- Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) have demonstrated bullish setups on technical charts, supporting optimism for further price gains.
- Ethereum’s cup-and-handle pattern signals a potential 72% rally, targeting $6,172 if it breaks resistance around $4,000.
Weiss Crypto Ratings has given a “Buy” rating for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA). This comes as these cryptocurrencies outshone the market in recent times and hold excellent technical indicators. The growing accumulation of these major cryptocurrencies, as reflected in exchange outflows, is a testament to investor confidence. Bitcoin, Ethereum, and Cardano are all showing technical setups that support a bullish outlook.
Bitcoin Price Continues Momentum Above $100,000
Bitcoin price has remained stable above the $100,000 mark, with a recent 1.26% increase to $104,395.03 on Sunday, January 19. BTC now boasts a market capitalization of $2.06 trillion and dominates 57.7% of the total market, reflecting robust bullish sentiment, per the previous blog post.
Technical indicators point to the upward trend continuing. The Moving Average Convergence Divergence indicator shows a rising green histogram, which may suggest further upward movement. In addition, the convergence of its averages strengthens the argument for price growth.
According to the latest statistics, more than 20,000 BTC, valued at over $2 billion, have been withdrawn from exchanges in only four days. This trend could mean increased accumulation by investors. In case the price continues above $100,000, Bitcoin is likely to approach $108,000 soon. A reversal might send the price below $98,000.
Ethereum Price On Cusp Of A Breakout As Supply Shrinks
Ethereum has also witnessed a notable outflow of assets from exchanges. The past month has seen about 540,000 ETH worth $1.84 billion leave exchanges. These withdrawals could indicate increased accumulation or staking preparation.
Historically, Ethereum price tends to do well in the first quarter of odd-numbered years. Notably, in Q1 2024, ETH surged by nearly 60%. Currently, the asset’s weekly price chart reveals a cup-and-handle pattern, a bullish formation that signals a potential 72% rally, and further to $10K, as highlighted in our previous article.
This setup hints that Ethereum might still go up to $6,172, a figure calculated by adding the pattern’s depth to the neckline at $4,000. For this to happen, however, ETH needs to break through the critical resistance zone and get past the $3,800 to $4,100 mark. A weekly candle close above this range could flip it into a support level, opening room for the asset to reach $6,000.
Cardano Price Faces Key Resistance
Resumed buying activity at the $0.87 support level sent Cardano’s price to the technical resistance zone at $1.3, an area marking both technical and psychological levels. This technical and psychological spot is in line with the upper boundary of a descending wedge pattern.
A breakout above $1.3 may mark the start of a sustained uptrend, potentially targeting the $2 resistance zone. On the contrary, failure to break above this level may result in extended consolidation or a bearish downturn. As of press time, the ADA price struggled with a 3.24% dip, trading at $1.03. While this serves as a perfect buy-the-dip opportunity, a speedy reversal is required for a long-term bullish momentum. As we discussed earlier, ADA price could also see a 400% rally moving ahead.
