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ETH rises above the $3,000 milestone and sentiment around the second-largest cryptocurrency returns to bullish. This rebound is an increase from the 100-day exponential moving average (EMA), indicating that bullish sentiment may be creeping back into the market.
However, despite the increase in prices, the decrease in volumes is noticeable. The decline in trader interest is a warning that the current uptrend may not have the momentum to break through the major resistance levels in the future. One level to keep an eye on is his 50-day EMA, which has previously acted as a barrier to price upside.
Zooming in on the daily chart, we can see that Ethereum has recently deviated from its ascending channel, indicating a possible trend change. Such breakouts often lead to more volatile movements, but the question remains whether this is a temporary detour or the beginning of a new path.
A support level has formed near the 100-day EMA at $2,900, providing a springboard for the recent pullback. On the other hand, there is visible resistance at the 50-day EMA, which is hovering around $3,200. This moving average could be the next battleground between bears and bulls.
Looking ahead, if Ethereum is able to sustain its current levels and possibly break above the 50-day EMA, it could pave the way for a new bullish phase. The key test will be whether it can generate enough volume and buyer interest to break through these immediate resistance points.
Are you ready for Bitcoin?
Bitcoin is gearing up for the next round in the ring, as price data shows. Digital gold recently broke above the 26-day exponential moving average (EMA), a measure of short-term price momentum. This movement is more than just a change in numbers. That's a sign that Bitcoin may be having a second wind.
The next big showdown is the 50-day EMA. A break above this average could signal a rally for Bitcoin bulls and set the stage for a potential rally towards an all-time high of $100,000. But let's not get ahead of ourselves. The road there is full of trials and tribulations.
The post-halving period appears to be playing its role well, aiding asset recovery and resilience. The price is currently hovering around $63,000, and the community is whispering about the next psychological barrier, the $70,000 mark.
Looking at the chart, we can see that if the bulls continue to push and push above the 50 EMA, the path to $70,000 could become a reality rather than a dream. On the other hand, if Bitcoin takes a breather and the bears step in, there is strong support near $59,000, which has served as a strong foundation for the price so far.
But the $100,000 milestone is still a distant star given the amount of liquidity required to reach that threshold. Bitcoin's future depends on many factors and is difficult to predict in the current market.
Cardano skyrocketing
Cardano is approaching the 200-day EMA. This line could determine its trajectory in the short term. Historically, the 200 EMA has served as a benchmark for bullish or bearish market sentiment, and for ADA it is a critical moment.
ADA price has been hovering around $0.50 and recently broke above this value. This level is now becoming a major support area. If ADA breaks above that, the focus shifts to whether it can maintain its upward momentum.
Conversely, if ADA fails to hold this ground, the next support level will be the previous reversal point and local low at $0.44. This level is very important as it is where ADA can finally find strong buying interest and turn around and move higher.
However, trouble may occur due to a decrease in trading volume due to ADA price fluctuations. Higher prices and lower volumes usually indicate a lack of commitment from buyers and increase the likelihood of a pullback.
About the author
Armand Sirignan
