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ETH Bitcoin's Decision-Making Moment, Ethereum's Potential and More: Review of the Crypto Express on August 14
The formation of a certain technical form suggests that Bitcoin may be brewing a major price fluctuation, but the specific direction is not yet predictable. A well-known analyst believes that current market conditions provide an ideal time to invest in Ethereum, while Cardano's ADA has lost momentum and may face a sharp decline.
Bitcoin: Up or down?
Bitcoin has been hovering in a narrow range of US$63,000 to US$65,000 over the past week, and is currently trading slightly below the lower edge of the range. X platform account Barchart pointed out that small fluctuations caused the Bollinger Band to shrink sharply. Created by John Bollinger in the 1980s, the technical indicator consists of a moving average and two upper and lower channels-the channel expands when the market is volatile and contracts when the market calms down. The tightening of Bollinger Bands is usually a precursor to a major market, but it is unclear whether it will be up or down, and historical data gives mixed signals. In March this year, the Bollinger Band (monthly level) experienced an unprecedented tightening, and Bitcoin plunged from about $75,000 to about $65,000. In May last year, the situation was completely different: Bitcoin was around $95,000, the Bollinger Band began to shrink, and Bitcoin exceeded $110,000 a few weeks later.
Is it time to buy Ethereum?
Ethereum, the second-largest cryptocurrency, has been trading well below $2,000 in the past few months, and many traders and investors may be waiting for further declines to confirm the bottom of the market cycle. Analyst Michael van de Poppe believes that this moment will never come and points out that now is the best time to get on the bus. He said: "There is always embarrassment when you layout positions, which is what the market is for. Previous Ethereum breakthroughs have usually brought considerable returns because it is known for its large volatility. Last time, Ethereum achieved a 60% gain in less than a week. A similar situation occurred in 2023." Ali Martinez and Gerla also commented on this. The former believes that Ethereum's fall to $1,580 in June is the starting point for a potential uptrend and sets a target price of $3,000. The latter is more optimistic, predicting Ethereum prices to soar to a record high of $10,000.
ADA encounters resistance
Cardano's native token ADA performed well in early August, rising to nearly $0.21 (its highest point since early June). During the rise, the currency has become the subject of many bullish forecasts, with some commentators predicting its price will soar to $3. However, the bears regained control of the situation and the overall market sentiment changed sharply. Ali Martinez focused on several key factors: a decrease in the number of whale addresses, a death crossing between Cardano's MVRC ratio and its 7-day simple moving average, and a sell signal from the TD Sequential indicator, which predicted that the ADA could fall to $0.145. Sjuul |AltCryptoGems also gave a cautious outlook. He said the ADA had "had a good rally, but now it seems to be in trouble" because "the technical structure is showing a bearish break and new lower lows have emerged."
