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09/08/2023

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Crypto Price Analysis Sep-08: ETH, XRP, ADA, SHIB, and TRX - ELEVENEWS

Ethereum (ETH) Ethereum’s price has been in a low volatility period, booking a modest loss of 1.7% this week. With the price under the key resistance at $1,660, the bulls appear unable to take ETH higher at...

Crypto Price Analysis Sep-08: ETH, XRP, ADA, SHIB, and TRX - ELEVENEWS

Ethereum (ETH)

Ethereum’s price has been in a low volatility period, booking a modest loss of 1.7% this week. With the price under the key resistance at $1,660, the bulls appear unable to take ETH higher at this time.

The current support levels are found at $1,550 and $1,440, with the latter having the most confidence to stop sellers should they increase their pressure at these levels.

Looking ahead, Ethereum remains in a downtrend with momentum favoring the sell side. A test of the key support at $1,440 appears likely in the next few weeks if nothing changes especially if Bitcoin breaks below $25k.

Ripple (XRP)

XRP has been consolidating around 50 cents for a while now and closed the week with a minor loss of 1.7%. This cryptocurrency has strong support at 47 cents, which is not far from the current price. If sellers return, then this level could be tested again, similar to mid-August.

The resistance is at 56 cents, and so far, buyers have not been able to test this level. This lack of strength on the buy side could continue for some time as the overall price action remains bearish.

Looking ahead, XRP appears to want to hold around 50 cents, which is a key psychological level. The current flat trend seems likely to persist, and so long the price does not lose its support at 47 cents, a recovery could follow once the consolidation ends.

Cardano (ADA)

Cardano is also found in a flat trend above the key support at 25 cents. For this reason, its price registered a minor loss of 1.3% this week. Sellers were unable to break this support even though they tried several times.

While ADA bulls have shown strength so far, bears could continue to put pressure on the key support. If more tests happen, buyers could become exhausted, which can create an opportunity for a breakdown.

Looking ahead, the price action appears fragile to any renewed volatility across the market, particularly if the market leaders such as BTC and ETH decide to drop lower. In such a case, ADA could go to 24 cents again.

Shiba Inu (SHIB)

Shiba’s downtrend has not stopped, and the price continued to make lower highs. For this reason, the price registered a 5.5% loss this week, making this meme coin the worst performer on our list.

The current support is found at $0.0000075, and so far, it held the assault from bears. Nevertheless, sellers could return to take the price lower if the bearish sentiment continues.

Looking ahead, SHIB has lost all its gains made in August and could even visit new lows this month.

Tron (TRX)

Tron is the current outlier in our list, as it managed to register an increase of 1.8% this week. This is surprising, considering most altcoins are in red

This performance can be explained by the price action, which placed TRX in an uptrend since the start of the year. The price has been making higher lows and higher highs for months now, and this has not stopped to date.

Looking ahead, Tron has support at $0.077, and if buyers persist, they could take the price back to the key resistance at $0.086. If so, the uptrend would likely continue for some time still.

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