In today’s analysis, we will look at the ETH and ADA graphs. Both cryptocurrencies are growing rapidly and do not yet seem to indicate a halt to the trend. However, the fact that we have not confirmed the turnaround does not mean that the trend is not slowing down. With such strong trends, the correction leg is healthy.
ETH / USD
ETH continues to grow steadily, but is unable to exceed $ 3,200 in the short term. If the price did not work, it is possible that there would be a pattern 123 top and we would go back to support $ 2,900. For now, however, the trend continues, and that is why we will track targets on the levels of $ 3,300 and $ 3,450. However, this zone may already represent reversal and resistance.
RSI in the meantime, it indicates during the whole growing trend negative divergence, confirms so growth retardation. On the other hand, we have it here volumes, which, on the other hand, increase slightly throughout the growth. However, we do not know whether the growth in volumes is not over either. In the short term, the chart as well respects MA21 which is also bullish support.
ADA / USD
Cardano it shot up from the growing leg and at the time of writing it is already trading for $ 1.77. The main closest resistance is located at level about $ 2.00. However, the price will not get there immediately and without correction. I do not expect a longer-term correction, but rather a slight halt in prices and continued growth.
Where the price could make the most of the correction is support level about $ 1.60. However, it is also possible that the price will only stagnate on the sideway for a short time and only then will we go to the mentioned target. The fact that the price does not immediately reach the target is also that RSI indicates very high overbought over 82 points. In such cases, there has always been at least a short-term decline in prices in the past, and subsequently the trend has continued.
