Ethereum and Cardano consolidate - will Solana follow now?

The setback of the cryptocurrency Bitcoin (BTC) back below USD 50,000 also caused Ethereum (ETH) and Cardano (ADA) to correct noticeably. Only Solana (SOL) was able to recover very quickly and form a new all-time high.

Ethereum (ETH): Price target worked off, now consolidation follows

  • Price (ETH): $3,306 (USD) (previous week: $3,776).
  • Resistances/targets: 3,597 USD, 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: 3,446/3,361 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, 1,664 USD, 1,545 USD, 1,489 USD, 1,425 USD, 1,359 USD, 1,294 USD
  • Recapture of USD 3,597 brightens chart picture again.
  • Ethereum can’t overcome resistance at 3,976 USD for now.
  • 3,151 USD continues to act as an important support level.

The Ether price has fallen back below its EMA20 (red) for the time being. As a result, the second-largest cryptocurrency was also unable to escape the sell-off in the overall market. Currently, Ethereum is trading back in the area of its “golden pocket” at USD 3,361. This is also where the super trend in the daily chart runs. A sustained abandonment of this support is likely to cause the Ether price to correct again in the direction of USD 3,151 or even USD 3,048.

Bullish variant (Ethereum)

Ethereum failed to reach the targeted resistance at USD 3,976 several times in the last seven trading days. Thus, a follow-through to the purple resistance area not far from the all-time high is off the table for now. The bulls must now do everything in their power not to sustainably undershoot the weekly low at USD 3,048. However, the chart picture will only brighten up again if the resistance at USD 3,446 and subsequently also the EMA20 (red) can be regained. The next step is to break out of the blue zone back above USD 3,597. If the bulls can overcome this resistance, the 78 Fibonacci retracement at 3,807 USD will come into view again. If this resistance is also broken through, a rise back to the high at USD 3,976 is to be expected. Should the buyer side also succeed in breaking through this resistance on the daily closing price, a subsequent rise to the purple resistance zone between USD 4,185 and the previous all-time high at USD 4,374 is conceivable. Here, however, stronger resistance from the bears is to be expected.

If the all-time high at USD 4,374 is also overcome, the target at USD 5,073 comes into view. A breakout above this resistance would enable a march through to the 138 Fibonacci extension at USD 5,393. If there is no significant setback below USD 4,374, a subsequent rise to USD 6,014 is conceivable. Here, the 161 Fibonacci extension is found. A rebound is likely for the time being. Only a sustained break of this strong resist level should allow the Ether price to march through to at least 7,027 USD. In the medium term, Ethereum will become the next importantWe are aiming for a projection target of USD 8,666. Overarching price targets until the end of the year are still USD 11,318, USD 13,970 and USD 16,622. These targets are derived from Fibonacci projections. The maximum price target for the next six months is USD 19,274. This is where the 661 Fibonacci extension is found. The area between USD 2,956 and USD 3,151 acts as a solid support area for now.

See also  Why does Shiba Inu have a Large Market Capitalization in a Short Time?

Bearish Variant (Ethereum)

The bears took advantage of Bitcoin’s sell-off and sent Ethereum back towards the USD 3,000 area as well. Although the Ether price was able to recover for the time being, it is not making any sustainable progress in the area of the golden pocket between USD 3,361 and USD 3,446. The fact that the EMA20 (red) now acts as resistance can be seen as a partial success for the sell side. If the Ether price falls dynamically back below the 3,361 USD and thus below the super trend, the cross support at 3,151 USD comes into view. This is where the EMA50 (orange) and the lower edge of the blue zone are located. If the bears manage to push the Ether price below this price level on the daily closing price, a retest of the weekly low in the area of 3,048 USD is likely. This is also where the 50 Fibonacci retracement runs. A dip to USD 2,956 would also be conceivable. This is where a relevant horizontal support runs.

