Crypto Prediction: Ethereum Price Risks Losing $3,500 Support, End Of The Road For Bulls?
Release: 2024/06/04 22:34 Reading: 987
Bitcoin and Ethereum Price Analysis
Over the past two weeks, the cryptocurrency market has exhibited uncertainty, lacking a clear directional commitment. Bitcoin and Ethereum, the leading digital assets, reflect this indecisiveness with short-bodied candles on the daily chart.
Bitcoin Valuation Based on Network Fundamentals
Ki Young Ju, CEO of CryptoQuant, highlights the Bitcoin Thermo Cap Ratio as an indicator of Bitcoin's valuation relative to its network fundamentals. According to Ju, Bitcoin is "not currently overvalued based on network fundamentals despite recent price increases." This suggests that the market is consolidating and could continue its rally.
Ethereum Price Outlook
Ethereum stands out as a platform for cryptocurrencies, smart contracts, and decentralized applications (dApps). Its price has stabilized above $3700 support, with buyers actively defending this level. A potential rebound could push ETH price towards $4090. A breakout from this barrier would confirm the continuation of the uptrend.
Cardano (ADA) Price Action
Cardano is known for its research-driven approach and a layered architecture that enables flexible updates. Its price has been trading sideways within a symmetrical triangle pattern, indicating a consolidation period. Buyers are currently seeking support at the lower trendline. A breakout above the overhead trendline could signal the end of the consolidation and a rally towards $0.62 and $0.68.
PEPE Coin (PEPE)
PEPE Coin, inspired by the internet meme, Pepe the Frog, has exhibited a strong recovery trend. Buyers have managed to uplift the price from its April low by 339%, with an ascending trendline providing support.
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