Ethereum has been showing some interesting movement on its price charts lately. The question on many people's minds is: Is Ethereum finally on the safe side?
Recently, Ethereum price has shown some encouraging moves, rising above its 21-day exponential moving average. This is an important line on the chart that helps you track the average price over the past 21 days. Crossing this line is a good sign and could mean that the coin’s price could start gaining more traction.
ETHUSD Charts by TradingView
But it's not completely sunny yet. There is a price called resistance, which for Ethereum is around $3,600. Resistance is like a ceiling that the price must break through in order to rise. Ethereum has not yet surpassed this ceiling. So, things are looking up as it is above the 21-day EMA, but there is still a big test at $3,600.
If Ethereum can break above $3,600, the next major challenge or resistance will be at the $3,900 mark. If it can break, prices could rise further.
Now, what happens when things start to get worse? In the case of Ethereum, there is strong support near $3,288.2. If the price falls, there is a possibility that it will stay at this level and reverse. Another potential starting point for a much lower price is $2,940.5, which also coincides with the breakpoint level on the chart.
Bitcoin could not break through
Bitcoin recently reached an all-time high of $70,000. However, we have not been able to surpass this level yet. This price range is like a ceiling, Bitcoin has reached it but has not broken through it yet.
On the chart, we can see Bitcoin moving towards this $70,000 mark. After rising for a while, Bitcoin got this far but was unable to continue rising. This could be because there is not as much new money flowing into Bitcoin funds, which could slow down its growth.
Still, many think this situation may change soon. As more people and money flow into the market, Bitcoin could gain the strength it needs to break through this ceiling.
For now, Bitcoin has support, a downside that could stop the decline and start rising again. On the chart, there is a support level around $65,958. If it falls to this level, it may rebound again. Another support level is $60,122. If the price of Bitcoin falls this far, it could find enough buyers to start rising again.
Bitcoin’s current resistance level is at the $70,000 level, and it is struggling to break above it. If Bitcoin can overcome this, the next level could be even higher, but we don't know the exact price yet as Bitcoin has never been this high.
cardano stops
Cardano tried to go above a certain price, around $0.68, but could not. This price was like a wall called resistance, and Cardano was unable to overcome it.
As a result of trying to overcome this wall, Cardano reached the 50 EMA threshold, which acts as strong support for the asset. This is the average price over the past 50 days, and Cardano is currently moving around this line. There is a real possibility that it will fall below this support.
The chart shows the price evolution of Cardano. It rose, reached resistance and is now at the 50 EMA. If Cardano breaks below this line, the next safety net is further down to another EMA at $0.51. This lower line could be where Cardano stops falling and starts rising.
For now, Cardano's future seems a little uncertain. He is waiting near the EMA 50 and if it falls he could find help at the lower end of the EMA at $0.51. But it's not all bad news. If Cardano can sustain above the 50 EMA and then break above the $0.68 barrier, it could start to rise again.