If this price level is also breached, 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. An abandonment of USD 2,777 clouds the chart picture for the time being and brings USD 2,556 into view as a target. The MA200 (green) and the EMA200 (blue) are located in this chart area. In the short term, an undershooting is not to be expected here. The maximum price target for the coming weeks is the support around USD 2,344. In addition to the 23 Fibonacci retracement, the breakout level of the price rally to USD 4,000 is also located here. If this support is broken, the correction will extend to at least USD 2,174. If, contrary to expectations, the overall market weakens in the coming trading weeks, Ethereum could fall back to the green support area. Possible targets can be found at 1,930 USD as well as 1,713 USD.

Indicators (Ethereum)

The RSI as well as the MACD indicator have turned their buy signals into sell signals. The RSI indicator is back in the neutral zone between 45 and 55, and a move below 45 indicates further price weakness. The picture on the weekly chart has also clouded over somewhat. The RSI is trending south again, but like the MACD, it still has a buy signal active.

Cardano: ADA price falls back to key support

  • Price (ADA): 2.43 USD (previous week: 2.70 USD)
  • Resistances/targets: 2.60 USD, 2.70 USD, 2.86 USD, 3.02 USD, 3.36 USD, 3.92 USD, 4.83 USD, 6.29 USD, 7.75 USD
  • Supports: 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
  • ADA price bounces north in blue support zone for now.
  • A daily close below the central support at 2.46 USD is bearish.
  • Only a dynamic breakout above USD 3.10 opens up further opportunities.rpotential.

Like almost all altcoins, Cardano also suffered its first significant setback. The ADA price fell by a good 25 percentage points at its peak and was only able to stabilize at 2.02 USD. On a positive note, Cardano has so far always been able to climb back above the key support level of USD 2.46 at the end of the day, despite the sell-off on the market as a whole. An abandonment of this price level should therefore lead to further declines.

Bullish variant (Cardano)

The price of Cardano is back below its EMA20 (red) and has so far been unable to recapture it. Only if the bulls manage to push the ADA price sustainably back above the 2.60 USD level on the daily closing price and subsequently also recapture the resistance at 2.70 USD, a further attack in the direction of 2.86 USD is on the cards. If this resistance level is also recaptured, the bulls will want to initiate a new attack in the direction of USD 3.02. If the price stabilizes above the 138 Fibonacci extension, the all-time high will come back into view. If the bulls also manage to break through the all-time high at USD 3.10, the next price target will be activated at USD 3.36. The 161 Fibonacci extension then represents another key price target.

See also  European Union: new agency to further monitor cryptocurrencies?

If Cardano does not fall back below USD 3.02 after reaching this price level, the 200 Fibonacci extension at USD 3.92 will come into view in the medium term. The coming months will show whether the introduction of smart contracts can encourage developers to shift their Dapp development to the Cardano chain. If so, Cardano could reach its overarching price target of USD 4.83 by the end of the year. If Cardano can continue to build on its popularity, a rise to the 361 Fibonacci extension at USD 6.29 is even conceivable in the next six months. In perspective, a price rise to the 461 Fibonacci extension at USD 7.75 is not out of the question.

Bearish variant (Cardano)

The price retracement below the EMA20 (red) should be seen as a first important partial success for the bears. However, only when the sell side generates enough selling pressure to sustainably undershoot the USD 2.46 level, the chance of an extended correction increases. If the price then also manages to undershoot the USD 2.30 level on the daily closing price, this would be a first strong warning signal. A drop below the super-trend as well as the lower Bollinger band will consolidate the downward momentum. If Cardano then also breaks the 78 Fibonacci retracement at USD 2.15, a retest of the weekly low is likely. This would be accompanied by a breach below the EMA50 (orange). If the area around USD 2.02 also fails to hold, a preliminary decision will be made at USD 1.90 at the latest.

The abandonment of the cross-support from the 61 Fibonacci retracement as well as the course low from August 18 should send Cardano back to the area between USD 1.82 and USD 1.74. This is also the 50 Fib area. This is also where the 50 Fibonacci retracement runs. If the USD 1.74 area also fails to hold, the green support zone comes into view. Here, the 38 Fibonacci retracement is found at 1.56 USD. In addition, the EMA200 (blue) and the MA200 (green) also run here. A short relapse to the breakout level of the current price rally at USD 1.48 is possible.t is also conceivable. As long as the ADA price closes above it on the daily closing price, the bulls could initiate a new upward movement. From the current perspective, the maximum price target remains USD 1.35. This is where the 23 Fibonacci extension is the last lifeline for the buy side. Below this support, a sell-off to USD 1.00 is likely.

