Following a bullish performance two weeks ago, the cryptocurrency market recorded a bearish consolidation last week. The mild increase in Bitcoin’s price was not sufficient to drive a positive reaction from the rest of the market.
As a result, the global crypto market cap lost $70 billion, dropping from $2.47 trillion to $2.4 trillion by the week’s end. This decline occurred amid mixed performances from various altcoins.
Below are our picks for the top cryptocurrencies to watch this week, following their notable performances last week.
ETH drops 7.76% despite ETF launch
Ethereum (ETH) experienced a downward trend this past week. The asset saw a mild 1.21% increase on July 23 as spot Ethereum ETFs began trading, debuting with $106 million in net inflows and over $1 billion in trading volumes.
However, the gains were reversed in the following days as Grayscale’s Ethereum Trust ETF (ETHE) led in outflows. ETH eventually closed the week at $3,247 per coin, marking a 7.76% decline.
The Ichimoku Cloud confirms Ethereum’s bearish situation. ETH price is below the Tenkan-sen and Kijun-sen lines, both positioned under the cloud, suggesting a bearish sentiment.
For the upcoming week, ETH’s recovery will depend on its ability to reclaim levels above the Kijun-sen and move back into the cloud, indicating a potential trend reversal. Continued downward trends may lead to further declines.
SOL finds support at $184
Solana (SOL) saw a relatively stable price movement with an overall upward trajectory. The price oscillated within a range amid reports of a possible ETF from finance giant Franklin Templeton, indicating a phase of accumulation.
SOL experienced a growth rate of 5.69% last week. The price stayed above a key support level near $184, serving as a psychological and technical anchor, with a closing price indicating bullish sentiment.
The Advance Decline Ratio of 3.94 suggests a bullish trend with more advancing days than declining ones.
Looking ahead, if SOL breaks above the resistance level of $186 with strong momentum, it could start a bullish run. Failure to breach this level may cause a retest of the support around $184.
FIRE maintains stability
Last week, Matr1x Fire (FIRE) exhibited a relatively stable performance, with its price moving within a tight range and closing around $1.0512. The market showed modest growth of 0.93%, indicating consolidation instead of significant directional movement.
Technically, the RSI remained around 37.43, nearing oversold territory, which could imply easing selling pressure and a potential for a rebound if buying interest increases.
The MACD indicator shows a bearish trend, with the MACD line below the signal line. However, the gap between them is narrowing, indicating a potential trend reversal or a relief from consolidation.
For the upcoming week, monitoring whether the price can break above the resistance level at Fibonacci 0.236 ($1.1309) or fall below the crucial support at $0.9222 will be pivotal in determining the next direction for FIRE.
