December 5, 2022

Crypto Price Analysis Dec-24: Ethereum, Ripple, Solana, Luna, and Avalanche

4 min read

This week, we take a closer take a look at Ethereum, Ripple, Solana, Luna, and Avalanche.

Ethereum (ETH)

Ethereum has actually reclaimed the $4,000 level and appears prepared to move greater towards the next key resistance at $4,400. The fight for the $4,000 level was extreme, and it took almost a week until the purchaser side dominated. The price dropped to the former support at $3,700 a number of times, and the outlook on Monday was grim. But this quickly altered as the marketplace turned back up. As such, ETH closed the past seven days in green with a decent 3.7% cost increase.

The indications have now turned bullish on the everyday timeframe, particularly the MACD, which has crossed to the positive side on Wednesday. ETH looks most likely to continue greater where it will be presented with its next obstacle, the $4,400 resistance.

While the current price action calls for optimism, it is essential to remember that the weekly timeframe remains bearish, and the current price action can be a short-term relief. Just if ETH moves beyond the current resistance will it be possible to expect a test of the all-time high at $4 868.

Chart by TradingView Ripple(XRP) This week, XRP finally returned to the uptrend after combining for 14 days. The price moved greater fast and broke the $0.89 resistance, which has now turned into assistance. At the time of this post, XRP is just under the $1 resistance ending the previous seven days with an exceptional 20 %cost boost. The cryptocurrency also took advantage of an excellent market environment, as discussed above on ETH. Since $1 is a crucial mental level, it is not likely that XRP can break above on its first attempt. This appears to be the reason why today’s rate action is unsteady after being declined at this crucial level. XRP will need to consolidate and sustain the current gains before attempting another chance at this essential level.

The cryptocurrency is losing a bit of momentum right now, as shown by the MACD pie chart, which might make a lower high today. Nonetheless, a pullback would be regular in this context, and an additional test of the $1 can be anticipated at any time.

Chart by TradingView Solana (SOL)SOL likewise had a great week, achieving a reputable 7.6%rate increase in the previous seven days. After it found support on the $150 level, the rate rallied and is now resting on the$188 support that utilized to function as resistance in the past. If SOL can sustain the existing rally, then the next crucial resistance is found at$205. Because both the MACD and RSI have actually turned bullish on the day-to-day timeframe, it is most likely that SOL can reach greater in the coming week. Nevertheless, breaking above$200 appears difficult, so it’s smart to expect a lot of volatility as the market moves on. This last relocation higher was also on low volume, for that reason, the confidence in the existing rate is lower. The bulls need to step up their video game, and their very first objective is to preserve a cost above $188. If effective there, then a $200 assessment becomes possible for SOL.

Chart by TradingView Luna has broken another record today by attaining a three-digit evaluation at$100. For this factor, it is one of the very best entertainers in the market right now, with an explosive 56%increase in seven days. This rate action is likewise, in part, due to the truth that the Terra USD stablecoin will be noted on the Binance exchange on Christmas day. The Terra ecosystem adoption is spreading quickly, which benefits Luna’s cost. Rather ironic thinking about the listing news, the Terra network replaced Binance Smart Chains today as the 2nd biggest network by total value locked, second only to Ethereum.

The critical level at $100 will likely function as a resistance, and Luna is becoming overextended with RSI at over 75 points on the day-to-day timeframe. While the basics are strong for Luna, it is extremely crucial to be alert during rough rate action like now. The assistance level on the present chart is discovered at $77.

Chart by TradingView Avalanche(AVAX) AVAX’s cost went into a really steep rally since testing the$ 77 assistance level and is now found on the $121 resistance level, therefore ending the week with an excellent 25 % price boost.

If AVAX can sustain this rally even more, then a test of the all-time high at $147 becomes most likely. Nevertheless, there are a couple of warning signs that this rally may approach completion. The first is the lower highs on the MACD histogram (day-to-day timeframe). Volume has likewise disappeared as the cost moved higher, and the RSI is curving down. Taken together, the indicators show a clear loss of momentum, and AVAX may get in a short correction quickly if this does not change.

Looking ahead, AVAX has good support simply above $100, and offered the general market remains bullish, AVAX is well placed to continue to be a performer.

Chart by TradingView