All three analyzed altcoins, Ethereum (ETH), Cardano (ADA), and IOTA (MIOTA), are showing respectable price performance this week. While Ethereum is targeting USD 4,000, Cardano was able to generate a new all-time high. IOTA is up around 40 percentage points after increased investments from the Wall Street betting community.
Ethereum (ETH): Ether price shimmies upwards at EMA20
- Price (ETH): $3,808 (USD) (previous week: $3,122)
- Resistances/targets: 3,807 USD, 3,976 USD, 4,374 USD, 5,073 USD, 5,393 USD, 6,014 USD, 7,027 USD, 8,666 USD
- Supports: 3,597 USD, 3,446/3,361 USD, 3,151 USD, 3,048 USD, 2,956 USD, 2,886 USD, 2,777 USD, 2,556/2,469 USD, 2,344 USD, 2,280 USD, 2,174 USD, 2,022/2,050 USD, 1,930 USD, 1,792 USD, 1,713 USD
Price analysis based on the value pair ETH/USD on Bitfinex
- New high provides for a march through to an important price target.
- Next resistance is waiting at 3,976 USD.
- 3,151 USD acts as an important support level.
The Ether price continues to hold above its EMA20 (red) and jumps to a new three-month high after crossing the “golden pocket”. Several factors are supporting the current rally. Besides that of the continuous burning of Ether tokens (token burning), data from blockchain analytics firm Santiment also paint a bullish picture. According to Santiment, the top ten Ethereum addresses hold three times more Ethereum than is currently available on the top ten crypto exchanges combined. This picture has thus changed drastically over the past 12 months, leading to an availability problem for the second largest cryptocurrency.
Bullish Variant (Ethereum):
Ethereum continued to make significant gains with the recent breakout at the beginning of the month. The Ether price jumped an impressive 13 percentage points to the north and reached the 78 Fibonacci retracement at $3,807 before the price retraced slightly. If this resistance is broken, a rise to the repeatedly mentioned medium-term price target at USD 3,976 is likely. If the bulls also manage to leave this resistance behind them on the daily closing price, the next target area will be activated in the form of the purple resistance zone between USD 4,185 and the previous all-time high at USD 4,374. Ethereum should initially bounce slightly southwards here before the bulls soften this resistance. have. If, on the other hand, there is an explosive breakout above USD 4,374, a price jump to the medium-term price target at USD 5,073 should be planned. Ethereum could then rise to the 138 Fibonacci extension at USD 5,393 as early as next week, and thus faster than expected.
If there is no significant setback back below USD 4,374 here either, the autumn target at USD 6,014 will come into view. This is where the 161 Fibonacci extension is located, which is why initial profit-taking should be planned here. Only a sustained break of this strong resistance should lead the Ether price to the next important projection target at USD 8,666 with an intermediate stop at USD 7,027. Longer-term price targets until the end of the year are 11,318 USD, 13,970 USD and 16,622 USD. These are all Fibonacci projections. The maximum price target is found at 19,274 USD. This is the 661 Fibonacci extension, which could be reached if the cryptocurrency Bitcoin rises significantly towards USD 100,000 and above. Bullish investors may consider setbacks to the USD 3,400 area for additional buying.
Bearish case (Ethereum)
However, the breakout above the golden pocket between USD 3,361 and USD 3,446 burst the bearish dreams once again. The fact that the Ether price at the EMA20 was repeatedly used for new entries by the bulls speaks a clearly bullish language. Only if the Ether price falls back dynamically below the 3,361 USD and subsequently breaks through the lower edge of the light blue zone, the bears will have a leg in the ring again. As the super-trend is also currently running here, this is a difficult undertaking. If, contrary to expectations, the price slips below USD 3,151, a fall to the 50 Fibonacci retracement or even USD 2,956 is conceivable. Here, there is a cross support consisting of the EMA50 (orange) and horizontal support. If this price level is broken dynamically, the orange support zone is to be planned as a target area.
In addition to horizontal support at USD 2,777, the lower Bollinger band is also found here. If the price falls below USD 2,777 without resistance from the bulls, the consolidation will extend to at least USD 2,556. The red support zone, reinforced by a rising MA200 (green), should pose problems for the sell side. If this zone is sustainably undercut, the correction will extend to USD 2,344. This is where the 23 Fibonacci retracement and the EMA200 (blue) run. If this support fails to hold, the correction will extend to at least USD 2,174. If this price level is subsequently also abandoned on the daily closing price, the green support area will come into view again. Then, the maximum bearish price targets between USD 1,930 and USD 1,713 could also be approached.
