Bitcoin, Ethereum, and Compound Price Forecast: European Market Update on August 7
Bitcoin has shown resilience by bouncing back to $57,000 after experiencing a 7% drop on Monday, currently trading at $56,666. This recovery is supported by Metaplanet’s investment of $69.13 million in Bitcoin and on-chain data revealing that institutional investors are holding strong despite recent setbacks. Nevertheless, technical analysis and market conditions suggest that the overall downward trend might resume in the near future.
Ethereum, the second-largest cryptocurrency by market capitalization, presents promising signs of a potential 20% rally following the recent crypto crash. On-chain metrics for Ether indicate an increase in active addresses, a capitulation, and negative MVRV, all pointing towards a potential price recovery in the upcoming days.
Solana’s price has been consolidating within a symmetrical triangle pattern since May, indicating uncertainty among investors. However, on Wednesday, SOL surged by 5.5% to $154.10, bolstered by Solana’s collaboration with Anchorage Digital to offer custody support for SOL-based tokens. This partnership signals positive momentum for Solana in the days ahead.
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