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Ethereum Price Analysis: Ethereum Consolidates Below $5K, But a Bearish Divergence Looms

Key Support level: $4,354

Key Resistance level: $5,075

The momentum behind ETH has pushed prices up and higher. The expectation to see ETH at $5,000 is on everyone’s mind, and this price level is less than 5% from the current all-time high. This price level should be easy to achieve for ETH, given the current price action.

However, there are a few warning signs that the bears may prepare a trap for the bulls as they push the price to the current resistance at $5,075.

The bearish divergence forming on MACD and RSI seems to indicate that once ETH hits $5,000, the bears can jump in and pull it down in a more significant correction that can retest the current support at $4,354.

img1_eth
Chart by TradingView

ETH Price Technical Indicators

Trading volume : This is the sustained volume that has been rising. The volume is however making lower highs as the price moves higher. This is a bearish sign.

RSI: The RSI continues to remain just under the 70 points level on the daily timeframe despite several attempts to break above. The bulls must rise. The RSI has been making lower highs than usual. This is a bearish divergence in comparison to the price.

MACD : Although the MACD histogram for the daily timeframe is bullish the lower highs of this histogram are in line with the volume and RSI. As the price rises, this is not encouraging confidence.

img2_eth
Chart by TradingView

Bias

The bias towards Ethereum is bullish. But, it is important to be cautious as a sharp rejection of the resistance level could make ETH bearish in short term. Bulls must bring more conviction to the market. Otherwise, bears will capitalize on any weakness.

Short-Term Price Prediction for ETH

ETH is on a clear path to test the $5,000 level. A failure to sustain the price above this key level by the bulls will empower the bears to take over control and push ETH lower towards the support at $4,353. This could be seen as an indication that the bulls may fail to sustain the price above this key level.

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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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Ethereum

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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