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Ethereum Pushes for $1.3K But Are the Bulls Back in Town? (ETH Price Analysis)

Ethereum’s price is currently testing a key resistance level. A breakout from this resistance could likely lead to bullish momentum in the short term.

Technical Analysis

By: Edris

The Daily Chart

On the daily timeframe, the price has rebounded from the $1100 mark but is still entrapped between $1000 and $1250. The $1250 resistance level is currently being handled as the price is seemingly attempting to break it to the upside.

In this case, the 50-day and 200-day moving averages, located around the $1300 and $1500 levels, would be the next targets, followed by the significant $1800 static resistance level.

Conversely, if the price fails to break out and gets rejected to the downside, a decline toward the key $1000 support level would be expected.

The $1000 level, which has previously held the price in June and July on multiple occasions, remains a strong support level. If broken, a further crash would be imminent for ETH.

eth_price_chart_301101
Source: TradingView

The 4-Hour Chart:

On the 4-hour chart, it is evident that the price has been in an uptrend since breaking the descending channel to the upside.

While a rally toward the $1350 resistance seems likely from a classical price action perspective, momentum indicators are starting to suggest that a pullback or reversal may occur in the short term. The RSI indicator has reached the overbought area with values above 70%, pointing to a probable correction.

While the market structure still remains bullish on this timeframe, price action must be monitored cautiously to determine whether ETH could reach the $1350 level or if a bearish reversal is a more likely outcome.

eth_price_chart_301102
Source: TradingView

Onchain Analysis

By Shayan

Active Addresses

Active Addresses are one of the most valuable metrics for assessing participants’ interest in a specific network. A rise in this metric indicates an expansion in the number of users on the network and that more people are being drawn to it.

Examining the chart, its value positively correlates with Ethereum’s price. However, the metric’s 30-day moving average has been in a significant downtrend since July 2022 and dropped to a new yearly low, indicating that there may be a worrying lack of demand for the Ethereum blockchain.

This could be interpreted as a bearish sign because while one of the fundamental valuation metrics of the network is declining, the price is consolidating, and unlike Bitcoin, Ethereum hasn’t marked a new low during the recent cycle.

To conclude, a downfall and even new price lows seem possible in the short term if the number of active addresses continues to decline.

eth_active_addresses_301101
Source: CryptoQuant
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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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Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend

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Ethereum

Ethereum Technical Analysis: ETH Highlights Resilience Across Several Timeframes

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