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Is Ethereum (ETH) Finally Saved? Bitcoin (BTC) Hits $70,000 Ceiling, Cardano (ADA) Breakthrough Failed

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Thu, 28/03/2024 - 0:30
Is Ethereum (ETH) Finally Saved? Bitcoin (BTC) Hits $70,000 Ceiling, Cardano (ADA) Breakthrough Failed
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Ethereum has shown some interesting moves on its price chart lately. The question on many people’s minds is: is Ethereum finally on the safe side now?

Recently, Ethereum's price has made a promising move — it has gone up over the 21-day Exponential Moving Average. This is an important line on the chart that helps track the average price over the last 21 days. Going above this line is a good sign and can mean the coin’s price might start to gain more traction.

ETHUSD Chart
ETH/USD Chart by TradingView

But it is not all clear skies yet. There is a price called resistance, and for Ethereum, it is at about $3,600. Resistance is like a ceiling that the price has to break through to climb higher. Ethereum has not gotten past this ceiling yet. So, while things are looking up because it is over the 21-day EMA, it still has this big test at $3,600.

If Ethereum can push past $3,600, the next big challenge or resistance will be at the $3,900 mark. If it can break that too, we might see the price go even higher.

Now, what if things start to go down? For Ethereum, there is a strong support around $3,288.2. If the price falls, it might stop and turn around at this level. Another potential springboard for the price located much lower is at $2,940.5, which also coincides with the breakpoint level on the chart.

Bitcoin did not break through

Bitcoin has recently reached a high point of $70,000. However, it has not yet managed to go beyond this level. This price point is like a ceiling — Bitcoin has hit it, but it has not broken through yet.

On the chart, we can see Bitcoin's journey toward this $70,000 mark. After climbing for some time, Bitcoin has come up to this point but has not been able to keep going up. This might be because there has not been a lot of new money coming into Bitcoin funds, which can slow down its growth.

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Even so, many people think this could change soon. As more people and money come into the market, Bitcoin might gain the strength it needs to push past this ceiling.

For now, Bitcoin has support, which is a lower price where it tends to stop falling and can start climbing again. On the chart, there is a support level at about $65,958. If it falls to this level, it might bounce back up. Another support level is at $60,122. If Bitcoin's price drops to this point, it could find enough buyers to start going up again.

Bitcoin's current resistance is at the $70,000 mark, where it is struggling to break through. If Bitcoin can get past this, the next level it might aim for is higher, and we do not have a specific price for that yet because Bitcoin has not been that high before.

Cardano gets stopped

Cardano has tried to move past a certain price, around $0.68, but it could not. This price is like a wall called resistance, and Cardano did not manage to climb over it.

After trying to get past this wall, Cardano has reached the 50 EMA threshold, which acts as a strong support for the asset. This is the average price over the last 50 days, and right now, Cardano is moving around this line. There is a real chance that it could fall below this support.

The chart shows Cardano's price journey. It went up, hit the resistance and now it is at the 50 EMA. If Cardano falls below this line, the next safety net is further down at $0.51, which is another EMA. This lower line could be where Cardano stops falling and starts to go back up.

For now, the future of Cardano seems a bit unsure. It is waiting around the 50 EMA, and if it drops, it might find help at the lower EMA of $0.51. But it is not all bad news. If Cardano can stay above the 50 EMA and then climb past the $0.68 wall, we could see it start to rise again.

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