ADA Might Replicate Ethereum’s 2017 Bull-Run And Here’s How

ADA might replicate Ethereum’s 2017 bull run as it was reacting to the upside in its latest network upgrade. It recently went over $1 to $1.19 but then saw a slight retracement as we saw in the previous Cardano ADA news.

The pattern that can mean a bullish momentum for the coin could still play out in the near term. The seventh biggest crypto is trading at $1.09 at the time of writing and a retracement from the $1.2 mark made many traders think that a might bearish continuation over the weekend will lead to a bullish rebound. They noted that ADA’s resistance levels are $1.150 and $1.200 while the support levels are set at $1.100 and $1.060.

“ADA has finally snapped the $1 barrier and has tapped the $1.191 top following a four-day parabolic bull run. However, the cryptocurrency has retraced to the $1.100 support area, as bulls ran out of steam near the .
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200 resistance.”

One trader even noted that ADA put the 100-day exponential moving average below it:

“As we head into the weekend, I expect a mild bearish continuation towards the $1.050 support. After that, I expect to see a bullish rebound to the $1.200 – $1.250 range.”

The coin’s RSI is pointing to an oversold market that can translate into a pullback or a similar upside trend to the previous upwards movement scenario:

“The last 3 times ADA has hit 70 Stoch RSI and dipped back down on the daily chart – like it is today – it has exploded to the upside in days after.”

Despite the slow retracement, the pattern resemblances to a cycle ETH had back in 2017 can still play out which means a bullish momentum for ADA. Cardano might replicate Ethereum’s 2017 bull run and if the coin sees a bounce, it will happen If BTC breaks the current resistance level and ADA follows Ethereum’s movements. The trader also showed the resemblance was on the lookout to the 1D candle to the $1.2 level but ADA moved upwards to it and didn’t happen because of the mentioned pull back. However, it already looked as if ADA is replicating Etheruem’s bullish breakout from 2017:

“See how the price action that led to this since March 2016 is also quite similar to ADA’s price action since May 2021. Same Channel Down, followed by a Higher High, a near Support test and the start of the Lower Highs. Even the RSI fractals are similar.”

Another trader thinks that ADA is in a measured move and near its target:

 “There we will have some trading range and possible 2nd leg… Watch closely.”