Cryptocurrencies Price Prediction: Cardano, Ethereum & Crypto – European Wrap 20 November

Cardano surges to over two-year high as on-chain metrics show bullish bias

Cardano (ADA) price extends its bullish momentum, rallying more than 10% on Wednesday and reaching levels not seen since early May 2022. On-chain data further supports this rally as ADA’s whale transaction, trading volume, and open interest all rise, reaching record levels. 

The technical outlook also suggests a continuation of the rally, setting the next target at the key psychological level of $1.00.

Ethereum: Intraday consolidation shows incomplete bull run

Ethereum has been trading sideways for the past few days, with the current range becoming increasingly tight. This suggests it could still be forming a fourth wave, potentially a triangle, especially if we will be able to count this as an ABCDE pattern. If confirmed, we would anticipate another push to the upside, possibly targeting the 3,500 area.

The crypto market loses some spark

The cryptocurrency market cap is up 0.3% in 24 hours to $ 3.09 trillion. This slight increase masks an impressive altcoin pullback that failed to cap the 1% rise in BTC. However, sentiment indicators remain in extreme greed territory. Solana is down 3% overnight and around 6% from Tuesday's high. Litecoin has pulled back 14% from Saturday's high and is a few steps away from $100.