Crypto Price Analysis 9-2 BTC, ETH, SOL, DOT, TON, ATOM, WIF

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Major cryptocurrencies are starting the new week in the red, with Bitcoin (BTC) tumbling below $58,000 and Ethereum (ETH) slipping below $2,500 once again. The overall crypto market cap also registered a drop of 1.91%, leaving it just above the $2 trillion mark. 

Almost all cryptocurrencies have registered substantial weekly drops, with BTC down over 10%, ETH down almost 11%, and Solana (SOL) down a staggering 20%. Other altcoins that registered substantial losses include Dogecoin (DOGE), which is down 14%; Toncoin (TON), down 10.71%; Cardano (ADA), down almost 15%; and Polkadot (DOT), down nearly 15% as well. Analysts now worry BTC could be heading for a bear market, with price action indicating a further decline. 

Crypto Markets Await US Job Data 

The traditional and cryptocurrency markets are holding their breath with crucial events, including the US job data set that will be released this week. Employment figures will be closely watched as they indicate upcoming rate cuts planned by the Federal Reserve and impact the performance of Bitcoin and other major altcoins. Federal Reserve officials are set to speak this week, which will also give an insight into the Federal Reserve’s position on upcoming policy plans. 

US Job Data is scheduled to be published on Friday (September 6), and it will be a significant indicator of upcoming policies by the Fed and help investors understand the country’s economic condition. Estimates have stated that the employment report is expected to show an increase of 162,000 compared to 114,000 in the previous month. The monthly unemployment rate is also expected to come down to 4.2% from the previous figure of 4.3% in July. The data is not expected to impact the upcoming rate cut plans. However, if the data throws up unexpected numbers, they could become a factor and potentially impact the broader market sentiment. 

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Where Do BTC And Other Altcoins Go From Here? 

The past week has seen the cryptocurrency markets register a substantial decline, with BTC slipping below $58,000 as the new week begins. ETH also lost the $2,500 level and is trading around the $2,450 mark. Historical data suggests BTC could dip as low as $50,000 should bearish sentiment continue in September. September has historically been a weak month for BTC, with the world’s largest cryptocurrency ending August 8.6% below its average of 1.75% gains, according to data from CoinGlass. CoinGlass data also supported the bearish narrative, with BTC slipping significantly during the last week of August. 

Popular trader CrypNuevo suggested there could be upside and downside liquidity hunts this week, stating, 

“From a trading perspective, I’m favoring longs, so I’d prefer seeing the move down first to hit the liquidations and fill the wick at $56.6k where I could long. So I’m keeping a long order at that $56.6k level on Sunday & Monday in case we see a false move at the start of the week.”

Despite BTC trading in the lower half of its trading range, whales are not panicking. Instead, they continue to accumulate more BTC, using the dip as a buying opportunity. Market intelligence platform Santiment stated, 

“Over the past month, wallets with 10-10K BTC have collectively accumulated 133.3K more coins while smaller traders continue to impatiently drop their holdings to them.”

Another positive sign is that the amount of BTC present on major exchanges has continued to decline, with CryptoQuant data showing a 12.9% decline in crypto reserves on major exchanges since the beginning of the year. This suggests investors are bullish in the long term. 

Crypto Markets Lost Over $300 Million In August 

The cryptocurrency markets lost $313 million to hackers in over ten attacks executed in August. According to data from security firm PeckShield, phishing attacks accounted for 93.5% of stolen crypto, with losses totaling $293.4 million. Out of the biggest hacks in August, two phishing attacks accounted for a loss of $238 million BTC and $55 million DAI. Other major exploits in August were that of the Ronin Network. The Ronin Network managed to recover $12 million from the hacker but was the target of unauthorized crypto transactions worth $5.1 million. DeFi protocol Nexera also reported losses of $1.83 million due to a smart contract exploit. 

First Crypto Transaction Between AI Agents 

Meanwhile, Coinbase reported the first crypto transaction entirely managed by AI bots as the crypto industry takes a leap in developing platforms allowing AI agents to execute transactions. The transaction was overseen by Coinbase CEP Brian Armstrong, who announced the development on X, stating, 

“This week at @CoinbaseDev, we witnessed our first AI to AI crypto transaction.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has gotten off to a difficult start to life in September as its price dipped to a two-week low, slipping below $58,000 late on Sunday. The dip occurred over the weekend, generally a period of low liquidity, preventing buyers from stemming the drop. The world’s largest cryptocurrency ended August down by 8.6%, considerably lower than its monthly average gain of 1.75%, according to data from CoinGlass. With BTC entering a historically low month in the red, market watchers are worried the price could dip lower. 

