The Ethereum price bounced back this week as investors bought the dip, and the Fear and Greed Index exited the fear zone. 

Ethereum (ETH) rose to $1,800, up 30% from its lowest level this year. The rebound, which coincided with that of other cryptocurrencies, pushed its market cap to almost $220 billion.

There are signs that crypto investors are embracing the fear of missing out, or FOMO. The Crypto Fear and Greed Index has jumped from the extreme fear zone 18 to the neutral point of $53 today. If the trend gains steam, it will enter the greed zone soon.

Further, Wall Street investors are becoming interested in Ethereum as it bucked a worrying trend. All spot ETH ETFs had net inflows of over $157 million, the best performance since February. They had net outflows in the last consecutive weeks, the longest losing streak since their approval.

Ethereum had other positive metrics this week. For example, DEX protocols in the network handled over $11.5 billion in volume, bringing the 30-day volume to $57 billion. The 24-hour volume rose to $1.7 billion, with Uniswap, Curve Finance, Fluid, and Maverick Protocol having the biggest market share. 

Ethereum price may continue doing well in the coming days as investors target the psychological point at $2,000. The risk to this outlook is the perpetual futures funding rate has plunged, a sign that short sellers are paying a fee to buyers to maintain their trades.

Ethereum price technical analysis

The daily chart shows that the ETH price has rebounded in the past few days. It has jumped and crossed the upper side of the falling wedge chart pattern, a popular bullish reversal sign.

The coin has moved slightly above the 50-day weighted moving average and formed a small bullish flag pattern, a popular bullish continuation sign in the market.

Therefore, the coin will likely continue rising as bulls target the psychological point at $2,000. A complete bullish breakout will be confirmed if the coin jumps above the key resistance at $2,120, the neckline of the triple-bottom pattern that formed on the weekly chart.

Monad has partnered with Chainlink to integrate its oracle services as its mainnet launch looms.

Monad, an EVM-compatible Layer 1 blockhain, has announced a partnership with a leading decentralized oracle provider Chainlink (LINK). When the mainnet launches, developers on Monad will have immediate access to Chainlink’s full suite of Web3 services, including Data Feeds, Data Streams, and the Cross-Chain Interoperability Protocol.

Thanks to Chainlink’s Data Feeds and Data Streams integrations, Monad developers will be able access accurate, tamper-proof market data—such as asset prices and exchange rates—enabling them to build DeFi apps like lending platforms and DEXs. Chainlink’s CCIP will enable secure, programmable cross-chain token transfers, laying the foundation for building interoperable dAapps.

The development comes on the heels of another big announcement from the project, which confirmed that USD Coin (USDC) will be available on the Monad chain starting from day one of its mainnet launch.

Backed by $244 million in funding led by Dragonfly and Paradigm, Monad is an EVM-compatible L1 chain that supports over 10,000 transactions per second, fast block times, low fees, and quick finality, made possible by its parallel execution model.

On Feb. 19, the project launched its testnet alongside an ecosystem directory of 50+ apps, infrastructure providers, and integrations, giving users and developers a robust environment to explore, build, and test on from day one. Phantom, OKX, Uniswap Wallet, and Backpack users can connect instantly, while others can onboard manually via testnet.monad.xyz. A built-in faucet offers testnet MON tokens to for interactions with Monad dApps.

The mainnet launch is slated for the first quarter of 2025, but the exact date is yet to be announced.

Cardano price has remained in a tight range over the past few weeks as market participants await the next catalyst.

Cardano (ADA) was trading at $0.760, down by 43% from its highest level in December last year. It has underperformed other popular coins like Mantra (OM) and Cronos (CRO) this month. 

Cardano has three main catalysts that could propel it to $2 in the coming months. First, there are signs that whales are accumulating the coin in anticipation of more gains ahead. Data shows that whales have acquired over 240 million ADA coins in the past week, valued at over $182 million. The whale purchasing trend appears to be gaining momentum.

Second, Cardano could benefit from the likely approval of a spot ADA exchange-traded fund by the Securities and Exchange Commission. Grayscale Tuttle Capital Management have already submitted applications.

An ADA fund would be a positive development for the coin, as it could lead to more inflows from institutional investors.

Third, data shows that more investors are staking their Cardano coins, signaling that they intend to hold them long-term. The staking market cap has jumped by 8.1% to $16.1 billion, while the yield stands at 2.60%.

Cardano price technical analysis

The other catalyst for ADA price is that it is in the second phase of the Elliott Wave pattern. This phase is characterized by a brief pullback, followed by the third bullish wave — typically the longest.

Cardano has likely completed the second phase and is poised to enter the third wave, which could push it to the psychological level of $2. This target aligns with the 38.2% retracement level and represents a 160% increase from the current price.

Cardano remains above the 50-week Exponential Moving Average and is forming a bullish flag pattern, a bullish continuation signal comprising a vertical line and a flag-like consolidation.

However, this prediction is based on the weekly chart, meaning the pattern could take time to fully develop. The flag section of the bullish flag has already taken more than three months to form.