The cryptocurrency market is experiencing a correction period, impacting the prices of major assets like ETH and ADA. Let’s examine current changes and analysts' forecasts.
ETH Downturn
In recent hours, Ethereum (ETH) has lost 6%, reaching a price around $3,600. Historically, August has been a bearish month for ETH. However, signs suggest the possibility of a temporary correction: significant accumulation by whales has been recorded, and exchange balances have fallen to a nine-year low, reducing selling pressure.
ADA Forecasts
Cardano's token (ADA) has also demonstrated negative dynamics, slipping by 8% to around $0.72. Despite this, analysts suggest a potential upswing. For instance, a notable analyst believes ADA's current price resembles the structure of the last bull cycle, indicating a forthcoming rally. Other experts assert ADA could reach a new all-time high above $4 if it surpasses the key resistance level at $0.92.
BTC Situation
Bitcoin (BTC) briefly dipped below $114,500 but is currently around $115,000, representing a 3.2% decline. Some market participants believe that the correction does not signify the end of BTC’s bullish trend. Predictions exist that if it breaks the $120,000 mark, the price may reach $145,000, with some analysts targeting $150,000.
Despite the current price declines in the cryptocurrency market, there are indications suggesting a possible recovery. Investors and analysts are closely monitoring developments to seize potential opportunities for new positions.
