Ethereum News; It is seen that cryptocurrencies start the day with buyers across the market. The price action, which was negative last week, showed a stable stance that stopped the decline in weekend transactions. Bitcoin is trading around 34,500 in the morning, gaining 3.4 percent during the day. While Ethereum (ETH) price continues its stable steps towards $ 2,200, Cardano (ADA) is changing hands at $ 1.37 with an increase of about 4 percent.
Ether managed to stay above $2,000 over the weekend, eliminating a downtrend that could extend towards $1,800 for now. Trading was quiet over the weekend. This can be considered as a positive factor for the current period. On the first day of the week, during Asian trading hours, there was a view of buyers checking the chart.
In the early hours of the week, Ethereum is trading at an average price of 2,150 while attempting to protect the 100 SMA main support on its 4-hour chart. At the $2,200 levels, it is seen that the 50 and 200 SMA are positioned. These Simple moving averages could turn $2,200 into a stiff resistance for Ether. However, if it is broken, a relief in the Ether market can quickly lead to $ 2,400.
The buy signal created by the MACD indicator in 4 hours is remarkable. On the other hand, the 12-day EMA is positioned above the 26-day EMA. The fact that the fast exponential moving averages are above the medium speed averages can be interpreted as factors that increase the probability of a rise. In addition, the MACD signals rising to the positive zone will support the short-term uptrend.
ETH/USD 4-hour chart
Cardano (ADA) closed the week above $1.3. Thus, it further weakened the risk of falling below 1 dollar. However, the hard selling from 1.4 levels is preventing the ADA/USD pair to continue on its way for the time being. However, there is an important detail for the ADA coin on the 4-hour chart.
The Bollinger Band contraction seen in the chart strengthens the possibility that Cardano could make a price burst. As a result, a four-hour break above the band lines could result in a breakout of the ADA price trend in the same direction.
ADA/USD 4-hour chart
On the ADA/USD 4-hours chart, the MACD shows that a rise is more likely than a bearish. The position of the 12-day EMA above the 26-day EMA may also contribute to the rise.