ETH, SOL, FIRE: Must-Watch Cryptos This Week

Ethereum (ETH) Drops 7.76% Despite ETF Launch

Ethereum (ETH) experienced a downward trend over the past week. On July 23, ETH saw a mild increase of 1.21% as spot Ethereum ETFs began trading, debuting with $106 million in net inflows and over $1 billion in trading volumes. However, these gains were short-lived as Grayscale’s Ethereum Trust ETF (ETHE) led to significant outflows. ETH closed the week at $3,247 per coin, marking a 7.76% decline.

The Ichimoku Cloud analysis confirms Ethereum’s bearish situation, with the ETH price below the Tenkan-sen and Kijun-sen lines, both positioned under the cloud. This alignment suggests a bearish sentiment and potential continued downward pressure. For the upcoming week, ETH’s ability to recover depends on reclaiming levels above the Kijun-sen and moving back into the cloud, which could signal a trend reversal. If the downward trend persists, further declines may be possible.

Solana (SOL) Finds Support at $184

Solana (SOL) displayed relatively stable price movement with an overall upward trajectory. The price oscillated within a defined range amid reports of a potential ETF from finance giant Franklin Templeton. This consolidation period suggests market accumulation. SOL experienced a growth rate of 5.69% last week and remained above a key support level near $184, which acted as both a psychological and technical anchor.

The Advance Decline Ratio of 3.94 indicates a bullish trend, suggesting that advancing days outnumbered declining days. Looking ahead, if SOL breaks above the resistance level around $186 with strong momentum, it could initiate a new bullish run. Conversely, failing to breach this level may result in a retest of the $184 support.

Matr1x Fire (FIRE) Maintains Stability

Last week, Matr1x Fire (FIRE) exhibited stable performance, with its price moving within a tight range and closing around $1.0512. The market showed a modest growth rate of 0.93%, indicating consolidation rather than significant directional movement.

Technically, the RSI remained in the lower end of the range, around 37.43, suggesting that the asset is approaching oversold territory. This could imply that selling pressure might be easing, potentially setting up for a rebound if buying interest increases. The MACD indicator continues to show a bearish trend, with the MACD line below the signal line, although the gap is narrowing. This may indicate a potential trend reversal or relief from consolidation.

For the upcoming week, monitoring whether FIRE’s price can break above the immediate resistance level at Fibonacci 0.236 ($1.1309) or fall below the crucial support at $0.9222 will be crucial in determining its next direction.