Ethereum price rallies high yet encounter a tough phase to clear the $2500 barrier levels
Cardano price also rejects the bearish narrative to head close to $1.5 yet trying hard to get over the strong resistance levels
Amid the bullish sentiment prevailing within the crypto space, much of the crypto assets gained an immense uptrend. However, despite the extreme positive price movements, yet the Bitcoin price, Ethereum price and Cardano price are struggling to reach their initial targets. BTC price remained below $40K, ETH price below $2500 and ADA price below $1.5.
After a significant rally both the assets encountered a consolidation phase that plateaued the price to some extent. However, the Ethereum price remained above the 2017 highs during the dips and Cardano price above $1. Therefore, the current minute correction could be probably a short-lived one that may be eased soon.
$2900 Could Be A Reasonable Target For Ethereum Price
After a heavy sell-off during mid-may, ETH price collapsed miserably from its highs to as low as $1728. And since then the price has kept following a bearish trend forming consecutive lower lows. Also, the various attempts to form higher highs and higher lows were rejected. Yet the price was maintained above strong support levels.
The next strong resistance level around $2876 is still much distant than the current range and hence a substantial jump of nearly 20% is mandatory to confirm with the bull run. The RSI also has registered a reversal and broke the downtrend with a large margin.
Cardano Price Eyes a 10% Upswing
Cardano price currently is swinging in between the 50-day and 200-day MA, the latter being the support level. Despite a huge recovery of nearly 10%, the price still failed to test the immediate resistance level at around $1.499. These levels if frozen could initiate the bulls to carry the price close to $2 and also begin with a fresh rally to encounter $5.
The price despite multiple dips stood strongly above $1 and attempts to form higher highs continued subsequently. The levels are close to $1.5 appear quite strong as the price faced multiple rejections and yet remained self-assured.
The catalyst, which could uplift the price to their required levels could be a positive update with the upcoming developments in their respective ecosystems. The Ethereum price could undergo a huge rally with the successful launch of London Hard Fork. Whereas a decent jump of Cardano price may be registered with the release of the Smart-Contracts.