- Ethereum jumps 9%, testing key trendline for major breakout.
- XRP targets $5.30 if $3.00 resistance breaks this week.
- Cardano eyes breakout above $1.15 for strong upward move.
The cryptocurrency market saw a strong 24-hour rally, with its total market cap rising to $3.36 trillion, up 2.78%. Bitcoin led the charge, climbing 1.30% in the last day to trade at $103,797. Ethereum outpaced it with a sharp 8.76% jump, now sitting at $2,658. Solana also moved higher by 7.30%, while Dogecoin saw a 7.93% increase. XRP and Cardano followed with gains of 4.32% and 4.29%, respectively.
While these numbers show a healthy market, one analyst has pointed out that Ethereum’s monthly chart deserves close attention right now. In a recent update, analyst Crypto Capital Venture explained that Ethereum is testing a crucial multi-year trendline, and the way it moves from here could heavily influence the altcoin market.
Four key data points hint that Ethereum could be on the verge of an important breakout. Ethereum’s moving averages are closely packed together — a setup seen before strong upward moves in the past.
He also pointed to technical indicators like the Stochastic RSI and MACD, which hint at growing strength. Another factor is Ethereum’s RSI, which is approaching a major trendline. If it breaks through, it could confirm a stronger push ahead.
XRP and ADA Rally
Alongside Ethereum, the analyst is keeping an eye on XRP and Cardano. XRP’s weekly chart is forming a base for a move toward its all-time highs.
XRP’s risk score is currently around 53 — a level last seen before its big breakout in 2017. The report points to two major targets: $5.30, which shows a missed opportunity from the previous bull run due to the SEC lawsuit, and a possible cycle high near $8.00.
In the short term, $2.70 to $3.00 range is important and breaking this resistance could mean a strong move ahead,
Cardano is also showing signs of a breakout and there is a key resistance zone between $1.00 and $1.15. This level aligns with ADA’s lower high Fibonacci, similar to the move Bitcoin made before its recent rally.
If ADA manages to break through this range, it could spark a strong upward move, mirroring past price action.
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