A new crypto era: BTC, ETH, ADA, THETA, AAVE analysis
Hello and welcome, everyone. It's Martin here with CryptoGains. Today, we're beginning to discuss why the crypto market overall is maturing, and we're slowly moving away from the madness and irrationality of positioning Bitcoin versus altcoins.
Basically, this article has some insights from an interview with the founder of Cardano, Charles Hoskinson. And, unsurprisingly, Cardano was among the few coins that recorded gains during this bearish market. And, basically, it's because Cardano, as I pointed out in the recent webinar that I did, is one of the cryptocurrencies with the most revolutionary role in the crypto world, paving the world for innovation, joint collaboration, bringing both the financial world and the world of research forward.
In addition to that, he points out that we're moving in a good direction from a macro perspective. And actually, some of the third-generation protocols that are currently being developed are going to change a lot of things and is what's going to take us away from this Bitcoin-altcoin madness and irrationality. Finally, he concludes that even if we're in a bit of a downtrend or a bearish market, things tend to go up, then they go down, so actually, it's a good opportunity to enter the market for the long term.
In addition to that, analysis from Glassnode indicates that the altcoin panic is slowing down, even though some of the bears are still working, that basically means that the pressure for selling Bitcoin is reducing, and therefore there are going to be opportunities for recovery.
So, moving to the charts, let's see how we can trade these ideas. Beginning with the one-hour chart on Bitcoin versus Tether, the critical pivot point is $36,150. Above that level, buying Bitcoin, with targets at $37,000 and the next one at $37,800. Conversely, below $36,150, selling Bitcoin, with targets at $35,000 and then further down at $33,800.
Now we're moving to Ethereum. Ethereum is experiencing a bit of a correction at the moment after it reached levels as high as $2740. To me, $2580 is a critical level. Above that level, buying Ethereum, with the first target at $2680 and then $2740. Conversely, however, below $2580, selling Ethereum, with targets at $2465 and $2350.
Now, of course, we're going to take a look at Cardano. For Cardano, I'd like us to break above $1.69. Above that level, I'm seeing good opportunities to open long positions, with targets at $1.765 and $1.83. Conversely, below $1.69, selling Cardano, with the nearest support at $1.61 and then the longer-term support at $1.46.
And now we're going to take a look at two of the best performers of the last 24 hours, beginning with Theta. For Theta, I like prices to be above $7.00, giving us a good opportunity for long positions. And the nearest resistance comes at $7.60, which is a good Take Profit target and then at $8.00. Conversely, below $7.00, it's more reasonable to sell Theta, with targets at $6.50 and $6.00.
And, finally, let's take a look at AAVE. For AAVE, I like that $363 as my pivot point, buying above 363, with targets at $390 and longer-term at $415. Conversely, below $363, selling AAVE, with the nearest target on the short side at $347 and then the longer-term support at $316.
Thanks for joining me today. Keep learning with the video education section in the CryptoGains Market Insights subsection. And remember to join the Crypto Signals Made Easy channel for lots of insightful articles, trading ideas and things that can help you be a more profitable trader. Trade wisely, and I'll see you soon.