The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Crypto Analyst Says Ethereum Going Through ‘Important Breakout,’ Updates Outlook on Solana and Avalanche

by Daily Hodl Staff
July 19, 2022
in Altcoins, Ethereum

A closely followed analyst is offering his take on Ethereum (ETH) and two of its biggest rivals as digital asset markets see a fresh bounce.

In the latest TechnicalRoundup newsletter, pseudonymous analyst Cred says that ETH is back in charge, but is now at risk of a failed breakout which could signal further downside for ETH.

“Specifically, the breakout is important, but if it fails, that’s a very bad omen for the market in general. We think a similar claim can be made in this instance i.e. if the breakout fails and Ethereum/Dollar closes back below the $1200 area, that would be a bad sign. Breakouts are good until they aren’t.”

TradingView Chart
Source: TechnicalRoundup

Supporting a bullish thesis for Ethereum, Cred says that ETH’s Bitcoin pair (ETH/BTC) has a “bullish price structure” which could bode well for the second largest crypto asset by market cap.

Cred also has his eye on top Ethereum rival Solana (SOL). The analyst says that while SOL and other altcoins have shown considerable strength, Solana bulls may be better off waiting for a pullback.

“By definition, this is one of the better areas for profit-taking and one of the less attractive areas for fresh long positioning. The past week has seen a strong altcoin-led rally and those rallies have now reached key inflection points across a lot of charts.

Conservatively… the better long setup would either be some sort of higher low pullback, or more compellingly, strong continuation through these inflection points. Buying the first test of fresh resistance because the market has gone up a lot is not our preferred setup, especially if just waiting a week (at most) will likely give a much greater sense of direction.”

TradingView Chart
Source: TechnicalRoundup

Fellow Ethereum challenger Avalanche (AVAX) is also facing a wall of resistance, according to Cred. The analyst says he would prefer to wait for a convincing reclaim of the $25 level before becoming more optimistic on AVAX.

“The logic here is very similar to the section on Solana: fresh test of resistance, poor contextual area for fresh long positioning, and probably worth waiting a week (at most) for either a reclaim setup to form or for resistance to do its job. There’s a recurring theme here: the very ‘easy’ portion of the altcoin bounces is mostly done and prices have now reached trickier areas in the form of key weekly levels of resistance.”

TradingView Chart
Source: TechnicalRoundup

Cred says that ultimately, a breakout for Bitcoin (BTC) to around the $30,000 level would be a key catalyst for altcoin markets.

At time of writing, BTC is trading at $23,265, up 15% in the last seven days.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/klyaksun/AtlasbyAtlas Studio

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,826.38
$23,826.38
3.48%
Ethereum
$1,646.59
$1,646.59
4.9%
Cardano
$0.396126
$0.396126
3.25%
XRP
$0.415254
$0.415254
1.35%
Dogecoin
$0.090335
$0.090335
2.79%

Spotlight

  • Low Cap Ethereum-Based Altcoin Goes on 170% Run Following Release of New Roadmap
    January 23, 2023
  • Largest Crypto Wallets To Support Major Shiba Inu (SHIB) Upgrade As Dogecoin Rival Holds 70% Gains Year-to-Date
    January 26, 2023
  • Crypto Strategist Predicts Rallies for Polygon and Avalanche, Says Ethereum Setting Up To Outperform Bitcoin
    January 29, 2023
  • Ethereum-Based Gaming Altcoin Suddenly Erupts Ahead of $60,000,000 Token Unlock
    January 24, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl