Has Ethereum (ETH) Formed New Ground Ahead of $2,000? By U.Today

Has Ethereum (ETH) Formed New Ground Before $2,000?

U.Today – (ETH) presents an intriguing case as it flirts with the psychologically significant $2,000 mark. Recently, ETH has demonstrated commendable strength, breaking through its local resistance level, which now appears to be acting as a strong support zone. This event marks a potential paradigm shift for the second largest asset by market capitalization in crypto.

Recent price action tells a story of resilience and potential. After a period of consolidation, ETH managed to break out above a resistance level that had previously capped its upward movements. This progress is significant; this indicates a change in market sentiment and establishes a new foundation on which Ethereum could build its next ascent.

Source: Historical price trends suggest that once a resistance level is transcended, it often turns into a support level. For , this could mean that the price level it just surpassed could well become a launching pad for further gains.

Looking at the volume profiles, the recent uptrend was accompanied by a notable increase in trading volume, lending credence to the sustainability of the breakout. High volume is a strong indicator of true market movement, implying that the current price level is supported by substantial interest and participation from market participants.

As Ethereum approaches the $2,000 level, the crypto community is abuzz with speculation about the possibility of another price rally. If the new support level holds, ETH may well have laid the foundation for a sustainable upward trajectory.

under pressure

Shiba Inu (SHIB) is facing a critical juncture as it hovers around the formidable 200-day exponential moving average.

Moving Average (EMA), a significant level that often demarcates bullish territories from bearish territories. The EMA is a trend following indicator, smoothing price data over a period of time and placing significant importance on recent prices. For SHIB, the challenge of breaking and sustaining above this level is daunting due to its past performance and current market dynamics.

According to the latest charts, SHIB price is hovering just below 200 EMA, indicating a problematic state for the token. The 200 EMA acts as a resistance level, a threshold where selling pressure is likely to be encountered. Traders and investors are watching closely to see if SHIB can muster the buying strength to break this resistance.

The volume profile shows a mixed signal; although there has been a slight increase in volume, it is not high enough to confirm a robust breakout trend. This suggests a lack of conviction on the part of buyers, making the possibility of breaking above the 200 EMA less certain.

A prolonged breakout above 200 EMA could open the door to a potential bullish scenario, where confidence could build and invite further buying pressure. However, without strong volume support, any attempt to rise above this level could be short-lived, potentially leading to a false breakout and subsequent sell-off.

Three scenarios for

(ADA) has stood out in the market thanks to exceptional value for money. Its recent price movements have attracted the attention of investors and traders, seeking to decipher the future development of ADA’s valuation. Based on the provided daily chart of ADA against USD, we explore three possible scenarios for Cardano’s impending price trajectory.

Scenario 1: Bullish continuationThe current chart shows that ADA has been in an upward trend, surpassing previous resistance levels. With the moving averages (MA) aligned below price and the trend appearing to move higher, there is a strong case for continued bullish momentum.

Scenario 2: Consolidation before the next move After a sharp upward move, assets often enter a period of consolidation, where the price stabilizes before the next significant move. For , this could mean a sideways move as the market decides its next direction.

Scenario 3: Bearish ReversalDespite the current bullish appearance, the possibility of a bearish reversal cannot be ignored. If ADA fails to maintain its current support level, it could signal a selloff. A break below recent bullish candlesticks and moving averages could indicate a trend reversal.

This article was originally published on U.Today

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