Crypto Price Analysis Feb-3: ETH, XRP, ADA, MATIC and FTM

Crypto Price Analysis Feb-3: ETH, XRP, ADA, MATIC and FTM

This week we take a closer look at Ethereum, RippleCardano, Polygon and Fantom.

Ethereum (ETH)

Ethereum, the second largest cryptocurrency, continued to consolidate this week. The price only saw an increase of 2.9%. This is because ETH is stuck in a channel between $1,670 and $1,550.

All attempts to break these levels have been rejected over the past two weeks. While some altcoins posted double-digit gains (see Fantom below), Ethereum appears to be taking a break. This could also be because money rotates between different altcoins.

Looking forward, ETH will eventually break out of this range and that will set the tone for where the price will go next. The current trend is neutral and the indicators also give mixed signals.

Chart from TradingView

Ripple (XRP)

Ripple has lost its bullish momentum and has failed to push higher over the past week. For this reason, the price is at a similar level to seven days ago. Nevertheless, XRP bulls defended the support at 40 cents and may attempt another rally later.

Resistance is at 44 cents and with the weekend approaching (marked by lower volume) this level is unlikely to be tested. At best, XRP could continue to consolidate above key support.

Looking ahead, it is more likely that the cryptocurrency will continue to move sideways. If the overall market remains bullish, we could eventually see XRP attempt another rally towards 44 cents.

Chart from TradingView

Cardano (ADA)

Cardano has managed to slowly move higher over the past week, posting a 5.8% price increase. Buyers called for the 39 cent level as support, but this remains vulnerable to a possible sell-off. If they hold here, the next key resistance levels will be found at 42 and 44 cents.

A major concern for ADA holders is the fact that the daily indicators such as RSI and MACD both signal a bearish divergence as the price rose. This shows that the bullish momentum is weakening and bears could return at any time.

Looking ahead, this cryptocurrency has performed extremely well since the beginning of the year and a short-term pullback is not out of the question. If this is the case, the next support levels below 39 cents lie at $0.36 and $0.34.

Chart from TradingView

Polygon (MATIC)

Polygon had another excellent week, rising 8%. The price almost reached $1.3, which is currently acting as a critical resistance. Support is at $1 and as long as MATIC holds above this level, the bias will remain bullish.

However, buyers need to be careful as this latest push has resulted in a bearish divergence on the RSI and MACD indicators. As volume declines, a retest of key support becomes more likely.

The last time MATIC broke above $1, buyers failed to keep the price above this important psychological level. Otherwise, there would likely be a further decline.

Chart from TradingView

Fantom (FTM)

Fantom is the top performer this week, recording a 27% increase. This impressive recovery comes on the back of the resurgence of DeFI tokens. Since the beginning of the year, FTM managed to quickly triple its price, moving from 20 cents to 60 cents.

Current support is at 50 cents, and if bulls maintain the pressure, FTM has a good chance of continuing its current rally towards 70 cents, where sellers could return (key resistance).

Looking ahead, price action suggests that Fantom has likely found a bottom. With a significantly higher high, the price has finally ended the bearish downtrend and forms an excellent basis for a higher valuation in the coming weeks.

Chart from TradingView

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