Today, we will examine the important support and resistance levels that should be followed in Ethereum, Ripple and Cardano prices.
Ethereum (ETH)
Ethereum rose to $ 1,648 in the early hours of yesterday afternoon. Later, the asset, which fell to $ 1,597 during the day, managed to close the month of February at $ 1,605 with an increase of 1.26%. Currently, Ethereum is at $1,654, up 1.95%.
Fear of the Fed and regulatory action overshadowed the Shapella upgrade. Withdrawals have been made on the Sepolia testnet network, now the Goerli testnet deployment will take place this year. Despite the increase, ETH staking entries declined during the day yesterday. According to CryptoQuant, total ETH staking inflows fell from 179,328 ETH on Monday to 71,360 on Tuesday.
Priced around $1,654, Ethereum is located in the $1,740 region, the first resistance level it will encounter if it continues to rise. If Ethereum price forces this resistance zone and breaks up from here, the next resistance point to watch is located in the $1,880 region. In a possible bearish scenario, the first support level to follow for Ethereum is around $1,560, while the other support level is in the $1,400 region.
Ripple (XRP)
Now let’s come to our other asset, XRP. XRP, which is still in the litigation process with the SEC, entered 2023 with a rise. The asset, which was at 32 cents on the first day of the year, increased towards the 43 cent region towards the middle of January, but has continued to maintain its horizontal movement since then. The first resistance level to follow for XRP, which is currently priced at 38 cents with an increase of 2.34%, is in the 40 cent region. If XRP can break the 40 cent resistance, the next resistance point it will face is at the 43 cent level. In case of a possible decline, the support levels to be followed are 38 cents and 34 cents, respectively.
Ripple price shows potential for an upside-down head-and-shoulder setup. This bullish technical formation predicts an increase of 27% by adding the distance between the lowest point of the head and the neckline to 55 cents. Based on this outlook, the XRP price is expected to close at roughly 44 cents. If the formation fails to complete the right shoulder, the bullish prediction will be invalid and the asset may trigger selling towards 36 cents and 33 cents levels.
Cardano (ADA)
Now we come to Cardano, the last of the big three. Cardano released the Valentine’s Day update on February 14, 2023, but the price didn’t benefit much from this update. The ADA price has dropped significantly in the last two weeks, losing about 13% of its value from 41 cents to 36 cents. ADA, whose market value of 1.5 billion dollars was erased in this process, continues to be priced around 36 cents with an increase of 0.04% in the last 24 hours. If Cardano price continues to maintain this rise, the first resistance level to be followed is in the 38 cent region. If it exceeds this resistance, the second resistance zone that will meet the ADA price is at the 42 cent level. In a possible decline scenario, the levels to be followed for ADA are around 34 cents and 30 cents.
According to on-chain metrics and price prediction platform Changelly, ADA will continue to maintain its bearish trend in March. It is expected that the asset will rise to the level of 41 cents, but with the withdrawals from this level, the price of the asset is expected to fall to the 38 cent region and the price activity will continue from these levels.
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