Cardano’s ADA has recovered over the past week, with several indicators pointing to the possibility of a stronger move higher. At the same time, another metric suggests the token may still face renewed downside pressure.

Bitcoin (BTC) remains under scrutiny as several analysts argue that the asset may not yet have reached its cycle bottom. Ethereum (ETH), meanwhile, has seen a substantial decline in exchange-held supply, a development some market observers view as supportive for a potential rally.

ADA Remains in an Uncertain Trading Zone

Cardano’s native token climbed earlier this week to a two-week high of about $0.18 before pulling back to roughly $0.166, according to CoinGecko. The move still leaves ADA up 5% over the past week. ADA, which ranks among the top ten cryptocurrencies by market capitalization, has traded in a narrow range for much of the summer as broader market sentiment remains divided.

Recent whale activity has been one of the main factors attracting attention. Large investors have increased their combined holdings to 25.6 billion ADA, the highest level since February. That amount represents about 70% of the token’s circulating supply—a concentration that means price discovery can be significantly influenced by a relatively small group of holders.

Whales have also purchased 30 million ADA over the past 30 days, worth more than $5 million at current prices. Such investors are often closely watched because some market participants believe they enter positions after conducting extensive research or obtaining information unavailable to the broader market. Their activity can also influence smaller investors to follow similar moves.

Another supportive indicator for ADA is its Relative Strength Index (RSI). The metric fell to 28 on July 23 and currently stands at 31, keeping it close to the oversold area, which traders often interpret as a potential buying zone.

However, exchange flows present a less favorable signal. Recent ADA inflows to exchanges have exceeded outflows, indicating that some investors have moved holdings to centralized platforms. Such transfers can increase immediate selling pressure.

Analysts Issue Bitcoin Price Warnings

Bitcoin’s bear market over the past several months has remained persistent, at one point briefly pushing the asset below $60,000. BTC is currently trading near $65,000, and each rebound has raised hopes among some investors that buyers may regain control. The pullback comes after Bitcoin reached an all-time high above $73,000 in March, meaning the asset has retraced roughly 12% from its peak.

X user BATMAN challenged that view, comparing Bitcoin’s current price behavior with its performance in autumn 2022. That earlier period was followed by a steep decline to roughly $16,000.

Other short-term skeptics include Kabuki and Ali Martinez. Kabuki predicted that BTC could fall to $47,000 by August. Martinez said in an X post that the following month has historically been unfavorable for Bitcoin, with the asset recording a correction every time since 2022.

Ethereum Exchange Balances Hit 10-Year Low

Ethereum, the second-largest cryptocurrency by market capitalization, made another attempt earlier this week to move above the $2,000 psychological level. The attempt was rejected, and ETH is currently trading at around $1,880.

Despite the failed breakout attempt, the declining amount of ETH held on exchanges suggests immediate selling pressure may be easing. Over the past month, investors have withdrawn about 1 million ETH from centralized platforms, worth more than $1.8 billion at current prices. The trend aligns with broader self-custody practices and staking activity that has grown since Ethereum completed its transition to proof-of-stake in 2022.

Total ETH held on exchanges has fallen to about 15.1 million, its lowest level in 10 years. Lower exchange balances are commonly viewed as reducing the amount of supply readily available for sale.

Crypto analysts on X remain broadly optimistic about ETH. Arthur Hayes recently acquired more than $2.5 million worth of the asset, while the popular commentator KALEO has said ETH could rise toward $2,400 within the next month. KALEO also warned, however, that such a move could be short-lived and followed by a sharp decline toward $1,200 by September.