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Bitcoin, Ethereum Stagnate at Recent Highs, Solana Soars to a New Peak

Bitcoin, Ethereum Stagnate at Recent Highs, Solana Soars to a New Peak

Nick Cawley, Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), Solana (SOL/USD) Price, Chart, and Analysis

  • Bitcoin (BTC) trading either side of $46k.
  • Solana (SOL) rallies into record-high territory.
  • Alt-coin rally slows.
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After recording hefty double-digit increases over the last few weeks, the cryptocurrency market is taking a time out and giving back a small portion of its recent gains. With little news of note over the last few days affecting Bitcoin and Ethereum, recent action has been centered on the alt-coin space with various coins jumping, with some making fresh all-time highs.

Weekend Article: Bitcoin (BTC), Ethereum (ETH) Probing Multi-Week Highs, Alt-Coin Surge Continues

Prices via CoinMarketCap.

Dogecoin, Cardano Breakout as Bitcoin, Ethereum Coil for Next Major Moves

Bitcoin is now building a base on either side of $46,000 an area defined by the 50% retracement of this year’s sell-off from the April 14 high print. If this prior level of resistance continues to turn into support, BTC/USD will soon look to move higher again with a zone between $49,750 and $51,500 the next area of resistance. This zone is made up of a pair of prior sell-off highs, the 61.8% Fibonacci retracement at $51,100 and big figure resistance at $50k. The 200-day simple moving average is currently providing support but needs to be cleared further to confirm a move higher.

Bitcoin (BTC/USD) Daily Price Chart (February – August 17, 2021)

Solana has entered the top ten cryptocurrencies by market capitalization after hitting a fresh all-time today, fueled in part by the ongoing NFT fad. Last week Solana, a competitor to Ethereum, announced its Wormhole update which allows ‘existing projects, platforms and communities to move tokenized assets seamlessly across blockchains to benefit from Solana’s high speed and low cost’.

Solana Daily Price Chart – August 17, 2021

Chart via TradingView

Ethereum is trading around $100 below its recent multi-month high but is still respecting the bullish trend channel from the July 20 low. If support continues to hold, and it is currently being tested, Ethereum is likely to re-gain its recent high and press ahead further with the next area of resistance seen at around $3,500.

Ethereum (ETH/USD) Daily Price Chart (February – August 17, 2021)

What is your view on Bitcoin, Ethereum, and Solana – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.