The post Ethereum and Cardano Experience Corrections in High-Impact Market appeared first on Coinpedia Fintech News
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.
Furthermore, Ethereum’s daily average trading volume has plummeted by over 50 percent in the past two days, falling from around $20 billion to approximately $8 billion at the time of this report.
Cardano (ADA) On a Similar Correction Path
The Cardano (ADA) community has been excited as the CardanoSummit2023 unfolds at the Grand Hyatt Dubai Conference & Exhibition Centre in Dubai. Despite the enthusiasm generated by the conference, ADA’s price has surged by about 12 percent over the past three days, reaching approximately $0.31 on Friday. Nevertheless, ADA bulls are bracing for a weekend filled with uncertainty, mirroring Ethereum’s situation, as indicated by technical indicators.
ADA’s price has been bolstered by a robust bear market rebound and the emergence of a four-hour golden cross between the 50 and 200 Moving Averages. However, the daily and four-hour Relative Strength Indexes (RSI) display signs of a mid-term bearish divergence. Consequently, ADA’s price could retrace to the support range between 27 cents and 28 cents before potentially resuming the anticipated end-of-year crypto rally.
In summary, the altcoin market navigates a mixed landscape, responding to Federal Reserve news and technical signals. Ethereum and Cardano are both facing potential corrections, and traders are keeping a close eye on these developments as they anticipate the year-end crypto rally.
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