting the bears break free. In the short term, there seems to be growing buying pressure on the platform, which may break through the USD 0.4 hurdle. Although the situation is getting over, the value of XRP should be in the middle of it next weekend.
Despite attempting to break out of the USD 0.38 resistance recently, the crypto asset dropped significantly due to a lack of momentum. If the tide favors the Bitcoin bulls, the price of XRP might rise above USD 0.4, possibly close to USD 0.5 in late August.
The Dominance of Bitcoin May Suffer a Setback in September
Cryptocurrency analyst Benjamin Cowen recently said that the dominance of Bitcoin has plummeted from 73% in 2021 to 41%. He believes that the second-largest cryptocurrency, Ether, could increase the prominence of BTC after the Merge.
Cowen considers that the long-awaited Merge event moving from PoW to PoS may act as a sell-the-news event. That would lead many traders to shift their funds to the cryptocurrency created by Satoshi Nakamoto.
According to the expert, the dominance of Bitcoin will start a reversal in September thanks to the Ethereum Merge. Cowen thinks that many investors will modify some of their portfolios after that event, which could undergo further delays.
By Alexander Salazar