The crypto market is heating up again, with Ethereum (ETH), Cardano (ADA), and Cosmos (ATOM) showing strong signs of a breakout. Ethereum eyes $3,500, Cardano could reach $1.20, and ATOM aims for $15. Let’s break down their price action and what could happen next.
Ethereum: Can ETH Reclaim $3,000 and Surge Higher?
Ethereum has been consolidating between $3,300 and $2,700, struggling to break above the crucial $3,000 resistance. However, on-chain data suggests a breakout is coming soon.
A massive 768,500 ETH was withdrawn from exchanges in a single day, marking the highest outflow in 23 months. This signals strong accumulation, reducing selling pressure and paving the way for a potential rally.
From a technical perspective, ETH faces stiff resistance at $2,800. If bulls push past this level, ETH could target $3,200 and eventually $3,500. The 50-day Exponential Moving Average (EMA) aligns with this bullish trend, reinforcing upward momentum.
On the flip side, if ETH fails to hold above $2,700, a dip toward $2,591 is possible. However, with institutional interest growing and scarcity increasing due to exchange outflows, Ethereum looks primed for a breakout. If momentum builds, ETH could even hit $4,000 later in 2024.
Cardano’s Struggles: Will ADA Rebound to $1?
Cardano has taken a beating, losing 35% in the last 30 days. Despite this, long-term fundamentals remain strong. The upcoming Chang hard fork aims to enhance Cardano’s governance model, attracting more users and developers.
Whale accumulation is also picking up. Wallets holding over 1 million ADA have grown by 3% in the past two weeks, historically signaling bullish reversals.
ADA faces key resistance at $0.80. If it breaks through, a run to $1 is likely. If momentum sustains, $1.20 could follow. However, failure to break resistance could lead to a drop to $0.70 before any recovery.
Adding to the bullish outlook, Grayscale has filed for a spot Cardano ETF. If approved, this could drive ADA’s price significantly higher, mirroring the impact seen with Bitcoin ETFs.
ATOM’s Reversal: Can It Hit $15?
Cosmos (ATOM) is showing strong signs of a reversal after a prolonged correction. As a key player in cross-chain interoperability, ATOM continues to attract investors and developers.
The TD Sequential indicator has flashed a buy signal, historically preceding major price jumps. ATOM has also bounced off the 0.618 Fibonacci level, a crucial support zone.
Technical indicators support a bullish case. The 9-period EMA has crossed above the 26-period EMA, signaling upward momentum. Bollinger Bands show ATOM near its lower band, suggesting a potential breakout.
If ATOM clears resistance, it could rally to $15 in the short term. A continuation of bullish momentum might push it to $18. If resistance holds, however, a retest of $9.50 could happen before another attempt at higher levels.
Final Thoughts
Ethereum, Cardano, and ATOM are all showing promising signs of recovery. Ethereum’s exchange outflows suggest strong accumulation, while Cardano’s whale activity and ETF prospects add to its bullish case. ATOM’s technical indicators also point toward a possible breakout. Traders should watch key resistance levels closely, as breaking them could trigger strong uptrends in the coming weeks.