The RSI as well as the MACD indicator both show a buy signal. The same is true for the weekly chart, which is why higher prices continue to be seen as more likely.
Cardano (ADA): ADA price fails to reach first price target
- Price (ADA): 2.96 USD (previous week: 2.52USD)
- Resistances/targets: 2.86 USD, 3.02 USD, 3.36 USD, 3.92 USD, 4.83 USD, 6.29 USD, 7.75 USD
- Supports: 2.57 USD, 2.46 USD, 2.30 USD, 2.15 USD, 2.02 USD, 1.90 USD, 1.82 USD, 1.74 USD, 1.61 USD, 1.48 USD, 1.42 USD, 1.35 USD, 1.27USD, 1.19 USD, 1.10 USD, 1.00 USD, 0.93 USD
Price analysis based on the value pair ADA/USD on Bittrex
- ADA price reaches new all-time high at USD 3.10 and takes aim at USD 3.36 area.
- The key support continues to be found at USD 2.46.
- The upcoming implementation of smart contracts on September 13 continues to create bullish sentiment among investors.
Cardano reached a new all-time high at USD 3.10 yesterday (Thursday) and worked its next price target at USD 3.02. Price stabilization above the 138 Fibonacci extension continues to allow for higher targets.
Bullish variant (Cardano)
The bulls’ buying appetite continues unabated. If the 138 Fibonacci extension at USD 3.02 is broken dynamically, the next stronger resistance at USD 3.36 comes into view. Here, the 161 Fibonacci extension as well as the upper Bollinger band are found and should therefore provide for initial profit-taking. If Cardano manages to break out above USD 3.36 before the implementation of the Alonzo update, a breakout to the 200 Fibonacci extension at USD 3.92 is likely. If the positive outlook solidifies and developers increasingly bet on Cardano, the ADA price should head for the USD 5 area.
At USD 4.83, the next price target is found in the form of the 261 Fibonacci extension. However, this would give Cardano a lot of advance praise, which the ADA price should have priced in. In the medium term, if Cardano’s success continues, a rise towards the 361 Fibonacci extension would also be conceivable. Whether the ADA price will also be able to sustainably overcome USD 6.29 and rehearse a march towards the 461 Fibonacci extension at USD 7.75 is currently difficult to calculate. Emerging projects such as Solana (SOL) are providing increasing competition.
Bearish variant (Cardano)
If the ADA price fails to overcome the resistance at USD 3.02 on the day’s close, a retracement to the EMA20 (red) should first be planned. This moving support line runs at USD2.57. A break of the EMA20 makes a consistency test of USD 2.46 likely. Below this level, a short retest of USD2.30 is also conceivable. This is where the super-trend is found in the daily chart, which is why a significant bounce to the north is to be expected. A break of this support would be a first slight signal of weakness and brings USD 2.15 into view. In addition to the 78 Fibonacci retracement, the EMA50 (orange) also runs here. The Bullen are likely to offer resistance once again. If, on the other hand, Cardano falls below this level, price targets at USD 2.02 and USD 1.90 in particular will be activated.
1.90 is the 61 Fibonacci retracement and the low from 18 August. In addition, further support levels at USD 1.82 and USD 1.74 are found not far below. Here, the 50 Fibonacci retracement and the lower Bollinger band can be found. If this support is undercut on the daily closing price, the green support zone immediately comes into view. Here, the important 38 Fibonacci retracement at USD 1.56 and the breakout level of the current price rally at USD 1.48 are located. In addition, between USD 1.48 and USD 1.42, the MA200 (green) and EMA200 (blue) moving averages are selling. Cardano should not fall below the 1.35 USD as a maximum price target, otherwise the upward trend would be terminated immediately. Prices around 1.19 USD or even 1.00 USD would come into view. As long as the range around 2.30 USD is not undercut, pro-cyclical buy entries are to be preferred.
