Dogecoin (DOGE), Ethereum (ETH) Price Analysis – 29 July
Brief –
- Ethereum seems to face challenges to sustain its upside moves above $2,400.
- Dogecoin has to win an uphill fight to sustain its position over $0.2.
CoinGecko data shows bullishness on the crypto market today, Thursday. That comes after most digital coins registered minor gains. For now, Ripple remains the best performer after gaining 20% on Wednesday. Meanwhile, a retreat might surface as XRP maintains $0.7, the pivotal level.
Meanwhile, Bitcoin surged to trade over $40K after retesting the $36K support on Tuesday. Although the prominent crypto managed to hover over $40,000, the $41,000 level remained unfriendly. While writing this, Bitcoin trades beneath $40,000. Meanwhile, bulls prepare to take the cryptocurrency to vital levels at $50,000.
Ethereum
Ethereum’s price increased by 33% from the $1,730 support. This buyer congestion territory was critical to control the July sell-off. That way bulls accumulated enough strength to take ETH towards $2,400.
Meanwhile, Ethereum failed to break over $2,400 despite the lucrative recoveries. Ether retested the support at $3,200 due to the correction that the market saw during mid-week sessions. Also, the altcoin visited the lower border of the inclining parallel channel.
While writing these updates, Ethereum traded marginally beneath $2,300. Though the asset has maintained uptrends over the previous sessions, buyers seem to experience challenges to gain ground above $2,400. The MACD indicator shows slight bearishness, indicating a struggle to achieve new highs. Also, if ETH breaks below the lower edge of the channel, the alternative coin might plunge to $2,000.
Dogecoin
Dogecoin bulls are trying all possible ways to keep the meme coin over the $0.2 mark. The struggle comes after the crypto failed to maintain over $0.23 following the gains at the start of the week. As a result, DOGE did not manage to test the vital level at $0.24.
For now, the inclining parallel channel protects Dogecoin from falling to levels below $0.2. Keep in mind that the 50-SMA affirms this area.
DOGE bulls aim to take the coin up to reclaim positions over the middle border of the price channel. However, the correct sentiments to overcome the 200 Simple Moving Average on the 4-hr are essential to empower bulls for an uptrend. A break over $0.24 might ensure enough momentum to take DOGE to $0.3.
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