It was a week of decline when US economic indicators overshadowed the Fed’s monetary policy. After some disappointing statistics earlier in the week, US economic indicators eased investors’ fears about the recession. But the latest minutes have caused fear. On top of that, Ethereum and other altcoins lost value.
What to expect for Ethereum, ADA, DOT and SOL?
The total crypto market cap decreased by $146 billion to $992.2 billion. In the current week, Cardano (ADA) and Solana (SOL) led the decline with losses of 19.5% and 18.3%, respectively. Ethereum (ETH) and Polkadot (DOT) also fell 16.3% and 17.0%, respectively. So what levels are analysts expecting?
Cardano (ADA)
Cardano (ADA) is down 19.5% this week to $0.459. Bugs in the upcoming Vasil hard fork upgrade added to the selling pressure. cryptocoin.com As we have reported, Vasil Hard Fork will be one of the most important upgrades in the Cardano network. Cardano developer Adam Dean announced on Thursday that Cardano’s Testnet was “disastrously broken due to a bug.” The price then dropped.
Based on trend analysis, ADA will need to break through the August high of $0.595 to target the June high of $0.6688. However, a hit to this week’s August low of $0.446 will bring July’s low of $0.403 to the table. Updates in Vasil hard fork will continue to play a key role in price. For ADA to change its bearish sentiment, it needs to reclaim $0.50 in the first place.
Polkadot (DOT)
Polkadot (DOT) is down 17.0% this week to hit $7.44. Unlike Cardano, DOT did not have a much anticipated upgrade. Therefore, the altcoin remained under the influence of investor sentiment, which came under the fear of the FED. Looking at the trends, a DOT move from the August high to $9.68 signals to support a run to $10.00. After that, a rally to the June high of $10.73 could also occur. The DOT has the potential for a clear rally from the $10.73 high to the May high of $16.44.
However, DOT needs to avoid a pullback to the 2022 low of $5.99. For that, he will need to stay away from below $7.00. Network updates will continue to affect prices. Investors, however, are turning their attention to the Jackson Hole Symposium. Therefore, sensitivity towards the Fed’s monetary policy will continue to play a key role.
Ethereum (ETH)
Ethereum is down 16.3% this week to as low as $1,620. Updates on Ethereum Merge faded as investors turned their attention to the US economy and Fed monetary policy. Looking at the trends, a crossover from the August high of $2,013 to $2,500 is possible. If that happens, the May high will target $2,968 and $3,000.
However, downside risks will remain if developers announce any delays at the Merge, which is expected to take place in September, or if FED members make more hawkish speeches. A dip below $1,500 in ETH will bring the July low of $1,010 to the table. We expect ample investor interest in the Jackson Hole Symposium next week. This is a positive event for Ethereum.
Left (LEFT)
This week, Solana price fell 18.3% to $36.56. In fact, SOL had a bullish start to the week. Thus, we saw the Ethereum rival reach $47.24 before falling. However, the rise did not last and the price fell. The five-day loss resulted in SOL dropping to $35.07 before finding support. The network updates were compounded by concern about the Fed’s monetary policy weight. Therefore, the SOL failed to sustain the upward movement of the price action.
Looking at the trends, a return to $50 will pave the way for the bulls to run to the May high of $95.17. However, Solana needs ample support to break out of $75. Avoiding below $40 and the August low of $35.07 will be key to preventing another sell-off next week.
