While Ethereum (ETH) and especially Binance Coin (BNB) are moving in the area of their all-time highs, Cardano (ADA) is still not getting going after a strong start to the year and is trending sideways as it has for weeks.
Ethereum (ETH): New all-time high possible at any time
Rate (ETH): 2,003 US dollars (USD) (previous week: 1,617 US dollars)
Resistances / Targets: $ 2,038 / 2,057, $ 2,322, $ 2,495, $ 2,811, $ 3,277, $ 3,565, $ 4,315, $ 5,068
Supports: USD 1,942, USD 1,880, USD 1,733, USD 1,591, USD 1,545, USD 1,489, USD 1,425, USD 1,367, USD 1,303, USD 1,223, USD 1,150, USD 1,042, USD 922, USD 837, USD 769, USD 720
Price analysis based on the value pair ETH / USD on Bitfinex
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Several news about updates at Ethereum had a positive effect on the price development of the second largest cryptocurrency this trading week. As a result, the ether price rises briefly back above the psychological USD 2,000 mark on Friday, April 2nd. Ethereum is currently bullish and should generate a new all-time high in the near future.
Bullish variant (Ethereum)
The recapture of the EMA20 (red) accelerated the price increase for Ethereum and thus opened up new price potential. If there is no more profit-taking in the USD 2,000 area, reaching the all-time high is only a matter of time. If the ether price soon overcomes the range between USD 2,038 and USD 2,057, investors will initially focus on the 138 Fibonacci extension at USD 2,322. Above this resistance projection, an increase up to the 161 Fibonacci extension of the current price movement is to be planned. That resistance runs at $ 2,496. If the ether price can dynamically overcome this chart mark in the coming trading days, a march through to USD 2,811 can be expected. This is where the 361 Fibonacci extension of the superordinate movement runs.
In the area around USD 2,811, slight profit-taking is conceivable, at least in the short term. If the bull camp can sustainably overcome this price mark, the next important price targets will activate at USD 3,277 and USD 3,565. In particular, USD 3,565 is important here, as the 461 Fibonacci extension runs here. If the crypto key currency Bitcoin (BTC) continues to rise towards USD 70,000, the ether price should start off towards USD 4,315 in the medium term. Here you can find the 561 Fibonacci extension of the higher-level price movement. A maximum price increase of up to USD 5,073 is still conceivable in 2021. This target mark results from the 661 Fibonacci extension. This means that the ether price has a possible price potential of 150 percentage points for this year.
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Bearish variant (Ethereum)
If, on the other hand, the seller manages to push the price south again in the area of the all-time high and the price drops below USD 1,942 in a timely manner, USD 1,880 will come into focus again. This chart mark was hotly contested in the past. If the ether price falls below this price level, a retest of the broken red downward trend line must first be planned. Should Ethereum continue to give way, a false breakout is up for grabs. Ethereum is likely to correct to USD 1,733 as a result. If this support does not stop either, it is likely that you will dive back into the red support zone. Here the bulls will try again to stabilize the ether course. If the bears can build up enough selling pressure and dynamically undercut USD 1,664, the corrective move should gain further downside momentum. Then the previous week’s low at USD 1,545 comes back into focus.
If this important support level is subsequently given up on a sustained basis, a relapse into the orange support area is to be expected. This runs between USD 1,489 and USD 1,425. Only when this strong support zone is broken through dynamically will a directional decision be made at USD 1,376 or at the latest at USD 1,303. The correction low of February 28 and the 161 Fibonacci extension are in the USD 1,303 area. If the ether price slips back below USD 1,303, a correction widening is likely. A relapse into the blue support area at USD 1,223 would be the result. A price drop to the EMA200 (blue) at USD 1,150 should not come as a surprise. The corrective movement could be up to a maximum