Fed Rate Cut Looms: What’s Next for Ethereum and Cardano?

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The crypto market is preparing for what could be a very volatile week, with all eyes on the Federal Reserve’s upcoming interest rate decision. This is expected to have a major impact on risk assets, including cryptocurrencies. Analysts are breaking down the charts, identifying the most crucial levels to watch. 

Analyst Dan Gambardello in his latest video shifts from the weekly view into the daily chart to map out key support and target levels for Ethereum and Cardano. 

Ethereum: Key Support and Targets

Currently, Ethereum is testing two crucial support zones: the area around the 20- and 50-day moving averages, and a possible throwback to the apex of its multi-year triangle. If ETH holds support near $4,200, upside targets could stretch toward $5,700–$5,800. But if ETH loses this level, the downside target sits around $3,600–$3,700.

Investor Ted Pillows notes that Ethereum has failed to reclaim the $4,700 level and has started pulling back. The key to watch now is the $4,500 support zone. If it holds, ETH could rebound toward $4,700–$4,800, but if it breaks, downside pressure may drag ETH into the $4,000–$4,200 range.

Cardano: Frustrating, Yet Bullish Signs

Coming to ADA, the analyst notes that while many traders feel frustrated by ADA’s slow sideways action, the chart actually shows bullish signs. Momentum indicators like the RSI and MACD are trending in a way very similar to the last cycle before ADA broke out. 

If bullish momentum kicks in, ADA could first target $1.05–$1.06, and possibly as high as $1.50. To the downside, his target sits around $0.64.

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Analyst Ali Martinez also shared that Cardano appears to be mirroring its last cycle’s pattern, a sign that the bull rally may still be in its early stages.

Altseason Signals

Ted also cautions that the Altseason Index may be giving a false signal. While it suggests Altseason has begun, the fear and greed index shows no euphoria. This mismatch points to possible manipulation through sudden pumps followed by retracements. He warns traders not to mistake these pump-and-dump moves for a true Altseason, or they risk getting liquidated.

Ethereum and Cardano are at key support levels. Analysts warn the next move could swing either way, so stay prepared.