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Bitcoin, Ethereum, Avalanche & Solana Daily Crypto Price Analysis
Bitcoin (BTC) is the biggest gainer among the top 10 coins. Ethereum price analysis shows a massive surge of 8.67 percent. Avalanche price analysis shows its continued bearish trend in place. Solana’s price today is $23.55 with a 24-hour trading volume of $2.44B.
Himanshu S.
12:11 17th Feb, 2023

Bitcoin price analysis

Bitcoin (BTC) is the biggest gainer among the top 10 coins, rocketing by more than 10% over the last 24 hours.

Despite the sharp growth, Bitcoin (BTC) is looking locally bearish on the hourly chart as the price has returned to the support level of $24,571. If the rate fixes below it, the drop may continue to the next zone around $24,400. Such a scenario is relevant until the end of the day.

On the daily time frame, the situation is rather more bearish than bullish as the price could not fix above the important zone of around $25,000.

If the rate returns to the support at $24,258, it might be a prerequisite for a further drop to the $23,954 level.

From the midterm point of view, Bitcoin (BTC) is looking bullish; however, one needs to wait for the candle closure. If it happens above the $23,954 level, there are chances to see a further rise. In this case, the growth can continue to the nearest resistance level of $26,845.

Ethereum price analysis

Ethereum price analysis shows a massive surge of 8.67 percent in the past 24 hours, bringing ETH/USD from $1,579 to $1,715 levels. The pair is likely to break the resistance at $1,732 and reach new highs if it holds these levels for an extended period of time. The past few weeks have proved crucial for the bears as Ethereum has seen significant losses and consolidation below $1,700. However today, the bulls managed to break above this resistance and now the price is trading at a high of $1,715.

The bullish pattern Ethereum has formed today signals a positive outlook for ETH/USD in the near future. At present, support lies at $1,579 and if it holds these levels then we can expect Ethereum to test its next resistance at $1,732. On the other hand, if Ethereum falls back below $1,579 then this could cause a dip in prices as buyers retreat to safer zones. The 24-hour trading volume for Ethereum is $13 billion with BTC and USDT pairs dominating the market, while the market cap stands at $209 billion.

On the 24-hour candlestick chart for Ethereum price analysis, the price can be seen forming an uptrend after a distinct decline in the past days’ market. The uptrend has led ETH/USD to move into a narrow consolidation zone between the $1,579 and $1,732 levels which could eventually break out in either direction. The bulls have reclaimed the $1,715 position and are now looking to take ETH/USD higher toward the next resistance at the $1,732 level.

ETH/USD 24-hour price chart: TradingView

The moving averages (MAs) on the daily chart for ADA/USD show that the 50-day MA is trading above the 20-day MA in a bullish crossover. This indicates that buyers have an advantage over sellers in the current market situation and could potentially take Ethereum higher to test new highs. The MACD is also signaling a bullish trend as the MACD line has crossed above the signal line into positive territory. The RSI is at 63.35 which is an indication that Ethereum is currently in overbought territory.

Avalanche price analysis

Avalanche price analysis shows its continued bearish trend in place, after price lost around 2 percent over the past 24 hours to drop as low as $19.45. AVAX has been struggling to break the $20 resistance since falling from this point yesterday and could yet be facing another rejection around this mark. After trending mostly sideways for the past week, AVAX moved from $17.45 to $20.12 yesterday, only to repel back over the past 24 hours. With a market capitalization of $6,176, 563,195, Avalanche continues at number 16 in the cryptocurrency market.

The larger crypto market made minor increments that can be seen across the board, as Bitcoin revived up to $24,500 with a 2 percent incline, and Ethereum rose up to $1,600 with a 2 percent uptrend. Among leading Altcoins, Ripple dropped to $0.39, as Dogecoin moved down to $0.08 with a 2 percent decline. Cardano stayed at $0.39 over the past 24 hours, while Polkadot rose up to $6.57.

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen shifting from yesterday’s uptrend to record a declining price action over the past 24 hours. AVAX remains below the $20 resistance, however price still sits above the 9 and 21-day moving average, along with the crucial 50-day exponential moving average (EMA) at $18.56.

Avalanche price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can be observed taking another hit after today’s price action, falling below the 60 mark to head towards the oversold region. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place as the trend line remains below the signal line. Support for AVAX sits at $18 and any downtrend further below this point would invalidate the bullish sentiment from the AVAX market.

Solana price analysis

Solana’s price today is $23.55 with a 24-hour trading volume of $2.44B, a market cap of $8.55B, and a market dominance of 0.76%. The SOL price decreased by 0.70% in the last 24 hours.

Solana reached its highest price on Nov 6, 2021, when it was trading at its all-time high of $259.52, while Solana’s lowest price was recorded on n/a when it was trading at its all-time low of $0.00. The lowest price since its ATH was $8.09 (cycle low). The highest SOL price since the last cycle low was $26.80 (cycle high). The Solana price prediction sentiment is currently neutral, while the Fear & Greed Index is showing 62 (Greed).

Solana price analysis reveals the market’s volatility following an increasing movement. This means that the price of Solana is becoming more prone to the movement towards either extreme, showing further decreasing dynamics. The high price of the SOL cryptocurrency is $23.82, with an open price of $23.82. Conversely, the low price of SOL is present at $23.37, with a change of -1.17% and a closing price of $23.52.

The SOL/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. The SOL/USD price appears to be decreasing, illustrating a decreasing market. The market appears to attempt to cross the moving average band, which will trigger a reversal movement; this might prove fatal for the bulls.

SOL/USD 1-day price chart Source: CoinCodex

Solana price analysis reveals that the Relative Strength Index (RSI) is 54, showing a stable cryptocurrency stock. This means that the SOL cryptocurrency falls in the central-neutral region. Furthermore, the RSI appears to move downwards, indicating a decreasing market. The dominance of selling activities causes the RSI score to decrease..


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