Three Cryptocurrencies To Watch This Week – ETH, SOL, AAVE

As we enter into the final week of September, the cryptocurrency market seems to be picking some pace. It is no doubt that this month has been awful for the investors of crypto, as the entire industry took a dip, not once but twice. With no major fundamental reason causing the markets to plummet, crypto holders were quite concerned about the price recovering back.

Of course, the markets did recover decently after the pushes to the south, but the momentum of the sellers still outweighing the buyers kept the fear alive among the masses.

Having that said, looking at the price action on a technical aspect, it is surprising to understand that the markets are holding at/well above the higher timeframe support levels. The bears’ inability to breach through any major demand zones indicates that they lack strength despite their fierce speed.

Crypto Price Action Update

There did come good accumulation in the entire crypto market, including Bitcoin in mid-Sept, but the recent update from China claiming it illegal washed the gains away in no time. However, it was certainly not a cause of concern for the technical analysts, as it was ascertained that the sellers failed to break through any significant areas of buyer’s interest. As a result, the prices accelerated to the north after a mini consolidation at the lows. And at the point of writing, several crypto assets have recovered almost completely from the dip.

As the cryptocurrencies are back on the move, perhaps the buyers are in the driver’s seat; the following are three top cryptocurrencies traders and investors much keep an eye on for this week.

Ethereum (ETH)

The king of altcoins had been out of sight for quite a bit of time, as Bitcoin and other altcoins took the lead. However, with the market transiting regularly, it seems like Ethereum crypto is stepping into the bull’s arena.

After being smashed down from the recent highs of $4000, the investors’ hopes on this asset dropped accordingly. And with the demand zone at $3,100, failing to hold left Ether (ETH) much behind other mediocre cryptos.

The following levels of support stood at $2,900 and $2,700. As the market continued to momentarily head lower, it finally took support at $2,800 as well as $2,700.

With the new support being formed at $2,700, a resistance also was established at $3,100, which was a support earlier. The prices then began to consolidate and move sideways as both long buyers and short-term sellers entered the market.

Upon a couple of attempts from the sellers, the market failed to make a lower low below the region of support at $2,700. Although the buyers did maintain grounds at their support levels, they lacked the pace to breach through the resistance level.

That being said, considering the fact the buyers are coming from the higher timeframe and sellers from the lower timeframe, it is highly probable that the bulls shall win through the battle and eventually break through the range.

Solana (SOL)

It is a known fact that the Ethereum competitor Solana token has been one of the best performers this quarter. Despite the crash in May, the uptrend stood intact, which later led the prices to make a new all-time high.

The SOL market did not stop after making its ATH and is still in a strong uptrend. But the most recent crash did significantly affect the prices, putting the market into a consolidation.

After setting at high at $215 in the first week of Sept, the prices have not made a new high ever since. In fact, the market turned into a typical downtrend with lower high and lower low sequences on the smaller timeframe.

However, SOL has become an interesting cryptocurrency to keep a watch on because the trend seems to be shifting to the upside. As indicated in the price chart, the sellers’ lower low set stopped as a higher low came up. Additionally, the transition happening around the support levels clearly leaves hints that the bulls are getting back in business.

Aave (AAVE)

One can never go wrong with Aave token – one of the biggest projects in the defi space. Of course, defi projects have been relatively slow during their recovery phase, but the fact of the bigger buyers being present in the market has not changed yet.

During every plunge the markets have been through, most defi projects are hit hard. But AAVE usually recovers quite strongly. The same scenario was repeated in the most recent flash crash as well.

Currently, AAVE crypto has broken below its support at $309 and is trading at around $290. On the higher timeframe, the current levels of AAVE are in an area of demand, which is clearly being reflected in the momentum of the buyers.

As most markets are gradually trying to transit, it is highly likely that AAVE, too, will take correlation from the rest and make a push north in the subsequent trading days.

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