The crypto market is in a downturn, with major coins like Bitcoin and Ethereum currently in decline.
Ethereum is at a crucial price point between $2,800 and $2,700 and could either rebound or drop further.
Solana, Dogecoin, Arbitrum, and Avalanche are also facing price drops but should be able to flip with bullish reversals.
The overall market sentiment is becoming fearful, as the fear and greed index indicates.
Investors should monitor the performance of these cryptocurrencies for possible buy opportunities.
The crypto market has had a more severe hit since the start of August, with Bitcoin now testing the $60,000 mark and threatening another break below.
The general crypto fear and greed index is gravitating increasingly towards the fear zone, with a reading of 48%.
Ethereum is down below the $3,000 mark, and there might be glaring signs of a broader market sell-off.
The fear and greed index
However, what if the market was gearing up for one of the most massive bullish reversals in recent months?
Here are some of the major cryptocurrencies to keep an eye out for this week:
In the weeks before now, multiple analysts have stated the importance of the $2,800 sone.
According to CoinMarketCap, the cryptocurrency is down by more than 10% on the weekly timeframe and now trades at around $2,892.
Ethereum’s price action
This means that Ethereum is either extremely close to one of its most important turning points or we are about to see an even more massive decline.
Either way, investors should consider watching for the $2,700 - $2,800 range.
Keep in mind that this price range has kept Ethereum afloat since February this year.
As analyst Trader Tim humorously puts it in this tweet, "may god be with us if these levels don't hold."
In the event that Ethereum rebounds from this $2,800 price level, the resulting rebound would take it up by another 20% to the $3,400 price level.
Solana has been dropping steadily over the last few weeks, with a disappointing 23% price decline in the last seven days:
Solana’s price action
The ongoing decline on Solana might turn out to be a blessing in disguise.
The cryptocurrency, in the charts, appears to be trading on top of an ascending trendline.
This means that it remains bullish overall and should be able to rebound soon if all goes well.
Solana should rebound soon.
The likely spot for this rebound should be around $135. However, if this bullish reversal fails to hold, analyst Crypto Bheem on Twitter puts the worst-case scenario at around $120.
At the time of writing, Dogecoin is trading on top of the crucial $0.1 price support after declining by 18% in the last week.
Dogecoin’s price action
According to the charts, we have a similar ascending trendline formation on the cryptocurrency, which is set to result in a rebound and likely the start of a Dogecoin bull run if all goes well.
Dogecoin’s price action
However, like Ethereum, Dogecoin trades at a crucial resistance zone and will likely experience an even more brutal crash if it breaks below $0.1.
Like the others on this list, Arbitrum has crashed terribly over the last week.
Arbitrum’s price action
CoinMarketCap data shows that the cryptocurrency was down by around 15% over the last week before writing to $0.6.
However, the charts also show that on the small to medium terms, the cryptocurrency is starting to form an ascending channel, as shown below:
Arbitrum’s price action
If valid, this formation should see the cryptocurrency rebound off this semi-strong $0.6 resistance and target further upside.
Avalanche has also been down by around 18% over the last week, under the influence of the general market sentiment.
Avalanche’s price action
According to the charts, Avalanche’s price action is both bullish and bearish, in that it currently trades in a descending channel.
Avalanche’s incoming bull run
However, we can expect to see the cryptocurrency decline further in the short term and retest the lower trendline of this formation around $19.
Soon after this retest, we should see a recovery and a rebound towards what might turn out to be Avalanche's new bull run.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.