The digital assets are correcting higher on Thursday, besides, Ethereum (ETH) price is up over 3% on the day. ETH/USD commenced the week bleeding red to the extent of testing the key support area at $500. However, the battered bulls were rescued by the brief but very instrumental bullish wave that swept across the entire market on Tuesday. Ethereum (ETH) surged and even breached the key resistance zone at the 23.6% Fib retracement level with the last high leg at $604 and a low of $506. Attempts to break above $590 were futile leading to another slight lower correction which managed to find support slightly above $540 and particularly from the 50 SMA.
At the moment, ETH/USD is exchanging at $572, but intraday upside movements have been limited below the resistance zone at $580. The MACD is moving fast towards the negative region to show that the sellers are regaining control. The gap between the moving averages is widening to confirm the bear trend in the short-term. The RSI, on the other hand, has dropped from the overbought levels and is moving towards 40 to signal that the bears have the influence. A break below the immediate support at $570 could test the next support zone at $560, similarly, $550 – $540 is a decent buy zone.
Cardano (ADA) Price Analysis
Cardano (ADA) is one of the biggest gainers among the top ten cryptocurrencies. ADA/USD is up over 10% in the last 24 hours while the crypto trading higher highs and higher lows. Applying Fib levels we see the bullish trend has broken above the 50% level with the previous swing high of $0.24 and a low of $0.17.
On the upside, the 38.2% Fibonacci level is offering resistance and is a major hurdle towards the key resistance at $0.22. A break above this level will pave the way for more gains towards the psychological $0.25. Cardano (ADA) price is forming a bullish flag pattern on the 1-hour timeframe chart, besides the moving averages are closing in on each other to signal that an upside breakout is in the pipeline. The RSI is sitting squarely above the 60 mark signaling more buying entries. On the downside, an immediate support is highlighted at $0.20, however, the major support zone is at $0.18 – $0.17.
Nano (NANO) Price Analysis
Nano price is trading a double top pattern on the 1-hour timeframe chart after recovering from testing the support area at 0.007ETH. The crypto is exchanging hands at 0.0074 and is supported immediately by the 50 SMA at 0.0073ETH. The buyers are looking forward to 0.0076ETH but first, they must overcome the selling pressure at 0.0075ETH.
There is a bullish trend in progress on the charts, similarly, the gap between the moving averages is decreasing to confirm the uptrend. Moreover, the RSI is pointing upwards and is above the 60 mark which means the bulls are gaining control. On the downside, there are several support zones at 0.0072ETH, 0.00700ETH; however, a major support area is at $0.0068.