• Weekly Bitcoin does not show a relevant change in sentiment, while Ethereum threatens to step on the support of $1472.57.

• Development of networks and scalable applications within layer 2 of Ethereum continue to show high activity.

Exact Pivot Reversal

For this week that begins, we observe that before the weekly close of Bitcoin, being the most important digital asset in the market, we observe that traders in the midst of desperation and uncertainty begin to place their orders for when prices make their respective correction.

We will not lie that $24129.41 is the reference price to take Bitcoin towards the expected rebound, with liquidity at approximately $22532.85. The truth is that $25,673.41 is the average exponential price that supply and demand is currently supporting. Positive degree is: average volatility index points towards rising to approximately $29062.62.

Sword And Wall

The game for Ethereum remains on. We believe that it will soon lose the weekly support of $1626.61 with an intercept at $1646.35.

If this asset breaks this channel, the most logical thing would be to touch $1473.11; area where there is a low average number of purchase orders and a balance point between buyers and sellers.

The truth is that the volatility index points towards an average price of $2085.82 and very close to $2146.11. However, Ethereum continues to have low interest from the majority of traders. The good thing about the case was the correction of the high transaction costs from a few weeks ago.

Activity Fails

Polygon (MATIC) network has observed a spike in address activity, trade volume and whale transactions over the past four days, according to FxStreet. The rising on-chain activity failed to catalyze a recovery in Polygon’s native token, MATIC price dropped to its lowest level since June 10. 

The report suggests that large wallet investors are making moves, without causing a stir in MATIC prices. Whale transfers greater than $100,000 and $1 million have both noted an increase in frequency between September 7 and 10.

From our technical point of view, a critical point for Matic is being able to stay at the weekly support of $0.5007. But most of the volatility points to an average correction price of approximately $0.3823 and in extreme cases there may be a liquidity region at $0.3386, if there is no reversal above $0.579.

Been Healthy

According to the last report from OurNetwork, since Arbitrum One (ARB) has launched in August 2021, derivatives trading volume has been healthy, even in a bear market. Arbitrum One had $334M in 24 hour trading volume and 16% growth over the past 30 days.

Arbitrum (ARB) is suffering a daily battle not to go beyond the support of $0.8349. Losing this support, the most logical thing is that it touches the lower Bollinger band at approximately $07768 and with an approximate liquidity region at the point $0.7545.

For now we see $0.8711 as a reversal point. But the region between $0.8883 and $0.8615 does not have a price average that supports supply and demand, which possibly means that the asset could soon behave like a bearish needle.

Unveiled The Vision

According to OurNetwork report, in February 2023, Optimism unveiled the vision for the Superchain, which "seeks to integrate otherwise siloed L2s into a single interoperable and composable system."

It says that teams are building on the OP Stack to launch Ethereum L2s, including OP Mainnet, Base, Zora Network, and Public Goods Network. In August, these four chains generated 4.4k ETH in total transaction fees, resulting in 2.2k ETH of Net Onchain Revenue (fees minus L1 data costs).

The reality for OP cryptocurrency is that it is a strong digital asset. By the time this article was written, the price behavior was sinusoidal, that is, although the sentiment was bearish, its price could simply correct up to a maximum of $1.09. We dare to say that it behaves like a stablecoin.

Extremely bullish sentiment is above $1.5724 and as a psychological liquidity point we can mention $0.89, if it breaks the support mentioned in the previous paragraph.

Easy Conclusion

Bitcoin and Ethereum continue to move in a particular singularity with bearish sentiment, but their networks still continue to make statistical noise that attracts the attention of many fans.

For layer 2 networks there is some lag after the Coinbase Base Network was launched. The latter is causing several of the projects mentioned here to have prices well below average.

Of all the layer 2 projects, we see the OP network as strongest, as its price has fluctuated by an average of $1. Almost a stablecoin.

Last article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Remember that all information presented here is a combination of third party data added to our personal opinion.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.

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