Ethereum
Ethereum (ETH) Rebounds Above $3,000, Massive Bitcoin (BTC) Battle to $70,000 Brews, Cardano (ADA) About to Face Its Biggest Test
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ETH surpasses the $3,000 mark, returning sentiment around the second-largest cryptocurrency to bullish sentiment. This bounce saw it break out from the 100-day exponential moving average (EMA), a sign that bullish sentiment could return to the market. walk.
However, despite the increase in prices, there has been a notable decrease in volumes. This drop in interest from traders signals a warning that the current uptrend may not have the momentum needed to break through important resistance levels ahead. One such level to watch is the 50-day EMA, which previously served as a barrier to price upside.
Zooming in on the daily chart, we see that Ethereum has recently deviated from an ascending channel, indicating a potential change in trend. While such breakouts can often lead to more volatile moves, the question remains whether this is a temporary detour or the start of a new path.
Support levels formed around the $2,900 region, where the 100-day EMA lies, serving as a springboard for the recent rebound. On the other hand, there is visible resistance at the 50-day EMA, hovering near the $3,200 mark. This moving average could serve as the next battleground between the bears and the bulls.
Waiting, if Ethereum can maintain its current level and possibly break above the 50-day EMA, this could pave the way for a new bullish phase. The critical test will be whether this can generate enough volume and buyer interest to move past these looming resistance points.
Is Bitcoin ready?
Bitcoin is gearing up for another round in the ring, according to pricing data. Digital gold recently crossed the 26-day exponential moving average (EMA), which serves as an indicator of short-term price momentum. This decision is not just a change of numbers; this is a sign that Bitcoin could find its second wind.
The next big showdown will be with the 50-day EMA. A break above this average could signal a rallying cry for Bitcoin bulls, paving the way for a potential climb towards the all-time high of $100,000. But let’s not go too far: the road ahead is strewn with trials and tribulations.
The post-halving period appears to be playing its role well, contributing to the recovery and resilience of the asset. With the price now approaching $63,000, the community is murmuring about the next psychological barrier: the $70,000 mark.
Looking at the chart, we see that if the bulls continue to push and we break through the 50 EMA, the road to $70,000 could become less of a dream and more of a reality. On the other hand, if Bitcoin took a break and the bears stepped in, there would be strong support around $59,000, which previously provided a strong base for the price.
The $100,000 mark remains a distant star, however, given the amount of liquidity needed to reach that threshold. The future of Bitcoin depends on many factors and given the current market, it is difficult to predict.
The rise of Cardano
Cardano is approaching the 200-day EMA – a line that could dictate its near-term trajectory. Historically, the 200 EMA has served as a benchmark for bullish or bearish market sentiment, and for ADA, it is a moment of truth.
ADA price is trading around $0.50, which it recently surpassed. This level is now shaping up to be a key support zone. If ADA holds above this level, the focus is on its ability to maintain its upward momentum.
Conversely, if ADA fails to hold this ground, the next support level lies at $0.44, the previous reversal point and local low. This level is crucial, as this is where ADA last found strong buying interest, allowing it to pivot and move higher.
However, the drop in volume that accompanies ADA’s price movements could cause problems. Typically, rising prices coupled with decreasing volume can indicate a lack of commitment from buyers, increasing the risk of a pullback.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.