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Ethereum

Bitcoin, Technical Analysis: BTC Closes to $17,000 Before Christmas Day

Bitcoin rose closer to the $17,000 level on Saturday, despite crypto markets mostly consolidating to start the week. Global cryptocurrency market cap has fallen 0. 32% as of writing. Ethereum was also higher earlier in the day, with prices nearing the $1,230 level.

Bitcoin

Bitcoin (BTC) remained under the $17,000 level to start the weekend, as prices continued to consolidate despite earlier gains.

BTC/USD hit a high of $16,905. 22 earlier in today’s session, which comes a day after price was at a bottom, at the $16,793. 53 mark.

The move saw the world’s largest cryptocurrency continue to trade above a key point of support at $16,800.

BTC/USD – Daily Chart

As can be seen from the chart, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) failed to break above a ceiling at 48.00.

The index is currently trading at 46. 72, with bulls still attempting to push past the aforementioned point of resistance.

On the other hand, should price strength decline below a floor at 45. 00, bitcoin will likely move towards the $16,000 level.

Ethereum

In addition to BTC, ethereum (ETH) also consolidated to start the weekend, with prices edging closer to a key resistance level.

Following a low of $1,216. 34 on Friday, ETH/USD raced to a peak of $1,227. 00 earlier in today’s session.

As a result of today’s move, ethereum once again attempted to break out of a key ceiling at the $1,230 level.

ETH/USD – Daily Chart

Looking at the chart, the breakout did not occur, mainly due to the RSI also remaining below a ceiling of its own at 47.50.

As of writing, the index is tracking at 47. 12, with momentum appearing to be bearish as a result of the direction of moving averages (MA).

The 10-day (red) MA extended its downward cross with its 25-day (blue) counterpart, which typically is a sign of price declines.

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Could market sentiment change ahead of Christmas Day? Please leave your comments below.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He is currently a commentator on various asset classes including 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

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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