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Ethereum, Cosmos and Avalanche continue to bottom out with the crypto market

Once again, the crypto sector is in the clutches of a corrective financial market. Ethereum (ETH), Cosmos (ATOM) and Avalanche (AVAX) are still relatively bullish.

Ethereum, Cosmos and Avalanche continue to bottom out with the crypto market

  • Course (ETH): $2,884 (previous week: $2,996)
  • Resistances/Targets: $2,954, $3,117, $3,273, $3,361, $3,408, $3,589, $3,752, $3,898, $4,043, $4,158, $4,339, $4,547, $4,719, $4,864, $5,073
  • Supports: $2,733, $2,659, $2,571, $2,305, $2,174, $2,044, $1,930, $1,725/1,713, $1,545, $1,425
Price analysis based on the value pair  ETH/USD on Bitfinex
Price analysis based on the value pair  ETH/USD on Bitfinex

The ether price has to bow to the Bitcoin correction in the last few trading days and slipped back below the psychologically important USD 3,000 mark yesterday, Thursday. Worries about war coupled with a weak Nasdaq technology index and the US President's demand for regulation of the crypto market caused the overall market to correct significantly.

Interestingly, some altcoins have held up better than the crypto currency Bitcoin. This was reflected in a falling Bitcoin dominance in the last few trading days. The bull camp must now try to stabilize the ether price above USD 2,733 in order to initiate another attempt to rise. Only when the EMA50 (orange) is recaptured at USD 3,117 does the chance of another attack attempt towards USD 3,273 increase.

Bullish Variant (Ethereum):

Ethereum has lost feathers again after a strong start to the week. The ether course is currently trading again below the cross resistance of EMA20 (red) and horizontal resist at USD 2,954. It is therefore valid for the bulls to stabilize Ethereum again above this price mark. If the 38 Fibonacci retracement at USD 2,993 is recaptured, the lower edge of the red resistance zone will again come into focus for investors. If Ethereum dynamically overcomes USD 3,117, a renewed test of USD 3,273 should be planned.

If the bulls can develop enough purchasing power and then form a new historical high, a subsequent rise into the turquoise resist zone should be planned for. The EMA200 (blue) and the MA200 (green) run in the area of ​​USD 3,361 and USD 3,589. To break this resistance zone, Bitcoin (BTC) must also break out back above USD 47,000. If this area is also overcome in the medium term, the next target price will be activated at USD 3,752. This price mark acts as the first resistance on the way to USD 3,898. Here, the bears will resist again to keep their chance for a fresh correction.

Prices above $4,000 are targeted

On the other hand, if the buyer side succeeds in recapturing this technical chart hurdle, price targets of USD 4,043 and USD 4,158 will come into focus for investors. This strong resistance zone is to be seen as the first overarching target area for the coming weeks of trading. A subsequent increase up to USD 4,339 is only conceivable if Ethereum also recaptures this zone in the long term. If Bitcoin also overcomes the area around USD 52,000 and rises towards USD 57,000, Ethereum should continue to rise towards USD 4,547.

If this price mark is broken through in the form of the old all-time high without serious price setbacks, the zone between USD 4,719 and the all-time high at USD 4,864 will come into focus again. A breakout above the previous high from 2021 is not to be expected in the coming trading weeks.

Bearish Variant (Ethereum)

The seller side was able to cap the ether price below USD 3,273 this week as well. If Ethereum slips below its weekly low in the coming trading days, the lower edge of the orange support zone at USD 2,733 should be targeted again. If this price mark does not hold and the USD 2,659 is also broken through, a directional decision will be made at USD 2,571. If the cross-support from supertrend and horizontal support is given up again, a fallback into the yellow support zone is to be planned. Only the lower Bollinger Band at USD 2,500 could provide support in the short term. Extending the correction across the crypto market could take Ethereum back towards $2,305. If the bulls do not come back into the market here, a retest of the historical low at USD 2,174 is conceivable.

Sustained selling pressure could indicate a drop back into the green support zone. Price targets are then activated at USD 2,044 and USD 1,930. If the daily closing price of USD 1,930 is also undercut, the chart picture will cloud over further. The bulls should be there at the latest between USD 1,795 and USD 1,713 to avert a relapse below the low from the summer of 2021. The probability of a sell-off towards USD 1,545 then increases significantly. Even a retest of the support at $1,425 could be considered. The maximum bearish price targets for the coming months are unchanged at USD 1,359 and USD 1,223. For the time being, a drop below this range is not to be expected.