As we can see in the price chart, BTC has spent most of the last week of August in the red after a significant drop of 5.39% on August 27, which dragged the price below the 50 and 20-day SMAs and the $60,000 price level. The price saw considerable volatility as buyers attempted a recovery while sellers attempted to drag the price below $58,000. In the end, BTC dropped 0.71% but stayed above $59,000, settling at $59,085. Buyers attempted another recovery on Thursday, as BTC rose to a day high of $61,230. However, with demand drying up above $60,000, sellers could push the price back below the 20-day SMA. BTC eventually settled at $59,436 after registering an increase of 0.595.

Source: TradingView

BTC was back in the red on Friday as sellers made another attempt to drag it below the $58,000 level. Once again, buyers prevented a further drop, pushing BTC back above $59,000. BTC eventually settled at $59,163 after a decline of 0,46%. The weekend saw sellers take control and breach $58,000 on Sunday after BTC dropped 2.62% and fell to $57,399. The current session sees BTC up by 0.76% as buyers attempt to reclaim the $60,000 level. So where does BTC go from here?

After BTC dipped below $58,000 on Sunday, analysts have stated buyers must ensure it does not dip below $56,000 to maintain its long-term uptrend. One analyst stated, 

“We really need to start to bounce out of this and make a higher high to further confirm that we are in this uptrend that we’ve been in since August. Bitcoin needs to remain above this $57.7K level; however, if it were to break down, it really, ultimately, would need to hold this $56K level; if we were to lose this $56K level, that would be a lower low.”

However, some analysts suggested BTC may need to drop lower before it can resume its uptrend. In fact, Markus Thielen, the head of Research at 10x Research, suggested that investors wait until BTC dips into the $40,000s to time their entry into a bull market.

Ethereum (ETH) Price Analysis 

With the crypto markets entering September on a bearish note, ETH dipped below $2,500 and retested the $2,400 support level, recording a low of $2,425. ETH has struggled to stay above the $2,600 price level despite reaching a high of $2,820 as recently as August 24. However, the price turned bearish, and by August 27, ETH dipped to $2,458 after an 8.33% decline. ETH attempted to bounce off a low of $2,402 on Wednesday, pushing above $2,500 and settling at $2,529. However, buyers lost steam on Thursday after reaching a day high of $2,597, only to drop back to $2,529.

Source: TradingView

Sellers dragged ETH to a low of $2,436 on Friday, but with strong demand at lower levels, the price recovered, registering only a marginal decline to remain above the crucial $2,500 level. ETH lost the $2,500 level over the weekend after a 3.44% decline on Sunday, which took the price to $2,428. However, as demand picked up close to the $2,400 support level, ETH recovered on Monday, with the price up 0.77% during the ongoing session as buyers attempted to reclaim $2,500.

August has been ETH’s worst month since the 2020 DeFi summer. ETH’s sharp decline in price and network fees is largely attributed to a migration to Layer2 networks and the introduction of Blobs through ERC 4337. As a result, ETH’s “sound money” narrative has taken a hit, with its deflationary nature also not appealing to investors. The reduction in network fees has also led to a decline in rewards for ETH stakers, with fees down 90% in 2024 alone, leading to an alarmingly high inflation rate of 0.7%. As a result of these factors, ETH has struggled to break above key price levels, such as the $2,600 mark, leading to uncertainty.

For ETH to regain momentum, it must break above the $2,600 price level. A break and close above this level could see buyers target the crucial $2,850 level. However, if ETH is rejected at these levels, the prospect of a further decline could become a reality. If the $2,400 level is breached, ETH could dip to $2,300 or $2,200. With the MACD turning bearish, it indicates that sellers have control for now.

Solana (SOL) Price Analysis

Bearish sentiment around Solana (SOL) intensified over the weekend as the altcoin lost the $130 level after tanking to a low of $127 on Sunday. SOL has struggled in recent sessions and spent last week in the red as it struggled to recapture any momentum since being rejected at $160 and dipping below $150 on Tuesday. By Friday, SOL had dropped to a day low of $132 as sellers threatened to overwhelm the $130 support level. However, buyers pushed the price back up to $138, with SOL eventually registering a decline of 1.46%. The weekend saw bearish sentiment intensify as SOl registered a 1.90% drop on Saturday to settle at $135.

Source: TradingView

A substantial drop of 5.03% on Sunday led to SOL dropping below the $130 support level, dipping to $128. Buyers attempted to reclaim $130 during the ongoing session but could not do so. SOL is currently down by almost 1% as sellers look to drive the price lower. Several indicators suggest that bears are in control of the market, in case the price chart and price action were not evidence enough. A downward-sloping RSI and 20-day SMA indicate strong bearish sentiment. Additionally, the MACD is also bearish, indicating that sellers have control.

SOL is also witnessing declining interest from institutions, and its absence from the ETF market has also not gone unnoticed, further weighing down the price. If SOL continues to dip, it could slip below $120 to $116, where the price could stabilize. Buyers are expected to defend the $116 level, and a rebound could see SOL climb back to $130. However, if $116 breaks down, SOL could plunge to $100.

