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Ethereum Price Analysis: After another rejection, ETH fights to maintain this critical support level


ETH/USD – Will the 20-day MA Hold?

Key Support Levels: $3150, $3080, $3000, $2960.

Key Resistance Levels: $3190, $3350, $3400.

Despite ETH is up by a solid 47% over the past month and 6% weekly (according to CoinGecko), it failed in breaching the critical resistance at $3350. This resistance is provided by a bearish. 618 Fib Retracement level, and it prevented the market from pushing higher in mid-August.

After the previous failed attempt, ETH retraced into the 20-day MA (blue line on the following chart) support at $3000 (last week) but quickly pushed higher toward the resistance for a second attempt.

Yesterday, following a second failure, ETH rolled over from $3350 and headed sharply lower, breaking down critical 20-day MA support at $3150, and bottoming around $3080. This is the lowest price for ETH in the last 6 days.

As of writing these lines, ETH wicked nicely (4-hour candle is not closed yet), and facing the 20-day MA now as resistance. It will be crucial for ETH to maintain the MA-20 level by closing the daily candle above it.

ETH/USD Daily Chart. TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first supply/support level toward the downside lies at current levels of $3150 (where lies the 20-day MA). This is closely followed by support at $3080 (today’s low), $3000, $2960 (. 236 Fib), $2890 (June highs), $2720 (. 382 Fib), and $2600 (50-day MA).

On the other side, the first resistance lies at $3190 (short-term 0. 382 fib retracement level and local high from the first week of August). This is followed by $3350 (bearish . 618 Fib and August highest), $3400, and $3540 (1. 618 Fib Extension).

The RSI is continuing to make lower lows in its direction towards the midline. This indicates that the bullish momentum has waned. If it falls beneath the midline, the bears will take control of the momentum and could push ETH beneath $3000.

On top of that, there is a clear sign of bearish divergence on the daily and 4-hour chart, this might indicate that the bears are not done yet.

ETH/BTC – The Battle on the MA-100

Key Support Levels: 0. 0645 – 0. 065 BTC, 0. 0632 BTC, 0. 062 BTC.

Key Resistance levels: 0. 067 BTC, 0. 068 BTC, 0. 07 BTC.

ETH/BTC have made lower lows than before they fell below the symmetrical triangular pattern in August. Over the past week, ETH against BTC has been using the 100-day MA as support. It rebounded Monday from the moving average line but failed to maintain above 0. 067 BTC level.

It dropped from 0. 067 BTC yesterday and continued today to retest the 100-day MA support once again, which is further bolstered by a .5 Fib. ETH/BTC will look to close the day above the MA-100.

ETH/BTC Daily Chart. TradingView.

ETH-BTC Short Term Price Prediction

Moving forward the first support is at 0. 065 BTC (100-day MA & .5 Fib). Closely followed is 0. 0645 BTC (50-day MA), 0. 0632 BTC (. 618 Fib), and 0. 062 BTC.

The other side of the coin has the first resistance at 0. 067 BTC. Then, follow by 0. 068 BTC (20-day MA), 0. 07 BTC, and 0. 072 BTC (bearish . 618 Fib).

The daily RSI fell below the midline today, signaling that bears are trying to take control of market momentum.


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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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