Ethereum surged by 9%, testing a key trendline for a serious breakout.
If resistance at $3.00 is overcome this week, XRP will target $5.30.
Cardano predicts a breakout above $1.15 for a strong upward movement.
The cryptocurrency market experienced a strong 24-hour rise, with its total market capitalization increasing to $3.36 trillion, up by 2.78%. Bitcoin was the leader in growth, rising by 1.30% over the last day and trading at $103,797. Ethereum outperformed it with a sharp jump of 8.76%, currently priced at $2,658. Solana also rose by 7.30%, while Dogecoin showed a growth of 7.93%. XRP and Cardano followed with increases of 4.32% and 4.29%, respectively.
While these figures indicate a healthy market, one analyst noted that the monthly chart of Ethereum is now worthy of close attention. In a recent update, the analyst from Crypto Capital Venture explained that Ethereum is testing an important multi-year trendline, and how it moves forward could significantly impact the altcoin market.
Four key data points suggest that Ethereum may be on the verge of a significant breakout. Ethereum's moving averages are closely grouped — a situation observed before strong upward movements in the past.
Source: Dan Gambardello
He also pointed to technical indicators such as Stochastic RSI and MACD, which hint at increasing strength. Another factor is Ethereum's RSI, which is approaching the main trendline. If it breaks through, it could confirm a stronger push ahead.
XRP and ADA rally
Along with Ethereum, the analyst is keeping an eye on XRP and Cardano. The weekly chart of XRP is forming a base for movement toward historical highs.
Currently, the risk rating for XRP is around 53 — the last time such a figure was observed was before its major breakout in 2017. The report lists two main targets: $5.30, indicating a missed opportunity from the previous bullish trend due to the SEC lawsuit, and a possible cycle high around $8.00.
Source: CoinMarketCap
In the short term, the range from $2.70 to $3.00 is important, and breaking through this resistance could mean a strong push 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 the lower Fibonacci high of ADA, similar to Bitcoin's movement before its recent rally.
Source: CoinMarketCap
If ADA manages to break through this range, it could trigger strong growth reflecting past price movements.