These 3 Altcoins Are Preparing to Recover Early July Losses

• The cryptocurrency market has seen a surge in the last two weeks.

• Despite this surge, the uptrend is based on key resistance zones.

• To continue this momentum, three altcoins are aiming to break out of critical resistance zones.

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The cryptocurrency market has recovered over the past two weeks, recovering much of the losses suffered in early July. However, the uptrend remains fragile as key resistance levels have not yet been breached.

This recent surge is a crucial step away from the danger zone for the cryptocurrency market as a whole. However, for the momentum to continue, the total market cap must definitely stay above $2.35 trillion. This depends on sustained demand for large-cap cryptocurrencies, including .

In this context, we delve into the important price levels for , , and as the three cryptocurrencies appear to be aiming to break out of the resistance zones.

1. Ethereum

After testing the crucial $2,800 support zone during the June downtrend, Ethereum gained momentum this week, breaking out of the latest downtrend in terms of volume.

Ethereum rose to $3,500 at the start of the week but began to lose momentum in the following days. The latest bearish momentum indicates that no support has formed above the 0.5 Fib 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 zone, aligned with the short-term EMA values, is acting as a major support line. A potential pullback to this support line, which extends to $3,200, could strengthen the upside move.

On the upside, $3,540 emerges as the most critical resistance level. This level corresponds to the 0.618 Fib correction level and could be decisive for Ethereum’s continued upward trajectory. Last month, the $3,400-$3,500 range acted as support during the downside, making this region significant again. Monitoring the $3,270 support will be essential in case of downward pressure.

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

Spot ETF transactions for Ethereum are likely to begin next week, with issuers already setting transaction fees for ETH spot ETFs. This could lead to volatile movements, but increased demand for ETH could push prices higher.

2. Solana

Since March, Solana has shown 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 triangular pattern that has formed over the past five months.

Despite testing the declining trend line three times previously, Solana has not broken through. In the short term, we will continue to monitor this triangle pattern.

This week, Solana has stopped at the declining trend line, which corresponds to the $155-160 range. For a confirmed breakout, Solana must close above $160 on a daily basis.

To sustain an uptrend, it is necessary to break the lower peak formation and reach the $180 zone, above the 0.618 Fibonacci level, after forming a floor at $160.

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

However, if Solana fails to clear the resistance at $180, it could retest the downtrend. Also, if sellers remain active at $160, Solana could continue to move inside the triangle pattern, potentially leading to a retest of the support zone below $130.

3. Ripple

Over the past two months, the price of has compressed following a sharp decline in April. It broke out of a symmetrical triangle of lower highs and higher lows, resulting in a 25% depreciation that corresponded to the height of the triangle. This move completed the formation of the triangle.

In July, XRP reversed course and began an uptrend, driven by increased demand and speculation that Ripple might settle its years-long lawsuit with the SEC.

XRP recently tested the $0.60 region but has since stalled. For the surge to continue, concrete developments in the Ripple case are crucial. Without positive news, the speculation-driven price surge could reverse, potentially causing XRP to fall to around $0.50.

Conversely, a weekly close above $0.60 would be significant as it would re-establish the July 2022 bullish channel and breakout of the 0.618 Fibonacci level.

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

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Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, an offer, advice, consultancy or a recommendation to invest, as it is not intended in any way to encourage the purchase of assets. I would like to remind you that any type of asset is evaluated from multiple perspectives and is highly risky and therefore, any investment decision and the associated risk remain with the investor.

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