Bitcoin, Ethereum and Polkadot – European Wrap 29 August

Bitcoin price is showing signs of pausing its downtrend with growing hints of a recovery. Investors need to wait for confirmation, however, before getting more seriously bullish. Ethereum and Ripple await the big crypto’s cue to do the same. 

Ethereum funding rates are similar to the level observed in July 2021, ahead of a massive rally in Bitcoin and ETH. The funding rate – the difference between the perpetual contract prices and short prices of an asset – is a key metric to predict crypto trend reversals. 

 

ETH-USDT price chart

Polkadot price is currently hovering around a crucial level that could result in an uptick in buying pressure and a rally. However, sellers could trigger another liquidity hunt before attempting a run-up. 

DOT/USDT 1-day chart

 

 

 

 


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