Crypto Market on Edge: Ethereum Falls, Cardano Soars
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The altcoin market has been on edge over the past two days, as investors eagerly await significant updates from the U.S. Federal Reserve. With the Fed’s decisions having a major impact on the crypto market, the stakes are high for altcoins like Ethereum and Cardano.
Will Ethereum’s price continue to fall, or will it rebound in anticipation of the Fed’s announcements? And will Cardano’s summit provide the catalyst for a much-needed rally? Read on to find out.
Ethereum’s Price Crash
Ethereum (ETH) saw a 4 percent drop during the early New York trading session on Friday, moving from $1,872 to around $1,788. While Ethereum’s daily 200 Moving Average (MA) remains strong, the price seems set for a mid-term correction due to a developing downward divergence on the Relative Strength Index (RSI) and a potential double-top pattern.
Moreover, Ethereum’s daily average trading volume has dropped by over 50 percent in the past two days, falling from about $20 billion to approximately $8 billion at the time of this report.
Cardano Summit Excitement At A High!
The Cardano (ADA) community is thrilled as the CardanoSummit2023 takes place at the Grand Hyatt Dubai Conference & Exhibition Centre in Dubai. Despite the enthusiasm surrounding the conference, ADA’s price has surged by roughly 12 percent over the past three days, reaching approximately $0.31 on Friday. However, ADA enthusiasts are preparing for a weekend filled with uncertainty, similar to Ethereum’s situation, as indicated by technical indicators.
ADA’s price has been supported by a strong bear market rebound and the emergence of a four-hour golden cross between the 50 and 200 Moving Averages. Nonetheless, both the daily and four-hour Relative Strength Indexes (RSI) are showing signs of a mid-term bearish divergence. Therefore, ADA’s price could retrace to the support range between 27 cents and 28 cents before potentially resuming the eagerly anticipated end-of-year crypto rally.
