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Ethereum Price Analysis: Breakdown Could Lead to $4K Retest

Ethereum had dropped below an ascending wedge structure, as shown in the blue chart. Since then, it has lost its short-term bullish momentum. ETH now faces a crucial support level, as explained below.

Key Support levels: $4,354, $4K

Key Resistance levels: $4,689; $5,075

Over the past week, amid a new ATH for ETH, the bulls were unable to push the coin above the coveted $5,000 mark. The current ATH lies at $4,878 (recorded on Wednesday). Since then, the price is trading sideways and appears to consolidate just above the support at $4,354. Bullish traders believe that ETH will retest the support before it can resume its multi-month-long uptrend.

This loss of momentum isn’t very alarming so long as ETH doesn’t drop below the key support. It can be taken as a healthy break from the uptrend.


The Technicals

Trading volume: Decreased volume on this pullback. This indicates that the bears don’t have any conviction in pushing ETH prices lower at this time.

RSI: The RSI is decreasing and there is a lot of room to go lower, considering it was hovering around 70 points not too long ago. It is unlikely that ETH will change its course in the near future.

MACD: The MACD histogram on the daily timeframe went through a bearish cross. Although this is not good news, it was followed by a drop in volume and little conviction. If the critical support holds then ETH will quickly recover and be back at ATH levels. It is best to wait until Monday’s price action.



The short-term bias of ETH is bearish because there is a high possibility that ETH will retest $4.3K as a key support level. If this level holds, ETH could return to the bullish trend and flip the bias to bullish. ETH remains bullish in the medium and long-term.

Short-Term Price Prediction for ETH

Ethereum lost momentum this weekend, breaking below the ascending wedge. This indicates that ETH is likely to go back to the support level at $4,354 in the near future.

As mentioned, ETH should not drop below this support. Otherwise, bears may be encouraged to take ETH lower towards $4K.


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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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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 Technical Analysis: ETH Highlights Resilience Across Several Timeframes

Ethereum started Monday with its price hitting $2,934 per unit, marking a week filled with a strong 14.9% increase. Over the preceding fortnight, the second-leading crypto asset by market cap witnessed a substantial 25.9% upswing. Kicking off this week, ether’s trading volume over the past 24 hours has hovered around $24.74 billion…
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