The crypto market tried to turn bullish in March, after retreating lower from November until January. But buyers gave up by the end of that month and the decline resumed again in April. The decline stalled earlier this month and cryptocurrencies haven’t been printing lower lows since then, but highs continue to get lower nonetheless, as moving averages continue to provide resistance. But, can they turn bullish after this latest consolidation?

Ethereum H4 Chart – Consolidating Around $2,000

The 100 SMA is acting as resistance now

ETH/USD reversed lower in November after failing to break above the major resistance zone at around $5,000. The price retreated toward $2,200 in January. In March buyers pushed above $3,500 but they gave up and the decline resumed again, picking further pace early this month.

Ethereum launched the first mainnet shadow fork in preparation for Merge with the layer 2 network, which should lower gas fees, which should have been bullish for Ethereum, but the sentiment in the crypto market has been negative as risk sentiment remains bearish. Although, the decline stalled above the long term resistance at$1,700 and in the last two weeks we have seen Ethereum trade in a range around the $2,000 level. The 100 SMA rejected the price in the last bullish attempt, so let’s see which side will win this battle.

Kadena Daily Chart – The 20 SMA Keeping KDA Down

Kadena continues to make lower highs

Kadena is another interesting layer-1 blockchain and a competitor to Ethereum. Although it is much faster due to the Power of Work (PoW) but with the braided multi-chain architecture which is great for scaling by combining the consensus with directed acyclic graph (DAG) principles. Kadena can execute up to 480,000 transactions per second (TPS) and doesn’t suffer from congestion, keeping fees low. Kadena claims to be the only blockchain network capable of scaling more than 9 million trades a day.

But, KDA/USD still remains bearish since reversing in November after a massive surge in October last year in this digital coin. We did see another decent bullish attempt earlier this year after the listing on Binance. But buyers failed and the decline resumed again. The poor performance of Kadena earlier this week was unexpected, given that the network announced the launch of the KDSwapDEX, which was launched on Monday on the Kadena network. Such events usually trigger gains for the underlying token because traders are convinced that the coin’s utility will be expanded. But Kadena remains bearish, although this might be a good time to look for longs here.

Ethereum Coin ETH Live Chart