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Ethereum Price Analysis: ETH Fails Critical Resistance, Charts New July Low Against Bitcoin

ETH/USD – Ether Struggles WIth July Resistance @ $2340

Key Support Levels: $2250, $2150 – $2130, $2070.

Key Resistance Levels: $2340, $2400, $2530.

Ethereum is surging on the back of BTC rising almost 30% this week. The cryptocurrency managed to break the 50-day MA over the weekend and continued higher from hitting resistance at a descending trend line on Monday.

Since then, ETH has struggled to break resistance at around $2340, provided by a bearish . 236 Fib Retracement level. This is July resistance. A candle that closes above it on the daily charts will signal a bull run ahead.

The 4-hour chart shows that ETH trades within a short-term ascending channel. As local support, it is using the lower angle in this price channel.

ETH/USD Daily Chart. TradingView.
ETH/USD 4-Hour Chart. TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first strong resistance lies at $2340 (bearish . 236 Fib). This is followed by $2400, provided by the descending trend line. Added resistance lies at $2530 (200-day MA), $2600, and $2640 (1. 618 Fib Extension).

On the other side, the first support lies at $2250 (. 236 Fib & lower angle of price channel). This is followed by support between $2150 (50-day MA & . 382 Fib) – $2130 (200-day MA), and $2070 (.5 Fib).

The daily RSI is at or above the midline. This indicates bullish momentum. It is struggling to break 60 and must rise past here to show increasing bullish momentum.

ETH/BTC-ETH Falls Beneath Symmetrical Triangle.

Key Support Levels: 0. 056 BTC, 0. 0541 BTC, 0. 05 BTC.

Key Resistance levels: 0. 06 BTC, 0. 062 BTC, 0. 0631 BTC.

ETH has been struggling against BTC after setting a new July low of 0. 057 BTC today. The cryptocurrency was trading in a symmetrical triangle pattern, but it was rejected at its upper boundary at week’s beginning.

Since then, ETH has fallen against BTC and finally broke towards the downside of yesterday’s triangle. It fell below support today at 0. 058 BTC to set the new July low at 0. 057 BTC.

ETH/BTC Daily Chart. TradingView.

ETH-BTC Short Term Price Prediction

Moving forward, the first support is now at 0. 056 BTC. Then, follow by 0. 0541 BTC (April 2019 lows), 0. 05 BTC, and 0. 049 BTC (200-day MA).

The other side has 0. 06 BTC. Then, follow by 0. 062 BTC (50-day MA), 0. 0631 BTC (100-day MA), and 0. 065 BTC.

The daily RSI is sinking beneath 40 as the bearish momentum increases. This is not a signal that ETH should be buying.


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Cryptocurrency charts by TradingView.

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Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.

“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.

Cardano Is A Shitcoin, Says Hayes

Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.

Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.

During the same interview, Hayes even expressed interest in the memecoin “dogwifhat” calling it the “best dog money of this bull cycle.

“I love Rare Pepe’s… I think we’re going to see a resurgence of NFT trading volumes,” he added.

The writer’s unique callout of Cardano ruffled some feathers online – especially with the network’s founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.

“Cause your coin is a piece of shit man,” Hayes replied. “Just buy some ETH and chill.”

What Makes Cardano Unique?

Much like Ethereum, Cardano is a smart contract platform for developing decentralized applications. It also popularized as one of the first well-developed proof-of-stake cryptocurrencies, which use crypto rather than energy to secure its network.

However, many popular blockchains today now use the same mechanism, with Ethereum undergoing a massive upgrade in 2022 to adopt proof of stake. In terms of both market size and DeFi TVL, Cardano is still outsized by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).

On Tuesday, Hayes published a list of the world’s most popular Dapps, and asked which of them had originated or grown most popular on the Cardano blockchain.

“From my very limited knowledge, it looks like none of them do,” he said. “That’s why ADA is dog shit.”

On Bitcoin, however, Hayes remains a bull, expecting strong money printing from the Federal Reserve to drive the asset’s price up soon.

“When printing money happens and you debase the value of time and human labor, we rejoice and say great, fuck you, we’re gonna take Bitcoin to a million,” he told Coin Bureau.

Late last year, Hayes predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.


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Ethereum Technical Analysis: ETH Highlights Resilience Across Several Timeframes

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