The RSI continues to show a bearish divergence, but is still unable to form new highs despite a new all-time high. This often speaks for a first exhaustion of the bulls. It would be presumptuous to bet on falling prices because of this. So far it is only a first indication. However, also the MACD indicator could already form a sell signal with a first correction. On a weekly basis, however, the signs are still bullish. Both indicators show a stable buy signal.
IOTA (MIOTA): MIOTA price rises by 54 percent on a weekly basis
- Price (MIOTA): 1.60 USD (previous week: 1.04 USD)
- Resistances/targets: 1.58/1.52 USD, 1.75 USD, 1.88/1.94 USD, 2.00 USD, 2.10 USD, 2.23 USD, 2.30/2.38 USD, 2.69 USD, 3.36 USD, 4.01 USD
- Supports: 1.38 USD, 1.28 USD, 1.22 USD, 1.08 USD, 1.02 USD, 0.95 USD, 0.73 USD
Price analysis based on the value pair IOTA/USD on Bitfinex
- MIOTA price rises 38 percentage points to 1.57 USD after call from Wallstreetbets investors.
- 1.10 USD now acts as the first support level.
- First important price target to be found at USD 1.88.
In recent months, there have been a few announcements on the part of IOTA. In addition to the planned creation of an NFT marketplace, IOTA now wants to revolutionize the KYC process thanks to a partnership. The MIOTA price could The price then performed remarkably in the last few weeks of trading. Yesterday, Thursday saw a strong breakout above the key resistance at 1.22 USD. The MA200 (green) at USD 1.29 was also literally pulverized and ensured a march through to the green resistance zone.
Bullish variant (IOTA)
Bullish price momentum caused a price explosion in the last 24 trading hours. Trading volume increased noticeably and is currently causing IOTA to march through towards USD 1.63. This would also pulverize the resistance area between USD 1.52 and USD 1.58. Although the 50 Fibonacci retracement can be found at 1.63 USD, a jump above this resistance is only a matter of time. Thus, the golden pocket between USD 1.88 and USD 1.94 immediately comes into view. The USD 1.99 could also be targeted immediately.
Above this level, investors are already targeting the USD 2.10 level. If the MIOTA price also overcomes this resistance line, price targets at USD 2.23 and USD 2.30 will be activated. Noted profit-taking is likely to take place here at the latest. If the price of IOTA can sustainably establish itself above USD 2 and break through the resistance at USD 2.38, a retest of the high for the year at USD 2.69 is conceivable. The 2018 high is also located at 2.69 USD.
If the MIOTA price can then also dynamically break through this important resistance level, a subsequent rise to USD 3.51 (127 Fibonacci extension) is conceivable in the medium term. If the overall market also continues to be bullish, IOTA could even march through towards the cross resistance in the area of USD 4.00 in the medium term. This is where a strong resistance from 2018 runs as well as the 161 Fibonacci extension. If profit-taking at this chart level remains contained, the MIOTA price should even target the January 2018 progression high at USD 4.50. For now, this target mark is the maximum bullish price target.
Bearishe variant (IOTA).
Yesterday’s candle makes it very difficult to forecast for the bears. If the MIOTA price fails at the latest at USD 2.00 and a sell-off occurs, the support at USD 1.38 first comes into view. This is the 38 Fibonacci retracement. If this support fails to hold, the price should correct to the MA200 (green) at 1.28 USD. A fall below this would mean a retest of the support area between USD 1.22 and USD 1.16. If the bears also manage to break through this support, the price is likely to fall back to the MA200 (green).
If the bears manage to sustainably break through this support area, a retracement to the cross support of the 23 Fibonacci retracement and the EMA20 (red) at USD 1.06 is to be expected. At 1.02 USD, the EMA200 (blue) as well as the EMA50 (orange) are located. Currently, it seems as if the knot has burst at IOTA. Should the MIOTA price rattle through this strong support zone and also abandon the low at 0.95 USD, this would be a bearish reversal signal. The first price target at USD 0.73 would then come into focus for investors. In the medium term, a price slump towards the July low cannot be ruled out.
The RSI indicator as well as the MACD indicator have generated a fresh buy signal with yesterday’s price increase. New long signals have also been generated in the weekly chart. The indicators thus also support further rising MIOTA-Kurse.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are merely the analyst’s assessment.
The chart images were created with the help of TradingView to create the charts.
USD/EUR rate at the editorial deadline: 0.84 euros.