In the last two days, the altcoin market has witnessed a blend of signals, mainly influenced by significant news from the U.S. Federal Reserve.
Ethereum (ETH) has experienced a 4 percent drop, moving from $1,872 to approximately $1,788 during the early New York trading session on Friday. While the daily 200 Moving Average (MA) remains robust, Ethereum’s price is poised for a mid-term correction due to a developing falling divergence on the Relative Strength Index (RSI) and the potential formation of a double-top pattern.
Additionally, Ethereum’s daily average trading volume has dropped by more than 50% in the past two days, decreasing from approximately $20 billion to around $8 billion at the time of this report.
Cardano Summit 2023 Excitement Amid Price Uncertainty
The Cardano (ADA) community is buzzing with excitement as the CardanoSummit2023 unfolds in Dubai. Despite the enthusiasm around the conference, ADA’s price has surged by about 12% over the past three days, reaching around $0.31 on Friday. However, ADA’s bulls are cautious about a weekend filled with uncertainty, much like Ethereum’s situation, as indicated by technical indicators.
ADA’s price got a boost from a strong recovery in a bear market and the appearance of a golden cross between the 50 and 200 Moving Averages on the four-hour chart. But both the daily and four-hour Relative Strength Indexes (RSI) are showing signs of a potential mid-term bearish divergence. This suggests that ADA’s price might retreat to the support range between 27 cents and 28 cents before a possible year-end crypto rally.
In summary, the altcoin market is reacting to Federal Reserve news and technical signals, presenting a mixed landscape. Ethereum and Cardano face possible corrections, and traders are closely monitoring these developments while anticipating a year-end crypto rally.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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