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Ethereum Price Analysis: ETH backtests important support, what’s next?

ETH/USD – Ether Returns To 20-day MA Support

Key Support Levels: $3000, $2960, $2890.


Key Resistance Levels: $3170, $3360, $3540.

After surging by almost 94% over the past three weeks, Ethereum has finally seen a meaningful retracement. The coin is now down by a total of around 8% since hitting $3350 at the start of the week.

The cryptocurrency met resistance at $3350 (bearish . 618 Fib) over the weekend and failed to establish momentum above that. There were signs of bearish divergence, which caused ETH to roll over and hit the 20-day MA today. A. 236 Fib further bolstered the support at the 20-day MA, and it allowed ETH to bounce back above $3000 to the current $3050 level.

ethusd-aug18-min
ETH/USD Daily Chart. TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first resistance now lies around $3170. This is followed by $3350 (bearish . 618 Fib), $3540 (1. 618 Fib Extension), and $3790 (bearish . 786 Fib).

On the other side, the first support lies at $3000. This is followed by $2960 (. 236 Fib & 20-day MA), $2890 (June highs), and $2720 (. 382 Fib).

As mentioned, the RSI displayed bearish divergence. It has since pulled back from overbought situations. The RSI is still above the midline, which indicates that bulls still control the market momentum.

ETH/BTC-ETH Breaks Under Short-Term Symmetrical Triangle

Key Support Levels: 0. 067 BTC, 0. 066 BTC, 0. 0651 BTC.


Key Resistance levels: 0. 0691 BTC, 0. 07 BTC, 0. 072 BTC.

ETH traded within a symmetrical triangle structure since August’s first week. Yesterday, ETH fell below 0. 068 BTC. Today, ETH dropped to 0. 0665 BTC but is battling to remain above the 20-day MA at 0. 0675 BTC.

Again, the retracement is quite healthy after ETH surged as much as 25% from the July lows to meet resistance around 0. 071 BTC.

ethbtc-aug18-min
ETH/BTC Daily Chart. TradingView.

ETH-BTC Short Term Price Prediction

Moving forward, the first support towards the downside lies at 0. 067 BTC (. 382 Fib). Then, follow by 0. 066 BTC (100-day MA), 0. 0651 BTC (.5 Fib), and 0.064 BTC (50-day MA).

The first resistance is at 0. 0691 BTC (July highs). Then, follow by 0. 07 BTC, 0. 072 BTC (beraish . 618 Fib), and 0. 074 BTC.

The RSI is back at the middleline. This indicates indecision in the market. So long as the RSI does not dip beneath 50, the buyers could be able to force a recovery back above 0. 07 BTC soon.

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Cryptocurrency charts by TradingView.

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Ethereum

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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Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend

On Wednesday, the crypto market experienced a modest downturn, with a 1% decrease in its overall value across the board, as bitcoin and ethereum saw declines of 0.51% and 0.45%, respectively. Bitcoin momentarily reached the $53,000 mark the day prior, while ether soared past the $3,000 threshold on Tuesday…
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Ethereum

Ethereum Technical Analysis: ETH Highlights Resilience Across Several Timeframes

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