As the cryptocurrency market experiences instability, Ethereum and Cardano are losing ground, while interest in BlockDAG is growing. Analysis of the current situation indicates that traders are closely monitoring these assets.
Ethereum Faces $3,700 Resistance
Ethereum (ETH) has lost momentum after briefly rising above $3,700. Currently, the price fluctuates below $3,600, with analysts noting that the support level at $3,620 and $3,700 remains a significant barrier. If ETH cannot break above $3,750, movement towards $4,000 may be questionable in the near term. According to the MACD, the outlook appears bearish, and the relative strength index (RSI) remains below 50, indicating risks of further losses.
Whale Sell Pressure Impacts Cardano
Cardano (ADA) has extended its decline for the third consecutive week, remaining within a bearish downward channel. The primary reason for this downtrend is heightened activity from large holders. Since early July, these holders have sold around 390 million ADA, significantly increasing selling pressure. Despite a slight rise in active addresses, total transaction volume has decreased from $1.69 billion to $744 million, pointing to reduced demand.
Global Launch of BlockDAG Draws Attention
While Ethereum and Cardano experience slowed growth, BlockDAG showcases positive results with its global launch that has already raised $370 million. The current price for the starting batch is $0.0276, with an opportunity to purchase at a special price of $0.0016 for just a few hours. This is expected to generate interest in the project amid the current market conditions.
Despite the unstable dynamics of Ethereum and Cardano, the situation surrounding BlockDAG shows potential for growth. Market participants continue to monitor developments and opportunities that may arise in the near future.
