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Ethereum jumps by 9%, testing key trendsline for major breakout.
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If $3.00 resistance is broken this week, XRP will target $5.30.
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Cardano looks to breakout above $1.15 in order to make a strong upward move
The cryptocurrency market experienced a strong 24-hour rally. Its total market cap increased to $3.36 trillion (up 2.78%). Bitcoin was the leader, rising 1.30% to $103,797 in the last 24 hours. Ethereum has surpassed it with an 8.76% increase, and is now trading at $2,658. Solana rose by 7.30% while Dogecoin grew by 7.93%. XRP and Cardano were next with gains of 4.32% each.
Although these numbers show that the market is healthy, an analyst has noted that Ethereum’s chart for the month of March deserves special attention. Analyst Crypto Capital Venture stated in a recent update that Ethereum is testing an important multi-year trendline and how it moves on from here will have a major impact on the altcoin markets.
Four key data points suggest that Ethereum may be on the cusp of a major breakout. Ethereum’s moving-averages are tightly packed together, a setup that has been seen before major upward moves.
He also pointed out technical indicators such as the Stochastic MACD and Stochastic RSI, which indicate a growing strength. Ethereum’s RSI is another factor. It is approaching a major trendsline. If it breaks through the trendline, it could indicate a stronger push forward.
XRP and ADA Rally
Along with Ethereum, the analyst keeps an eye on XRP. XRP’s chart is forming a foundation for a move towards its all-time highest levels.
XRP’s current risk score is around 53, a level it last reached before its big breakout of 2017. The report identifies two major targets. $5.30 represents a missed opportunity in the previous bull market due to the SEC suit, and an possible cycle high of $8.00.
In the short-term, $2.70 – $3.00 is a key range and breaking through this resistance could lead to a strong move.
Cardano also shows signs of a breakout, and there is an important resistance zone between $1.00 to $1.15. This level is aligned with ADA’s lower Fibonacci high, similar to Bitcoin’s recent rally.
If ADA manages a break through this range it could spark a powerful upward move, mirroring previous price action.