Indicators (Ethereum)

The MACD as well as the RSI indicator threaten to negate their buy signals in the daily chart if the correction continues. Fresh sell signals would underpin the bearish price scenario. The bearish picture is also unchanged on a weekly basis. The RSI is again trading below the neutral zone between 45 and 55.

Cosmos (ATOM): Support zone at $26 seems to be holding

  • Course (ATOM): $28.07 (previous week: $26.52)
  • Resistances/Targets: $30.88, $32.54/33.20, $34.29, $35.45, $37.28, $39.59, $42.14, $44.87, 51, $57, $54.33, $60.10
  • Supports: $29.63/28.83, $26.82/25.34, $23.48, $21.45, $20.10, $17.60, $15.15
Price analysis based on the value pair  ATOM/USD on Binance
Price analysis based on the value pair  ATOM/USD on Binance

  • Cosmos cannot sustainably stabilize above the EMA200.
  • Key resistance unchanged at $32.48.
  • $25.34 continues to act as the key support level.
The price of Cosmos tried to form a double bottom in the area of ​​the yellow support zone in the last 14 trading days. As long as the support zone between USD 26.82 and USD 25.34 is not breached, this scenario remains activated. However, in order to confirm this price development, the bulls must stabilize the AVAX price above yesterday's weekly high of USD 30.93. However, if the ATOM price slips back below the 23 Fibonacci retracement and gives up the yellow support zone, there is further potential for correction back to USD 23.48.

Bullish Variant (Cosmos)

The ATOM price can stabilize above the 23 Fibonacci retracment for the time being. However, the bulls must now do everything in their power to propel the price of Cosmos back above the red resistance zone at $30.30. All moving average lines are currently preventing a breakout back towards the orange resist zone. Yesterday, Thursday, Cosmos dynamically bounced off the EMA50 (orange) to the south. Only a breakout above this sliding resistance opens up further price potential. If the bulls manage to break through USD 30.88, the zone between USD 32.54 and USD 33.20 will come into focus as a target area.

Here the ATOM course failed in the previous week. Should Cosmos be able to generate a new higher high and also overcome the super trend at USD 34.29 at the daily closing price, this will activate new price targets in the form of the 61 Fibonacci retracement at USD 35.45 and in particular the horizontal resistance line at USD 37.28. Investors should want to pocket their first profits here. If Cosmos can fix itself above USD 37.28 in the future, a further price increase up to the 78 Fibonacci retracement is to be planned.

More upside imaginable

The zone around USD 40 has been relevant again and again in the last six months of trading. Only when the bulls dynamically overcome this area as well will a subsequent increase up to USD 42.14 become likely. That would put Cosmos back near its all-time high. Stabilization above USD 42.14 makes a jump to the all-time high at USD 44.87 increasingly likely. If Cosmos hits its all-time high of $44.87, investors will cash in again.

In order to sustainably break through the all-time high, an overall market that is clearly striving north is required. If the ATOM course is able to get stuck not far from the all-time high and overcome it in the medium term, an increase to the zone between the 127 and the 138 Fibonacci extension at USD 51.57 and USD 54.33 is conceivable. For the coming trading months, the maximum bullish price target is USD 60.18. This target is derived from the 161 Fibonacci Extension. In the short term, investors should wait for the red support zone to be recaptured or make additional purchases in the yellow support area, very tightly protected.

Bearish Variant (Cosmos)

The bears shattered further upside dreams on the buyer side for a short time on Thursday. Yesterday's daily candle indicates a rejection of higher prices by market participants. In the short term, Cosmos is likely to drop further towards $26.82 on a dip below yesterday's daily low of $27.57. If the seller side can keep up the selling pressure, a slide to around USD 26.04 or even towards the weekly low of USD 25.34 is also conceivable. The bulls must be there and stabilize the ATOM course. If this reversal attempt fails, Cosmos could lose further in the short term and target the horizontal support at USD 23.48.

If the bulls do not return to the floor here either, there is a threat of a correction extending into the area between USD 21.45 and USD 20.13. This zone was already heavily contested in December 2021. Again, the buy side should try to send Cosmos back north. If, on the other hand, the low from December 2021 at USD 20.13 is abandoned for the long term, the correction should extend to USD 17.60. This area represents the correction lows from September 2021. This would also put the maximum bearish price target in the area of ​​USD 15.15 within reach. This price level is currently to be regarded as the maximum bearish price target.

Indicators (Cosmos):

Both the RSI and the MACD indicator are currently showing sell signals. After all, the RSI indicator is trading again almost in the neutral zone between 45 and 55 at 45. Only a rise back above the 55 could indicate a bottom formation.

Avalanche (AVAX): AVAX Course False Breakout?

