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Following a 30% Drop in 2 Weeks, Where’s the Bottom for ETH? (Ethereum Price Analysis)

Any optimism for a rally is fading quickly as the Merge upgrade date approaches. Two weekly candles closed in red, warning of the formation of a bearish structure. Ethereum lost approximately 30% of its value over that period.

Technical Analysis

By Grizzly

The Daily Chart

Ethereum is forming a lower low on the daily chart. The structure, followed by the formation of lower highs and lower lows, can be the precursor of continuous declines. So far, the bears managed to erase the 50% increase from July (in yellow).

Let’s assume that the DXY index, which has just broken the last high, continues its upward trend. In this case, Ethereum is likely to test the horizontal support at $1,300 in the short term, which intersects with the 61.8% Fib golden level (in green).

The end of the downward trend could come only if the price forms a higher high and higher low. Until then, the bearish bias remains strong.

Key Support Levels: $1450 & $1300

Key Resistance Levels: $1600 & $1750

Daily Moving Averages:

MA20: $1719

MA50: $1602

MA100: $1521

MA200: $2166

Source: TradingView

The ETH/BTC Chart

Against Bitcoin, the bears pushed the price down 11% in the last two weeks as attempts to retest the horizontal resistance at 0.082 BTC (in red) had little effect. The pair is currently trading near horizontal support in the 0.072-0.073 BTC range (in green). A close and break below this level could trigger the start of a corrective wave. The target of such movement is considered in the range of 0.065-0.066 BTC (in yellow).

Key Support Levels: 0.0.073 & 0.065 BTC

Key Resistance Levels: 0.083 & 0.088 BTC

Source: TradingVIew

On-chain Analysis

Transaction Count (SMA 30)

Definition: The total number of transactions where the transfer of tokens has been executed.

The number of transactions on the network, which had an utterly downward trend since the all-time high, increased sharply during the recent bullish leg. This was likely due to recently released news about the Merge.

Interestingly, before the start of the current correction, this index dropped. This can often be considered a warning for an incoming drop.

Source: CryptoQuant

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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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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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