The Ethereum Project token ETH dropped down to $3,010 on Sunday, August 8. The coin experienced its first price pullback since August 3 as the rally started to lose momentum. The leading altcoin and major decentralized application protocol added the stunning 17.7 percent to its valuation on a weekly basis and was already trading above its highest ever monthly candle close.
On Monday, the ether formed the exact same candle, but in the opposite direction, which helped it erase all the losses from the previous session and stabilize around $3,164.
The mentioned level was slowly becoming a major horizontal resistance and on Tuesday bulls failed to break above it for the second time in three days. It is worth noting that the ETH/USDT pair was extremely volatile, moving up and down the $3,232 – $3,042 range during intraday.
The third day of the workweek started with a solid upward movement in the morning that pushed the price up to $3,272. The trading volumes and momentum, however, were not strong enough to support a breakout and the coin quickly retraced down to $3,158 in the evening.
On Thursday, August 12, the ETH token fell to $3,040 or 3.4 percent, but just like Bitcoin was able to find support near the weekly open mark.
Bulls could not be intimidated in any way by the short correction and ETH jumped to $3,320 on the next day – a 9.1 percent increase in just one day.
The first day of the weekend came with a short red candle to $3,263, which was followed by a similar candle, but in the opposite direction on Sunday.
The ether is trading at $3,290 as of the time of writing.
- Cardano (ADA)
The Cardano developers agreed to set the smart contract launch date to September,12 (the so-called Alonzo smart contract hard fork main net launch) – an announcement that pushed the price of ADA on track for a new all-time high.
The coin registered six consecutive days in green and by August, 14 already reached $2.25. The coin added 52 percent for the last seven days and moved up to #3 on CoinGecko’s Top 100 list.
We can probably expect a short consolidation in the form of a pullback before the bulls attempt to break the $2.3 mark – Cardano’s highest ever weekly candle close. If it follows the steps of Ethereum, the growth will continue into September.
Altcoin of the Week
Our Altcoin of the week is IoTeX (IOTX). This little-known blockchain-based Internet of Things platform stormed into the Top 100 list thanks to the stunning 273 percent growth registered on a seven-day basis.
The IOTX token is having its best month since its 2019 launch and is now trading approximately 643 percent higher compared to its June 2021 low.
The company reported a 600% growth in wallets and network activity for July and outlined series of product updates, partnerships, and listings in their latest report.
The IOTX/USDT pair peaked at $0.15, a new all-time high, on June 12 and is currently trading at $0.094 on Binance with a market cap of $920 million.
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