Ethereum (ETH) is hovering 20% above the 200-Week Moving Average. Crypto analyst Tony M notes that retesting the historical barrier for ETH has yet to happen. The analyst also says that Solana (SOL) is printing a classic evening star pattern on the 2-week chart. Meanwhile, analysts predict that Cardano (ADA) will continue its uptrend. We have compiled analysts’ analysis and forecasts for ETH, SOL and ADA for our readers.
“Ethereum likely to retest $1,260”
Conversations surrounding the historical technical indicator in every crypto news feed this summer have almost completely disappeared. I intend to rekindle the conversation about the 200-Week Moving Average (WMA) because Ethereum will need stable ground to descend before another bull run occurs.
Ethereum price managed to climb above the 200 WMA on July 16 after three failed attempts stifled the ambition of the breakout bulls. The 4th attempt was the catalyst for a 67% recovery rally as Ethereum hit $2,030 on August 14.
Ethereum is currently trading at $1,592 at auction. The 200-WMA is hovering at $1,2563, 20% below its current market cap. It’s possible that investors might want to consider keeping someone in the room, as the barrier has yet to be retested.
A classic retest and rally signal from the historical barrier could be the next Ethereum bull run that could hit $2,800. If the ideal scenario presents itself, the invalidation level will likely be below the June 18 low of $881.
“Solana price points to further decline”
Solana price is showing a strong bearish effect on the higher timeframes. The override level is vital. Therefore, it is necessary to define key levels. Solana had an impressive 85% countertrend rally to $48.42 over the summer. Unfortunately, the bears managed to break the ascending trendline that provided support during the summer bull run. Therefore, they stepped back with great force. As a result of the breach, the bears signed the deal. Therefore, they formed a 2-week closing candle at $20.41.
Bulls struggle to exhibit a retaliation. Meanwhile, Solana is currently up for auction for $32.29. The newly discovered bearish candle is tied to a 35% drop for Solana, which has eliminated a six-week uptrend.
SOL 2-week chart
In addition to the fund loss, the bearish candle is the last piece of an evening star formation. It is possible to use the classical trading model to predict lower targets. If the technicalities are correct, the bears are probably in full control. Now there is an additional drop to the $29 barrier on the table.
A break above the shooting star at $48.42 is needed for the bearish thesis to be invalidated. Traders should also keep in mind that a breach above the void will potentially result in a possible rally to $120. This represents a 200% increase from the current Solana price.
“Cardano uptrend will continue”
The Cardano community is optimistic about development. Also, most of the cryptocurrency exchanges support ADA’s Vasil Hard Fork. Meanwhile, the exchanges have already started their update process. The developers community is confident that Cardano will complete the Vasil update. The Alonzo upgrade has increased Cardano’s networking capabilities and opened up a host of new possibilities for dApps on the Blockchain. DEXs and DeFi projects have started development on Cardano Blockchain. The Cardano ecosystem is ready for the Vasil Hard Fork.
cryptocoin.comAs you follow, Cardano is listed on the commission-free Robinhood exchange. Also, Binance US has announced staking support for the altcoin. These two roster enhancements sparked a bullish sentiment among hoders ahead of the latest Vasil hard fork launch announcement. Analysts predict that the uptrend of ADA will continue. Cardano price jumped 3.5% overnight. Thus, the altcoin is erasing its losses from the last two weeks. FXStreet analysts say the Cardano price fractal is an opportunity to take advantage of a move towards $0.50.
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