• Price Analysis for Ethereum, Polkadot, and Chainlink on September 5th

  • Ethereum struggled to break through the $4000 barrier and was consolidating with a 0.9 percent gain. Some altcoins, on the other hand, began to fall as a result of longer periods of trading sideways. DOT, for example, has moved closer to the price floor of $$28.94. Chainlink, too, displayed range-restricted price action and was trading near an immediate support level of $30.37, with the possibility of falling near its one-week low price level of $24.30.

    Ethereum (ETH)

    TradingView, ETH/USD The price of Ethereum has been consolidating, with minor gains of 0.9 percent in the last 24 hours. The cost was $3933.29. It surpassed its price ceiling of $3855.11, and a break from the consolidation could send Ethereum back to the multi-month high of $4033.47.

    Technical indicators, on the other hand, indicated that bearish price movement had not yet peaked. The Relative Strength Index remained above 60, indicating that buying strength remained strong. MACD’s histogram displayed red bars.

    The Awesome Oscillator flashed red signal bars, indicating that the price was falling. If the bearish view is correct, Ethereum will fall below $3855.11 and trade near $3387.08. If ETH fails to stay above the $3387.08 price level, it will fall to its one-week low of $2946.43.

    In other news, Twitter may allow Bitcoin and Ethereum to receive tips via the Tip Jar feature.

    Polkadot (DOT)

    DOT traded in a narrow range and fell by 0.8 percent. It was currently trading at $32.70. The altcoin was trading a few cents lower than its weekly high of $33.37. If the price of DOT remains stable in the coming trading sessions, the altcoin could fall to $28.94.

    If DOT fails to hold at $28.94, it could fall to a four-week low of $25.22. The technical indicators for the coin were bearish. MACD displayed red bars on its histogram after a bearish crossover.

    The Awesome Oscillator was flashing red signal bars. Capital inflows fell as the Chaikin Money Flow fell below the mid-line. If DOT reversed its price action to the upside, the overhead resistance was at $33.37, and if it knocked it down, DOT could aim for $34.41.

    Chainlink (LINK)

    Over the last 24 hours, LINK fell by 0.2 percent while consolidating. The asset was priced at $30.54, and if the downtrend continues, LINK could fall to $30.37 and then to $27.77. If LINK cannot maintain its prices above $27.77, it may trade near its weekly low of $24.30.

    Key indicators indicated a downward price movement. MACD’s histogram showed red bars. Awesome Oscillator flashed red signal bars as well.

    Bollinger Bands remained tight, indicating that price volatility will be low in the coming trading sessions. On the other hand, LINK could face resistance at its three-month high of $31.22 and a retest of the $32.22 price level.

    In recent news, the Bored Ape Yacht Club began using Chainlink’s Verifiable Random Function (VRF) to provide airdrops on the platform. This integration could pique the interest of investors.

    What's your reaction?