Crypto Prediction: Ethereum Price Risks Losing $3,500 Support, End Of The Road For Bulls?

Crypto Market Outlook

Over the past two weeks, the crypto market has fluctuated, demonstrating uncertainty without a clear directional bias. Bitcoin (BTC) and Ethereum (ETH), the dominant digital assets, exhibit this indecision with numerous short-bodied candles on their daily charts.

Bitcoin Network Fundamentals

A recent analysis by Ki Young Ju, CEO of CryptoQuant, highlights the Bitcoin Thermo Cap Ratio as a valuable indicator for assessing the cryptocurrency's valuation relative to its network fundamentals.

According to Ju, Bitcoin is "not currently overvalued based on network fundamentals despite recent price increases." This suggests that there may be room for further growth as the market regains its bullish momentum.

Ethereum and Cardano Price Analysis

Ethereum, a decentralized platform supporting smart contracts and dApps, has stabilized above $3,700, with buyers actively defending this support level. A potential rebound could push ETH to $4,090.

Cardano, known for its research-driven approach and sustainability, has been trading sideways within a symmetrical triangle pattern. Buyers are likely to breach the overhead trendline for a potential rally to $0.62.

PEPE Coin Performance

PEPE Coin, a meme-themed cryptocurrency, has witnessed a significant recovery trend. A potential rebound from current support could challenge $0.00001725, with further targets at $0.00002 and $0.000024.

Conclusion

The ongoing market consolidation, indicated by Bitcoin's Thermo Cap Ratio and Ethereum's sideways action, has temporarily slowed the recovery momentum. However, indicators suggest that the broader trend remains bullish, with the potential for a resumption of the rally, providing entry opportunities for investors.