The crypto market exploded at the end of this week, and the most important coins are trading in the green.
A popular crypto trader is analyzing possible future price action for Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA).
Bitcoin price analysis
He recently said that he sees Bitcoin rallying as it takes out its immediate resistance at $42,000.
“Through which breaking above this range [$42,000] is going to guarantee further upwards momentum.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $45,050.55.
Ethereum price analysis
Regarding ETH, he says he’s expecting a brief cool-off period for the coin after it just rallied to resistance at $2,900 following the launch of its highly anticipated EIP-1559 update.
“But at this stage, we are potentially creating a substantial bearish divergence, and we are approaching a weekend, and we are approaching a heavy resistance zone [$2,900], through which it’s not likely that we’re going to make a breakout of that resistance in one go, especially given the fact that we’ve not been into this resistance zone since June.”
He also made sure to predict that Ethereum will correct against Bitcoin (ETH/BTC) before printing a bullish higher-low setup.
“So given that we are currently making this corrective move on Ethereum against Bitcoin, you’re going to look at a new higher low to be established. So 0.06 BTC [$2,562] is a level, 0.063 BTC [$2,690] is a level,” he said.
He continued and explained that “Those two zones are the zones we should be looking at for ETH/BTC. But overall, the expectations are, for me personally, that we’re going to find ourselves a temporary top with the current movements of the markets for Ethereum against Bitcoin.”
Cardano price analysis
Regarding the price of ADA, the analyst said that it would form a bullish structure.
“We are still making a downtrend, making lower highs, lower lows. So there might be a chance that we’re going to test support once again, create a bullish divergence, and then at a later stage, we’re going to make the breakout towards a new impulse wave.”