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Ethereum

Bitcoin and Ethereum Technical Analysis: BTC Drops Below $22,000, while ETH Nears 10-Day High

Bitcoin was significantly lower on Friday, as the token fell by over $1,500 in a 24-hour period. Although the world’s most popular cryptocurrency has been falling all week, today’s drop has engulfed losses in the past. Ethereum was also in the red, as the token fell below $1,700 for the first time in almost ten days.

Bitcoin

Bitcoin (BTC) fell lower for a seventh consecutive session on Friday, as the token broke out of a key price floor earlier in the day..

On Friday, BTC/USD fell to an intraday low of $21,718. 54, which saw the token drop below its recent support point at $22,600.

This move saw the world’s largest cryptocurrency hit its lowest point since July 27, and near a new floor of $21,150 in the process.

Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low
BTC/USD – Daily Chart

As can be seen from the chart, the drop coincided with the 14-day relative strength index (RSI) moving below its own floor at 46.

Currently, the index is tracking at 37. 87, which is not only in oversold territory, but the weakest point the RSI has touched in over a month.

Despite already being oversold, it appears that bears are attempting to recapture a floor of 34. 95, which will see BTC possibly drop below $21,000.

Ethereum

In addition to BTC, ethereum (ETH) also fell considerably lower in today’s session, as prices dropped below $1,700.

ETH/USD dropped to a bottom of $1,695. 15 earlier in today’s session, as a red wave swept through cryptocurrency markets.

This is the lowest level ETH has traded at since August 10, when prices went on to hit a floor of $1,705.

Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low
ETH/USD – Daily Chart

Today’s movement saw the token move slightly below the support level while the RSI dropped below a key floor.

As of writing, relative strength on ethereum is tracking at 47, which like bitcoin, is the weakest point since mid-July.

Should this downtrend continue, it is likely that ETH bears will look to take prices to a lower price floor of $1,600.

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What factors are behind this latest sell-off in ethereum? Please share your thoughts with us in the comments section.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, retail trading educator, and market commentator for Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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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

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Ethereum

Ethereum Technical Analysis: ETH Highlights Resilience Across Several Timeframes

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