Ethereum facing showdown, Cardano looking for direction

Ethereum facing showdown, Cardano looking for direction, THETA bullish

While Ethereum (ETH) is likely to see a directional decision in the coming trading days, the price of Cardano (ADA) has not made a sustained move since its Coinbase Pro listing. The theta Bitcoin Lifestyle token continues to be bullish and is generating another new all-time high today.

  • Price (ETH): 1,803 US dollars (USD) (previous week: 1,767 US dollars)
  • Resistances/targets: 1,880 USD, 1,942 USD, 2,038/2,057 USD, 2,811 USD, 3,277 USD, 3,565 USD, 4,315 USD, 5,068 USD
  • Supports: 1,733 USD, 1,664 USD, 1,591 USD, 1,489 USD, 1,425 USD, 1,367 USD, 1,303 USD, 1,223 USD, 1,126 USD, 1,042 USD, 922 USD, 837 USD, 769 USD, 720 USD

Price analysis Ethereum (ETH) week 11

The Ether price has been able to stabilise above the resistance area between USD 1,664 and USD 1,733 since the last price analysis on 5 March. As long as Ethereum trades above the EMA20 (red), price targets on the upside come into view again. From a technical perspective, the dispute between Vitalik Buterin and the Ethereum miners is worth mentioning. The miners are resisting a cap on fees and want to initiate a 51 percent attack if necessary.

Bullish variant (Ethereum)

The corrective movement seems to be over for the time being. A stabilisation above the yellow support area between USD 1,425 and USD 1,489 was decisive for the rise. Currently, bullish investors are again trying to target USD 1,880. If the investors manage to generate a rise back to USD 1,880, a directional decision should be made. If this price level can be overcome dynamically and a breakout above the red downward trend line then occurs, a renewed attempt to attack the all-time high is likely. If there is no increased profit-taking in the area around USD 2,000, a march through to USD 2,057 is likely. This is where the 261 Fibonacci extension and the price-limiting upper Bollinger band are located. If the ether price manages to establish itself here and stabilise above the all-time high, the next price target will be activated at USD 2,811. This is where the 361 Fibonacci extension of the overriding movement and the red, price-limiting upward trend line are found.

However, renewed profit-taking cannot be ruled out after this price increase. Only when the Ether price also breaks through the 361 Fibonacci extension on the daily closing price will the price targets at USD 3,277 and USD 3,565 come into view. In particular, USD 3,565 (461 Fibonacci extension) is important in the crypto sector. At this projection mark, a larger bearish countermovement occurs more frequently. An intermediate consolidation back to the area around USD 2,809 should therefore not come as a surprise. If the entire crypto market continues to rise northwards in the medium term, a rise to USD 4,315 is conceivable in the second half of the year. This is the 561 Fibonacci extension of the overriding price movement. As a maximum price target, the threshold at USD 5,073 (661 Fibonacci extension) is still worth mentioning. Whether and how quickly this bullish price target can be reached depends largely on whether Ethereum can curb the escalating transaction fees and thus avert a migration of NFT projects, for example in the direction of Cardano (ADA).