- Ethereum price holds above $2,100 ahead an uplift to $2,400.
- Cardano is on the verge of a breakout based on the Bollinger bands squeeze.
Crypto assets across the board seem to have woken up on the right foot on Monday. Despite the closing of last week’s trading in the red, the weekend session was slugging and stable. As reported, Bitcoin is up 3.4% on the day to trade around $34,500. Ethereum will likely break above $2,200 in the near term, while Cardano is up by almost 4% to trade at $1.37.
Ethereum price was able to hold above $2,000, sabotaging the bearish outlook toward $1,800. As mentioned, the weekend session was drab, but bulls took completely took control over the price on Monday during the Asian session.
At the time of writing, Ethereum trades at $2,160 while holding onto key support highlighted at the 100 Simple Moving Average (SMA). A break above the confluence resistance formed at $2,200 by the 200 SMA and the 50 SMA will validate the much-anticipated recovery toward $2,400.
The bullish signals emanating from the Moving Average Convergence Divergence (MACD) indicator on the four-hour chart are worth noting. The odds for an upswing increased when the 12-day EMA crossed above the 26-day EMA. A MACD line’s crossing into the positive region will add credence to the bullish outlook.
ETH/USD four-hour chart
Cardano price has closed the last week above $1.3, ensuring the calls for losses under $1 were nullified. Bulls later took action, pushing the price above $0.35. However, immense seller congestion continues to limit gains eyeing $1.4.
Nevertheless, a vivid Bollinger Band Squeeze shows that Cardano is nearing a significant breakout. The region between the upper and lower band is relatively a no-trade zone. Therefore, a four-hour close above or below this region will determine the breakout direction.
ADA/USD four-hour chart
The four-hour MACD adds weight to the possibility of an uptrend taking root. This follows a bullish signal after the 12-day EMA crossed above the 26-day EMA.