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Ethereum crashes 9% in one day, where’s the next support? (ETH Price Analysis)

Negative sentiment has dominated the market this week as Ethereum failed to reclaim the $2000 level. The bears want to trap bulls by pulling the price below the breakout level.

Technical Analysis

By: Grizzly

The Daily Chart

The bears stepped in to induce a 16% decline over the past six days after Ethereum was rejected from $2,000. The rising wedge pattern in yellow could indicate that the bearish trend may be extended. The bulls must prevent a decline below the critical level in the $1,700-$1,800 range.

The Relative Strength Index, (RSI), indicator also fell below the baseline. This suggests that the bears are gaining momentum.

If the pair continues to decline, the closest support will be found in the range of $1520-$1570 (in green). This support is the result of the intersaction between the 50-day moving average line(in orange) and the 100-day (in white) moving average line. If this level cracks, the possibility of forming a bear structure would be strengthened, thereby sending Ethereum to test $1,280. The bulls have no choice but to hold the price above $1,700 to resume the bullish trend.

Key Support Levels: $1700 & $1500

Key Resistance Levels: $2000 & $2200

Daily Moving Averages:

MA20: $1777

MA50: $1519

MA100: $156

MA200: $2237

Source: TradingView

The ETH/BTC Chart

Against Bitcoin, it is slightly different. The situation is slightly different for Bitcoin, even though the bulls failed push the price higher than the horizontal resistance of 0. 082 BTC (in red), they still control the market. Breaking below the support zone of 0. 073-0.075 BTC (in green) would signal the start of a bearish rally with a target of approximately 0. 065 BTC (in white).

Key Support Levels: 0.0. 75 & 0. 065 BTC

Key Resistance levels: 0. 082 & 0. 088 BTC

Source: TradingView

Sentiment Analysis

Taker Buy Sell Ratio (SMA14)

Definition: The ratio of buying volume divided by selling volume of takers in perpetual swap trades.

Values greater than 1 indicate that bullish sentiment prevails.

If the value is below 1, it indicates that bearish sentiment prevails.

As we have previously discussed, some investors prefer to book their profits once the price reaches the technical resistance levels. The bearish sentiment is also evident in that more derivative market takers have filled sell orders. The metric falls below line 1 (in green). The chances of a significant recovery are slim as long as the metric doesn’t return above it.

Source: CryptoQuant

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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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