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Is Ethereum (ETH) Next to Reach ATH? Solana (SOL) Finally Breaks Through, Will Cardano (ADA) Recover?

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Fri, 8/03/2024 - 0:30
Is Ethereum (ETH) Next to Reach ATH? Solana (SOL) Finally Breaks Through, Will Cardano (ADA) Recover?
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Ethereum is displaying a notable performance that may position it to reach the elusive $5,000 mark. As we scrutinize the current trend through technical analysis, several indicators suggest a robust bullish momentum that could potentially drive Ethereum to new all-time highs.

Ethereum has demonstrated significant resilience, maintaining bullish performance amid a market that has seen many other assets undergo substantial price corrections. Unlike its counterparts, Ethereum has not faced a drastic price drop that could severely undermine its bullish trajectory. This steadfastness has been a cornerstone of investor confidence, and it may well be the catalyst for Ethereum's next leg up.

https://www.tradingview.com/
ETH/USD Chart by TradingView

Analyzing the current price chart, Ethereum is in the midst of a strong uptrend, as evidenced by its consistent highs and higher lows. The moving averages are aligned in a bullish configuration, with the shorter-term averages above the longer-term ones, and the price comfortably positioned above these indicators, which now act as dynamic support levels. Resistance levels, meanwhile, are being tested and breached with increasing frequency, indicating that buyer pressure is substantial.

A significant bullish scenario would see Ethereum continue to ride this wave of momentum, supported by increased adoption, advancements to the Ethereum network such as the anticipated move to proof of stake (PoS), and the broader trend of institutional investment in cryptocurrencies. 

The previous correction phases of Bitcoin have historically been followed by price surges in Ethereum, suggesting that ETH could indeed be on the cusp of another significant run-up.

Looking ahead, key resistance levels to watch are the psychological salient round numbers, with $4,000 acting as the immediate hurdle before the $5,000 target. 

Solana wakes up

Solana has recently witnessed a significant breakthrough, marking one of the first sharp moves in the last few weeks. The asset has surged past resistance near the $120 mark, which had previously acted as a substantial barrier to its upward momentum. 

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Support levels for SOL have been established around the $100 zone, a psychological round number, and also near the 50-day moving average, which has historically served as a dynamic support during pullbacks. With the price now well above these levels, the moving averages are aligning in a bullish pattern, further underlining the positive outlook for the asset.

The current trend suggests a momentum-driven market that could carry SOL toward the next psychological resistance at $150. Such an ascent would mark a considerable gain from current levels and a notable victory for bulls within the market.

Cardano gets ready

Cardano might be fueling up for another surge attempt. From a technical perspective, ADA has recently undergone a retracement, stirring discussions around its capacity for resurgence. 

The support levels to watch are near the $0.65 mark, which has previously acted as both resistance and support, suggesting it is a significant pivot point for the asset's price. Further support is found around the $0.55 zone, where the 50-day moving average lies, providing a potential springboard for a bounce back.

On the resistance front, ADA faces immediate barriers near the $0.80 level, with a more substantial psychological ceiling at $1.00, which could suppress attempts at a quick recovery. The recent price action indicates consolidation after a sharp move upwards, often a precursor to a continuation of the previous trend, which in ADA’s case was notably bullish.

Analyzing the current trend, ADA has seen a drop in momentum as evidenced by the Relative Strength Index (RSI) retreating from overbought levels, but the volume profile suggests that there remains interest in the asset at lower price points. Should buyers regain control, we could witness a recovery attempt with the potential to challenge previous highs.

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