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Ethereum has hit probably its biggest win yet this summer. The asset has gained more than 10% since reaching the bottom, which pushed it above the 200 EMA threshold.
The price movement of Ethereum in the last few days has been astounding. Following a difficult period of declining movement, Ethereum began to rise after finding support at $2,800. ETH is trading at about $3,179 as of right now, indicating a notable recovery. Ethereum has broken above the 200 EMA on the daily chart, a crucial sign for long-term trends.
Strong bullish indicators show that Ethereum may be preparing for a longer-term uptrend, as evidenced by the recent move above the 200 EMA, which is presently at $3086. 88. Additionally the graph indicates that Ethereum is currently trading above the 50 EMA ($3,278) and getting close to the 100 EMA ($3,321). Ethereum might set the stage for a rally toward $3,500 and beyond if it can break through these levels.
Bullish sentiment is reinforced by the recent increase in trading volume, which suggests that investor confidence is rising. As it moves out of the oversold area and shows potential for more upside, the Relative Strength Index (RSI) is currently at 44. This momentum, which suggests that the recent gains may not be a passing trend but rather part of a longer recovery phase, is encouraging for Ethereum holders.
Cardano's questionable strength
Cardano has broken the 26 EMA resistance level and is current moving above that line. However, things are not looking as good as it may seem for ADA; unfortunately, the downtrend might be too strong.
ADA's daily chart indicates that the price has risen above the 26 EMA and is currently trading at $0.4. This move points to a short-term bullish trend, but ADA may find it difficult to sustain this momentum for a number of reasons.
Tomiwabold OlajideFor a longer-term bullish trend to be confirmed, the price must break through and remain above these levels. This might be a difficult task for Cardano given the state of the market and the significant downward trend compared to prior months.
Since the asset is not in the oversold area, there is potential for further declines, according to the Relative Strength Index (RSI), which is currently at 52. The general mood of the market is another cause for worry. The overall cryptocurrency market is still under a lot of selling pressure, even though Cardano has shown some resilience.
Toncoin's comeback
Toncoin might surge to $8 as the cryptocurrency hits the 50 EMA, which should become a foundation for a reversal. However, there is always a possibility of a further breakdown.
Based on the Toncoin daily chart its current trading price is $7.10. A possible support level has been indicated by the price's recent bounce off the 50 EMA. If TON can sustain this support, this bounce suggests that it may be preparing for a move toward the $8 mark.
Gamza KhanzadaevIn the past, the 50 EMA has been a key indicator of the price movement of Toncoin. When TON has maintained a hold above this level in the past, it frequently triggers notable upward movements. There could be a rally toward $8 if TON is able to gain a threshold above the 50 EMA.
Although the trading volume has been comparatively constant, a discernible rise might give a spike the momentum it needs. Furthermore, at 51.79 on the Relative Strength Index (RSI), the asset is neither overbought or oversold. If buying pressure picks up, there may be room for additional upward movement, according to this neutral RSI level.
Yuri Molchan
Tomiwabold Olajide