Ethereum (ETH) Price Analysis

The bulls that entered expecting a significant rise in ETH price above $3,500 seem to be quite stuck at the moment. As the price has currently dipped below $3200, but caught on quickly with a bounce well before the crucial support at $3000. Currently, the bulls look slightly different, forcing the ETH price to consolidate for a while.

ETH price broke from the rising wedge and fell sharply during the previous trading day and is currently trying to make a strong rebound. The price is expected to continue falling after a short consolidation as the RSI is falling sharply. On the other hand, MACD indicates a decrease in buying pressure and shows a strong sell signal. Therefore, a healthy consolidation can be expected until the beginning of the weekend and a drastic change before the start of the new weekly operation.

Also Read: Crypto Market Tumbles, Can Traders Expect 2022 Altcoin Season Anytime Soon?

Cardano (ADA) Price Analysis

Cardano price, on the other hand, appears to have handled the shaky situation with ease as the pattern suggests a significant incoming surge. After a notable parabolic recovery from $0.77 to $1.2, ADA price fell back to the crucial support zone of $1.01. Currently, the asset is struggling to break out of these levels, and if it fails, it may as well break out of the top 10 ranking lists.

ADA price is currently attempting to bounce off the crucial support at $1.01. However, in the short term, ADA price is expected to fall back towards lower support as the RSI heads north and the MACD is slightly bearish. Therefore, the asset is expected to consolidate alongside these levels for some time before gaining strong momentum to reverse the downtrend. And thus, Cardano price may continue its swing inside the tight range and attempt a significant breakout over the weekend.

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This post Major Price Predictions for Ethereum (ETH) and Cardano (ADA), Cryptocurrencies Point to a Bullish Weekly Close!

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