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As the cryptocurrency market endures a volatile phase, Ethereum (ETH), Cardano (ADA), and Cosmos (ATOM) are attracting attention due to their potential for mega price rebounds. Ethereum is aiming for $3,500, Cardano for $1.20, and ATOM for $15, so investors and traders are watching these assets for a bullish comeback.

Ethereum has been consolidating in a tight range, attempting to break past the critical $3,000 resistance level. Over the past 30 days, ETH has fluctuated between $3,300 and $2,700, reflecting the broader market volatility. Despite that, recent on-chain data and technicals suggest a breakout in the coming weeks.

ETH Breakout soon? Ethereum Liquid Index (ELX). Source: Brave New Coin

Exchange outflows have reached a 23-month high, with over 768,500 ETH withdrawn from exchanges in one day. Historically, large exchange outflows mean strong accumulation, less selling pressure, and a setup for a price rally.

From a technical perspective, ETH faces strong resistance at $2,800. If buyers manage to push above this level, a rally toward $3,200 is likely. The 50-day Exponential Moving Average (EMA) aligns with this trend, reinforcing upward momentum. A successful breakout above $3,000 could send ETH toward $3,500, a level not seen in months.

ETH/USD daily chart. Source: TradingView

On the downside, if Ethereum fails to hold above $2,700, it may drop toward $2,591. With institutional interest rising and scarcity increasing due to exchange outflows, Ethereum is set up for a breakout. If bullish momentum continues, ETH could reach $3,500 in the short term and aim for $4,000 later in 2024. Traders should watch the $2,800 resistance, as a breakout above this level could signal a strong upward trend.

Cardano has faced significant downward pressure, losing 35% in the past 30 days. Despite this bearish trend, ADA’s long-term potential remains strong due to ongoing ecosystem developments. The upcoming Chang hard fork is expected to enhance Cardano’s governance model, which could attract more users and developers.

On-chain metrics show large investors are accumulating ADA. Wallets holding over 1 million tokens have increased 3% in the last 2 weeks. Historically, this kind of accumulation has been before bullish reversals, so ADA might be set up for a comeback.

ADA has key resistance at $0.80. If it gets above that, it’s likely to push to $1. If it breaks $1, it could go to $1.20, which is in line with past price action during bullish cycles. If it fails to break resistance, it could drop to $0.70 before any recovery.

If momentum builds, ADA could get to $1.20 in Q2. But if it doesn’t reclaim $0.80, it will be extended losses. If the wider market does well, our ADA price prediction is strongly bullish. If the proposed ADA Spot ETF is approved in 2025, our Cardano price prediction will shift to extremely bullish.

Grayscale Investments is expanding its cryptocurrency offerings by filing for a spot Cardano (ADA) exchange-traded fund (ETF). According to a document posted by the New York Stock Exchange (NYSE) Arca, the exchange has submitted a 19b-4 form on behalf of Grayscale, seeking regulatory approval to list and trade shares of the proposed Cardano ETF. This move aligns with Grayscale’s strategy to introduce spot ETFs for various digital assets beyond Bitcoin and Ethereum. If approved, it would be the first standalone investment product for Cardano in the U.S. ETF market.

Grayscale has been actively transforming its current trusts into spot ETFs, applying for similar permits for Solana (SOL), Ripple (XRP), and Dogecoin (DOGE). The asset manager has long been a pioneer in the cryptocurrency investment space, having launched the Bitcoin Trust in 2013 and successfully transforming it into an ETF last year. With over 20 crypto-related investment products under management, the business continues to advocate for increased institutional access to digital assets.

Following the filing, Cardano’s price surged nearly 10% within 24 hours, outperforming Bitcoin (BTC) and Ethereum (ETH) during that period. This uptick reflects growing investor interest in cryptocurrency ETFs, especially after the SEC approved spot Bitcoin ETFs in 2024.

earlier in the year.

A screenshot of Grayscale’s filing for the Cardano ETF. Source: NYSE Regulation

Cosmos (ATOM) is poised for a big recovery after a long correction. As a blockchain that powers over 50 interconnected networks, including Binance Smart Chain and Terra, Cosmos is a key player in cross-chain interoperability. This makes it a hot asset in the decentralized finance (DeFi) space and attracts more and more developers and investors.

Technical indicators suggest ATOM is about to reverse. The TD Sequential has flashed a buy signal on the weekly chart, which historically precedes big price bounces. ATOM has also retraced to the 0.618 Fibonacci level, a crucial support zone where price often reverses.

The TD Sequential flashed a buy signal on the weekly chart. Source: Ali on X

Further strengthening the bullish case, ATOM has formed an EMA crossover. The 9-period EMA has crossed above the 26-period EMA, signaling upside momentum. Bollinger Bands also show that ATOM is near its lower band, a level that often acts as support before an upside breakout.

ATOM/USD daily chart. Source: TradingView

Market liquidations confirm this trend. A recent spike in long liquidations means selling pressure has been exhausted, and the risk is to the downside. If ATOM breaks resistance, it could go to $15 in the short term and $18 if the momentum continues. Traders should monitor resistance levels closely, as a breakout could confirm a strong reversal in the coming weeks.

ATOM could get to $15 in the short term if this momentum holds. If it fails to break resistance, it could retest $9.50.

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