These 3 Altcoins Are Preparing To Recover Early July Losses

• The cryptocurrency market has seen a sharp rise over the past two weeks.

• Despite this surge, the uptrend is resting on key resistance areas.

• For the momentum to continue, 3 altcoins are looking to break through critical resistance zones.

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The cryptocurrency market has seen a recovery over the past two weeks, recovering most of the losses suffered in early July. However, the uptrend remains fragile as key resistance levels have yet to be broken.

This recent surge is a crucial step in getting the cryptocurrency market as a whole out of the danger zone. However, for the momentum to continue, the total market cap must decisively establish itself above $2.35 trillion. This depends on sustained demand for large-cap cryptocurrencies, especially .

With this in mind, let’s take a look at important price levels for , and as all three cryptos look to break above resistance areas.

1. Ethereum

After testing the crucial $2,800 support area throughout the June downtrend, Ethereum gained momentum this week by breaking through the latest downtrend in terms of volume.

At the beginning of the week, Ethereum climbed as high as $3,500 but started to lose momentum in the following days. The latest bearish momentum indicates that no support has formed above the 0.5 Fibonacci resistance zone at $3,400. Therefore, Ethereum needs to close the week above $3,400.

If Ethereum fails to hold this level, it could retest the previous support at $3,270. The $3,270-3,330 area, aligned with the short-term EMA values, serves as an important support line. A possible pullback towards this support line, extending to $3,200, could strengthen the upward move.

On the upside, $3,540 appears as the most critical resistance level. This level corresponds to the 0.618 Fib correction level and could be decisive for Ethereum’s upward trajectory to continue. Last month, the $3,400-3,500 area acted as support during the bearish phase, making this region important again. It will be essential to monitor the $3,270 support in case of downward pressure.

If momentum persists, the path to the $4,000 region will reopen above $3,540, with resistance at $3,730 and the previous peak of $3,975.

Ethereum spot ETF trading is expected to begin next week, with issuers already setting transaction fees for spot ETH ETFs. This could lead to volatile movements, but an increase in demand for ETH could push prices higher.

2. Solana

Since March, Solana has displayed bearish momentum, consistently forming lower highs. It has established support around $128.

In early July, Solana found support in the $128 region and began testing the upper line of a triangle pattern formed over the past five months.

Despite testing the downtrend line three times previously, Solana failed to break above it. In the short term, we will continue to monitor this triangle pattern.

This week, Solana paused at the downtrend line, which corresponds to the $155-160 range. For a confirmed breakout, Solana needs to close above $160 on a daily basis.

To maintain an uptrend, it needs to break the lower peak formation and gain the $180 area, above the 0.618 Fib level, after forming a bottom at $160.

If Solana manages to reach $180, the potential for bullish expansion increases. Fibonacci expansion levels suggest that Solana could then reach the $230-260 range.

However, if Solana fails to overcome the resistance at $180, it could retest the downtrend. Moreover, if the sellers remain active at $160, Solana could continue to move within the triangle pattern, which could lead to a retest of the support area below $130.

3. Ripple

Over the past two months, the price of has compressed after a sharp decline in April. It broke out of a symmetrical triangle formed by lower peaks and higher troughs, which resulted in a 25% depreciation corresponding to the height of the triangle. This move completed the formation of the triangle.

In July, XRP reversed direction and began an uptrend, driven by increased demand and speculation about a potential settlement between Ripple and the SEC to resolve their years-long lawsuit.

XRP recently tested the $0.60 region but has since taken a break. For the rally to continue, concrete developments regarding the Ripple case are crucial. Without positive news, the speculation-driven price rally could reverse, which could lead to XRP dropping to around $0.50.

Conversely, a weekly close above $0.60 would be significant, as it would reestablish the July 2022 bullish channel and break above the 0.618 Fibonacci level.

If demand for XRP persists, short-term targets are $0.65, $0.72, and $0.80 after $0.60. Current short-term support levels are $0.57, $0.53, and $0.49.

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Disclaimer: This article is for informational purposes only. It does not constitute a solicitation, offer, advice, opinion or investment recommendation. It is therefore not intended to encourage the purchase of assets in any way. I would like to remind you that any type of asset is evaluated from multiple angles and is very risky. Therefore, any investment decision and the associated risk are the responsibility of the investor.

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