Indicators (Cardano)

Several weeks ago, the divergence of RSI and ADA price was already pointed out. This has continued for the time being. Currently, the RSI indicator is trading in its neutral zone between 45 and 55. An abandonment of the 45 would generate a fresh sell signal here. The short signal on the MACD indicator is also still active and currently points to more downward potential. Although both indicators currently still have a buy-signal on a weekly basis, further price declines could negate this next week.

Solana: SOL price resists correction and rises to an important resistance zone

  • Price (SOL): 177.24 USD (previous week: 145.98 USD)
  • Resistances/targets: 200.09 USD, 216.52 USD, 239.24 USD, 278.38 USD
  • Supports: 160.94 USD, 131.03 USD, 121.79 USD, 110.28 USD, 97.60 USD, 82.64 USD, 79.00 USD, 70.85 USD, 64.06 USD, 58.61 USD, 47.89 USD
  • SOL price overcomes 200.09 USD, but not sustainable so far.
  • 131.03 USD now to be seen as first important support level.
  • Maximum price target still at 278.38 USD.
See also  Flat calm on Bitcoin (BTC), Ethereum at $3500 and FTX's FTT on fire (+23%): crazy day for cryptos

Solana continues to hold up well despite the weakness in the overall market and is trading at USD 180, just below the all-time high at USD 216.52 for the time being. As long as the SOL price does not sustainably undershoot the EMA20 (red) at USD 131.03, the trend remains intact.

Bullish variant (Solana)

Solana was able to generate a new all-time high despite the correction of Bitcoin (BTC). If the bulls manage to stabilize the price above USD 131.03, optimally even above USD 160.94, the view is further north. A recapture of the 461 Fibonacci extension at USD 200.09 should take the SOL price back up to its all-time high. If it also succeeds in breaking through USD 216.52 in the coming trading weeks, the next price target at USD 239.24 will be activated. This is the 561 Fibonacci extension. Only if Solana also stabilizes above this resistance, a follow-through to the maximum derivable price target at USD 278.38 can be planned. The 661 Fibonacci extension should be seen as the final target for the time being.

Bearish variant (Solana)

If Solana falls back below the 138 Fibonacci extension at USD 160.94 in the next couple of trading days, the EMA20 (red) at USD 131.03 comes into view. A retest of the 261 Fibonacci extension at 121.79 USD would also be unproblematic. A first directional decision is made at 110.28 USD. The bulls have to prove themselves at this cross resistance consisting of a super trend and horizontal support. If this support is sustainably breached, the correction will extend to at least 97.60 USD. This is where the 200 Fibonacci extension runs. Moreover, the EMA50 (orange) is trending towards this price level. A breach below this level activates the next bearish target area between USD 82.64 and USD 79.00. The 161 Fibonacci extension and especially the breakout level before the price rally have a holding effect here.

In the first attempt, the bears will not be able to undercut this area. If the picture on the overall market continues to cloud over, however, the support at USD 70.85 could be approached. This is the upper edge of the bull flag paired with a relevant horizontal support level. If the SOL price does not turn significantly northwards in this area and then falls back into the flag and also breaks through the support at USD 70.85, the price is likely to drop again and slide to at least USD 64.06. The maximum bearish price target is USD 70.85.

The old all-time high at USD 58.61 continues to be seen as the maximum bearish price target. At this price level, the old all-time high from May 19, the bulls will want to initiate a counterattack. If, on the other hand, Solana falls below this price level on the daily closing price, a retest of the EMA200 (blue) at USD 47.89 is to be planned. Currently, however, a relapse into this chart region is almost impossible. Only a price slump of Bitcoin back below USD 38,000 should also leave lasting traces on Solana.

Indicators (Solana)

The RSI as well as the MACD indicator continue to show a buy signal despite today’s price decline. Investors can consider initial purchases between USD 131.03 and USD 110.28.

Disclaimer: The price estimates presented on this page do not represent 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.