Against the backdrop of ongoing consolidation in cryptocurrency markets, analyst Dan Gambardello explores whale accumulation in Ethereum and Cardano, discussing possible price targets for both cryptocurrencies.
Ethereum: Whale Accumulation Amid Consolidation
According to Dan Gambardello, whales are accumulating Ethereum despite several weeks of consolidation below triangle resistance levels. On Sunday, they purchased $2.5 billion worth of ETH, marking the largest daily inflow since 2018. Institutional interest in ETFs continues to grow, reflecting a 5X increase in weekly inflows, totaling $530 million.
Moreover, $435 million worth of ETH has been accumulated through OTC deals, while yesterday's ETF inflow reached $21.4 million, confirming ongoing accumulation strategies from institutional players.
Cardano: Price Predictions and Support Levels
Gambardello believes Cardano's downside objectives might be around 50 cents, with the possibility of falling to 40 cents in uncertain market conditions. Despite current negative signals, he maintains a bullish outlook, expecting Cardano to potentially reach $2 if it breaks resistance levels in the 65-71 cents range. The analyst notes that the current falling wedge pattern may support upward breakout trends.
Bullish Targets Amid Geopolitical Risks
Despite current geopolitical risks and uncertainty, Gambardello holds his $4,000 Ethereum and $2 Cardano price targets. He suggests that if Ethereum breaks current consolidation levels, it could initially rise to $3,500, with the main target remaining at $4,000. Emphasizing the importance of discussing targets amid market uncertainties, Gambardello points out that bearish sentiment often precedes market reversals.
The analysis of whale accumulation in Ethereum and Cardano highlights the ongoing interest from institutional investors in these cryptocurrencies. Despite short-term risks, long-term forecasts remain positive.
