Ethereum, Ripple, Solana, Luna y Avalanche

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

Ethereum (ETH)

Ethereum has recovered the $ 4,000 level and appears poised to move higher towards the next key resistance at $ 4,400. The battle for the $ 4,000 level was intense, and it took almost a week for the buyer’s side to prevail. The price dropped several times to the previous support at $ 3,700, and the outlook for Monday was bleak. But this quickly changed when the market rose again. As such, ETH closed the last seven days in the green with a decent 3.7% price increase.

Indicators have now turned bullish on the daily time frame, particularly the MACD, which has crossed over to the upside on Wednesday. It seems likely that ETH will continue higher where it will be presented with its next challenge, the $ 4,400 resistance.

While the current price action calls for optimism, it is important to remember that the weekly time period is still bearish and the current price action can be a short-term relief. Only if ETH moves past the current resistance will it be possible to wait for a test of the all-time high of $ 4,868.

Chart by TradingView

Ripple (XRP)

This week, XRP finally returned to the uptrend after consolidating for 14 days. The price rallied quickly and broke the $ 0.89 resistance, which has now turned into support. At the time of this publication, XRP is just below the $ 1 resistance, ending the last seven days with an excellent 20% price increase. The cryptocurrency also benefited from a good market environment, as discussed earlier in ETH.

Given that $ 1 is a key psychological level, it is unlikely that XRP will be able to break through on your first try. This appears to be the reason why today’s price action is shaky after being rejected at this key level. XRP will need to consolidate and maintain recent gains before attempting another opportunity at this key level.

The cryptocurrency is losing a bit of momentum right now, as shown by the MACD histogram, which may have a lower high today. However, a pullback would be normal in this context, and a retest of the dollar can be expected at any time.

Chart by TradingView

Solana (SOL)

SOL also had a good week, achieving a respectable 7.6% price increase in the last seven days. After finding support at the $ 150 level, the price rallied and is now at the $ 188 support that used to act as resistance in the past.

If SOL can sustain the current rally, then the next key resistance is at $ 205. Given that both the MACD and the RSI have turned bullish on the daily time frame, it is likely that the SOL could reach higher in the next week. However, going above $ 200 seems difficult, so it is wise to expect a lot of volatility as the market moves forward.

This latest bullish move was also in low volume, therefore confidence in the current price is lower. The bulls have to step up their game and their first mission is to hold a price above $ 188. If he succeeds there, then a $ 200 valuation for SOL is likely.

Chart by TradingView

Luna

Luna has broken another record this week by achieving a triple-digit valuation at $ 100. For this reason, it is one of the best performers on the market right now, with an explosive 56% gain in seven days.

This price action is also due, in part, to the fact that the Terra USD stablecoin will be listed on the Binance exchange on Christmas Day. Adoption of the Terra ecosystem is spreading rapidly, which benefits Luna’s price. Somewhat ironic considering the news on the listing, the Terra network replaced Binance Smart Chains this week as the second largest network by total locked value, second only to Ethereum.

The critical $ 100 level will likely act as resistance, and Luna is overextending with RSI by more than 75 points in the daily time frame. While the fundamentals are solid for Luna, it is very important to be vigilant during turbulent price action like now. The support level on the current chart is at $ 77.

Chart by TradingView

Avalanche (AVAX)

AVAX price entered a very steep rally since it tested the $ 77 support level and is now at the $ 121 resistance level, thus ending the week with an excellent 25% price increase. If AVAX can sustain this rally even longer, then the all-time high of $ 147 is likely to be tested.

However, there are some warning signs that this rally could be nearing the end. The first is the lower highs on the MACD (daily time period) histogram. The volume has also faded as the price rose and the RSI is curving down. Taken together, the indicators show a clear loss of momentum, and AVAX may enter a brief correction soon if this remains unchanged.

Looking ahead, AVAX has good support just above $ 100, and as long as the overall market remains bullish, AVAX is well-positioned to remain an actor.

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Ethereum, Ripple, Solana, Luna y Avalanche

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