ADA/USD has stumbled again and is within sight of important lower depths, as nervous sentiment in the broad cryptocurrency market remains evident.

ADA/USD is trading near the 48 and half cent ratio as of this writing. On the 26^th of June Cardano was able to touch the 52 and half cent level, but selling has certainly erupted again the past couple of days which has brought ADA/USD back to important lower values. Cardano remains a volatile cryptocurrency due to quick moves. In early trading this morning ADA/USD traded briefly near the 0.47220000 level.

The 42 cents to 56 cents price range has proven rather interesting since the middle of June.  ADA/USD remains within a long term bearish trend and its incremental loss of value is clear on technical charts. In the first week of September 2021, ADA/USD was trading above the 3.00000000 level. Those sunnier days now feel long gone, and traders who have been waiting for a sudden burst of strong upwards buying gaining sustained strength have been sorely disappointed.

The inability of ADA/USD to achieve sustained moves higher will keep bearish traders attention on support levels which lurk.  If ADA/USD can keep its head above the 48 cents level this may actually attract short term bullish buyers who want to aim for 49 cents and slightly above, but they should probably only look for very fast trades and use take profit orders to cash in. Because if the 48 and a quarter cent ratio were to suddenly come into focus, sellers could not be blamed for targeting values below again.

The broad cryptocurrency market continues to show signs of nervousness.  Yesterday’s trading began to produce incremental selling and the price action of ADA/USD has mirrored the results of the larger market. Cardano remains an important cryptocurrency with a market capitalization ranking at number 8. If ADA/USD technically falls below the 48 cents level this could be viewed as an indicator that additional nervous selling will build.

Lows in ADA/USD have continued to test marks within the 47 cents price range the past week of trading when downturns have occurred. Speculative sellers who believe another round of downwards momentum is going to develop may want to ignite shorts when ADA/USD has touched technical resistance areas perhaps around 0.48610000 if they are conservative. Traders should use entry price orders when trading ADA/USD because it moves fast. Speculators are also encouraged to use take profit and stop loss orders as risk taking tools within the current market conditions.

Cardano Short-Term Outlook

Current Resistance: 0.48860000

Current Support: 0.47990000

High Target: 0.49370000

Low Target: 0.45490000

ETH/USD suffered another weekend of strong selling, and its price has shown signs of rapid lower moves as values have broken through key levels.

ETH/USD is trading near the 2450.00 price as of this writing and technically important support levels are being challenged. Ethereum, like most of the other major cryptocurrencies, suffered a weekend of strong selling, and intriguingly ETH/USD has provided quick prices velocity as it made its way lower breaking through key junctures. However spikes have not been violent, but the selling has been consistent.

ETH/USD has shown little ability to sustain a higher move the past week of trading and the inability of the cryptocurrency to maintain value is likely causing greater nervousness as crucial lower prices come into view. If ETH/USD falls below the 2400.00 mark near term, and is not able to climb above this level in a convincing manner, speculators may believe a test of Ethereum’s January 2022 low could be demonstrated. Behavioral sentiment is extremely fragile among traders, and if ETH/USD continues to trade within sight of late February values it could propel speculators to aim for this lower depths.

While the belief that ETH/USD has been oversold may be heard among many long term cryptocurrency backers, day traders are likely not interested in what the price of Ethereum could be six months from now.  The bearish tone within the cryptocurrency market is echoing other global trading conditions as riskier assets have been sold. The question for value seekers is when the tide will turn and prices will move up.

However timing strong reversals remains difficult and day traders may want to simply continue following the trend.  Price movement this weekend did prove fast and there will be more volatility in the days ahead, particularly if technically important support levels continue to be tested and break lower. ETH/USD should be monitored closely. If the 2425.00 level is brushed aside and momentum continues to incrementally nudge towards lower values, traders cannot be blamed for wanting to pursue selling positions.

Speculators need to use their risk management tactics wisely. ETH/USD and other major cryptocurrencies are testing junctures which will likely ignite abrupt price action as they are tested. Traders should choose their leverage cautiously. If ETH/USD falls below the 2400.00 mark, traders may want to continue chasing further declines. The bearish trend in Ethereum appears ready to create potentially cheaper values for the cryptocurrency.

Ethereum Short-Term Outlook

Current Resistance: 2497.00

Current Support: 2427.00

High Target: 2591.00

Low Target: 2316.00