Polkadot (DOT) Price Analysis

Polkadot (DOT) is struggling to stay above $4 in the face of growing bearish sentiment after it dipped below $4.20 over the weekend. DOT, which had registered a steady uptick to $5, has now wiped out all the gains made during that uptick. After reaching a high of $5.11 last Saturday, DOT fell into the red as buyers lost steam. By Tuesday, DOT had slipped below the 20-day SMA and closed at $4.38. On Wednesday, DOT registered a decline of almost 3% as the price dipped to $4.26. With demand around the $4.20 level, sellers lost momentum as DOT registered a marginal uptick of 0.94% on Friday.

Source: TradingView

However, buyers could not push higher as demand and liquidity dried up, allowing sellers to take control on Saturday and push DOT down by 0.70% to $4.26. Bearish sentiment intensified on Sunday as DOT dipped below $4.20 after a drop of 4.46% to settle at $4.07. The current session sees buyers attempting a recovery, with DOT up by 1.47%  and trading at $4.13. DOT is at a critical juncture, with future price movements depending on the ability of buyers to keep it above $4 and reclaim the $4.20 price level. If buyers can gain enough momentum and push DOT back to $4.20, it could lead to a push towards $4.50, where the 20-day SMA is acting as resistance. A break above this moving average could result in DOT resuming its push to $5.

On the downside, should sellers retake control of the session and push DOT below $4, it would bring its multi-year support of $3.62 into focus. We could see DOT recover with the RSI close to the oversold zone. However, the MACD has flipped to bearish, indicating strong selling pressure.

Toncoin (TON) Price Analysis

Toncoin (TON) is struggling to push above $6, with sellers actively defending the level, as the long wicks on August 28 suggest. Sellers are also looking to push TON below $5, with buyers struggling to keep the price afloat above the support level. Bearish sentiment around TON intensified as the weekend rolled in. The price dropped by 1.49% on Thursday after buyers failed to break above the 200-day SMA, falling to $5.45. TON continued to drop on Friday, registering a drop of just over 2% and settling at $5.34. After posting a recovery of 1.24% on Saturday, TON fell back into the red on Sunday, dropping by 4.30% to $5.17.

Source: TradingView

The current session sees TON up by 0.86% and trading at $5.22. Buyers must ensure TON remains above the $5 level for any chance of a push towards $6 materializing. However, sellers will try to counter any bullish momentum and look to breach the $5 support level. If this occurs, TON could slip to a crucial support level at $4.72.

Cosmos (ATOM) Price Analysis

Cosmos (ATOM) is struggling as it trades below the 20, 50, and 200-day moving averages. Since pushing to $5.34 last weekend, ATOM has been on a steady downward trajectory, dropping over 5% on August 25. By August 27, ATOM had slipped back below the 20-day SMA, following a drop of almost 6%, and settled at $4.60. Wednesday and Thursday saw increased volatility as buyers and sellers struggled to establish dominance, with ATOM registering only marginal increases on both days. Sellers attempted to drive the price below $4 on Friday, but with demand picking up at lower levels, buyers could counteract and push the price up by 0.90% to $4.65.

Source: TradingView

However, bearish sentiment returned over the weekend as ATOM dropped by 1.92% on Saturday and 5.62% on Sunday to end the week at $4.30. The current session sees ATOM up by 0.87% as buyers look to move back to $4.50. Until last week, buyers sought to breach the $5 price level. However, recent bearish sentiment has left ATOM close to its $ support level. For any upward momentum to take hold, buyers must push ATOM above the 20-day SMA, currently around the $4.70 mark. A break above this level could lead to a move towards $5.

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Dogwifhat (WIF) Price Analysis

Dogwifhat (WIF) is currently among the worst-performing meme coins, with the price down a staggering 24% over the past month. In fact, data from Lookonchain shows WIF is down almost 71% from its 52-week high. Things are going from bad to worse for the Solana-based meme coin, with its price turning bearish after failing to breach the $2 price level on August 24. As a result, WIF began the previous week in the red and by Tuesday (August 27) dipped below the 20-day SMA after a drop of almost 11%, which dragged the price to $1.57. Sellers attempted to pull the price lower on Wednesday but were thwarted as buyers began their own attempt to move above the 20-day SMA. In the end WIF could only register a marginal increase and remained below the SMA.

Source: TradingView

Sellers thwarted another attempt to move above the 20-day SMA on Thursday, pushing WIF down from a day high of $1.69. Sellers eventually drove the price down almost 3% to $1.53 and attempted to push it lower on Friday, with the price dropping to a low of $1.43 before climbing back up to $1.54. Bearish sentiment took over during the weekend as WIF dropped 1.68% on Saturday and over 8% on Sunday to settle just below $1.40. The current session sees WIF up by 1.33% as buyers attempt to push back above the $1.40 support level.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.