  • Course (AVAX): $85.69 (previous week: $81.70)
  • Resistances/Targets: $89.10, $98.46, $103.67, $117.52, $127.34, $134.95, $147.28, $172.79, $183.43, 205 $.46
  • Supports: $83.66, $78.69/76.73, $73.37, $67.56, $60.67, $53.14, $51.41, $47.94, $43.10 , $37.02, $32.21
Price analysis based on the value pair  AVAXUSD on Binance
Price analysis based on the value pair  AVAX/USD on Binance

  • AVAX course was able to recover well from the historical low.
  • Bounces in the $100 area could result in a false breakout on the upside.
  • $73.61 as the first key buy-side support level.

Avalanche has been able to recover significantly since forming its historical low at USD 53.14 and has risen to the upper edge of the red resistance zone. In the short term, this rise acted like a breakout above the red downtrend line, which was initially negated in yesterday's sell-off, Thursday, February 17th. A false breakout on the upside is currently up for grabs. In the short term, the AVAX price must now find a bottom in the USD 83.66 area in order to initiate a new attack attempt on its weekly high. The bulls should definitely prevent a relapse below the multiple support at USD 73.61 in order to prevent a renewed downward movement.

Bullish Variant (Avalanche)

The price weakness in the entire crypto market also caused Avalanche to correct significantly. Although Avalanche has recently recovered significantly, it has so far failed to free itself from the claws of the bears. As a first step, the bulls must raise the AVAX price above the 50 Fibonacci retracement at USD 100.21 in order to unleash further price potential. If Avalanche succeeds in stabilizing above this resistance level, the 61 Fibonacci retracement at USD 111.32 will initially come into focus as a target. Again, increased profit-taking is to be planned in this zone. Avalanche should only start back towards the resistance area between USD 117.52 and USD 127.34 when the buyer camp dynamically pulverizes this resistance line as well.

The chart image brightens

Profit-taking is likely again at USD 127.34. If this resistance level is recaptured in the coming trading weeks, a subsequent increase towards USD 134.95 can be expected. Avalanche has not been able to break this mark on a daily closing basis. Only a daily closing price above increases the chance of a subsequent increase to the all-time high of USD 147.28.

If the overall market continues to recover in the coming weeks and Avalanche dynamically breaks above its all-time high, the $172.79 to $183.43 area will come into focus as a target area. These resistance levels are derived from the 127 and 138 price projections. In the long term, Avalanche could start up to the 161 Fibonacci extension at USD 205.46 in the coming months. For the time being, however, AVAX prices are not expected to be above the previous all-time high, as the entire financial market with its complex risks is currently too weak.

Bearish Variant (Avalanche)

Avalanche seems to remain firmly in the hands of the bears for the time being. The breakout attempt this trading week was countered by the sell side with a false breakout. If the AVAX price slips back below the multiple support from EMA20 (red) and EMA50 (orange) at USD 83.66, the correction initially extends to USD 78.69. The green upward trend line is currently running here, starting from the low for the year.

If Avalanche dives below this support line to the south, a directional decision can be expected in the area of ​​USD 73.61 at the latest. Both the 200-day moving averages, EMA200 (blue) and MA200 (green), are trading at this price point. If the bulls do not come back onto the floor here and stabilize the AVAX course in the long term, there is a risk of a correction extending to USD 69.72. Here you can find the current supertrend in the daily chart.

Downside worries are increasing

If this support level does not hold, the downward movement will immediately expand towards USD 60.67. This cross support from the lower Bollinger band and horizontal support line is the first relevant correction target. Buyers are likely to become more active here. However, if the bears manage to break this support dynamically, the area around the yearly low of USD 53.14 comes into focus as a target area. Even a brief undershooting in the purple support zone between USD 51.41 and USD 47.94 should not come as a surprise.

If there is no sustained countermovement to the north here either and Avalanche remains bearish, a fall back into the orange zone between USD 43.10 and USD 37.02 is also conceivable in the medium term. This zone already acted as a strong support zone in September 2021. If the overall market again tends more clearly to the south in the coming trading weeks, Avalanche could even fall back to the historical low from September 2021 at USD 32.21. From the current perspective, this support is to be regarded as the maximum bearish price target.  

Indicators (avalanches):

Although the MACD indicator currently has a buy signal, it could negate it if the AVAX price falls back to USD 73.61. The RSI is already trending somewhat south, but is still trading at the upper edge of the neutral zone at 56. 

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using  TradingView.

USD/EUR exchange rate at the time of going to press: EUR 0.87.

Source: BTC-ECHO

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