Blockchain

Bitcoin’s history is filled with stories of people who put small, disposable amounts of money into the crypto and ended up making a fortune. This has been no different from the case of one Norwegian man, whose throwaway $22 Bitcoin investment has turned into a life-changing sum.

When Kristoffer Koch had originally invested in Bitcoin back in 2009, the cryptocurrency was only trading for a few cents. Koch, at the time, was intrigued which is why he said he made the purchase. He got 5,000 BTC for around $22 at the time, although this figure often varies.

Nevertheless, Koch ended up forgetting about this purchase until four years later when Bitcoin had blown up. By the time the Norwegian man got into his Bitcoin wallet, his initial $22 purchase had ballooned into $850,000. Upon seeing the life-changing sum, Koch revealed that he had used part of the money to buy himself a flat in Oslo.

As stories like these continue to make the rounds, a question on the lips of investors, especially those who came in later than the likes of Koch, is which cryptocurrencies could replicate such growth. So here are some picks that look good.

Fetch AI (FET) Brings AI To Crypto

The AI narrative is still holding strong both within and outside the crypto market and this has positioned some projects to be able to take advantage of its expected growth. Fetch AI’s native FET token has already shown the opportunity that lies in this space but that was only in a bear market. A bull market could see FET’s price rise further and do numbers.

The project is looking to democratize AI access through a crypto economy. This means users will be able to access AI in a completely decentralized and permissionless way unlike the AI products seen in traditional spheres.

Secret (SCRT) Challenges Bitcoin With Privacy

Presently, when the topic of privacy coins comes up, two names tend to pop up quickly, which include Monero’s XMR and Secret’s SCRT. Secret actually users ‘Secret Contracts’ to allow decentralized applications to offer completely private transactions.

As the demand for privacy grows among crypto users who constantly have to be aware of the government’s encroachment, SCRT’s value proposition becomes even more important. Added to its low $51 million market cap, SCRT could see a rally similar to that of Bitcoin.

Radiant Capital (RDNT) With Fragmented Liquidity

When it comes to carrying out transactions on-chain, liquidity becomes king, and this is where Radiant Capital (RDNT) comes in. The project is looking to consolidate fragmented liquidity in a bid to enhance the available liquidity for decentralized finance (DeFi) protocols.

This will work across a number of lending protocols regardless of the blockchain that they are on. So instead of hopping from one protocol to another, DeFi users can take advantage of this using a single protocol.

Radiant’s value proposition in a sector that is continuously evolving and growing could see it put on a Bitcoin-like rally. This could see its market cap go from its current $70 million to billions of dollars.

Data shows that Dogecoin transactions have dropped more than 98% since June, a sign that investors have lost interest in the meme coin.

Dogecoin 7-Day Transaction Count Has Dropped To Just 37,300

According to data from the market intelligence platform IntoTheBlock, activity on the DOGE network has really slowed down recently. The metric of interest here is the total number of transactions that the Dogecoin blockchain is observing every day.

When this indicator has a high value, it means that the investors are making a large amount of moves on the network right now. Such a trend implies that the holders have an active interest in trading the cryptocurrency.

On the other hand, low values imply the blockchain is only seeing a few daily transfers, which can be a sign that traders have no interest in using the meme coin currently.

Now, here is a chart that shows the trend in the 7-day average number of daily Dogecoin transactions over the past few months:

As displayed in the above graph, the Dogecoin blockchain observed a high amount of transaction activity during July and the first half of August.

As the second half of August kicked off, however, the indicator’s value saw a steep decline. The reason behind this sharp drop is likely to be the crash that the price of the meme coin saw at about the same time.

Before this crash, DOGE had been trading above the $0.076 mark, but after it, the asset plummeted toward the low $0.06 level. Till now, the coin hasn’t been able to recover from this plunge.

Rather, the memecoin’s situation has only become more dire recently, as its price has registered some drawdown even below these lows. From the chart, it’s visible that the transactions on the network have seen a similar fate, as they have dropped to pretty low levels now.

At present, the 7-day average number of daily transactions on the Dogecoin blockchain stands at 37,300, which is quite the plunge compared to the 616,000 spike seen in July.

The current levels are even worse when looking at a longer timespan, as IntoTheBlock notes that the asset had been enjoying 2.1 million 7-day average daily transfers just back in June.

Compared to this high in June, the network activity today has declined by more than 98%, which is a staggering figure. It would appear that almost no one wants to use Dogecoin right now, at least compared to the high interest the coin had seen a few months back.

Historically, rallies have been backed by a high amount of user activity, but as transfers have shown no signs of any recovery recently, it’s not surprising that the meme coin’s price hasn’t been able to display any momentum, either.

DOGE Price

Dogecoin has seen more bearish price action in the past few days as the asset’s value has now dropped below the $0.058 level.

Ethereum price is trading at roughly $1,550 after failing to get back above $2,000 throughout the entirety of 2023 thus far. Increasingly higher lows during the year and a horizontal resistance zone had formed an ascending triangle – a potentially bullish chart pattern.

This pattern, however, is possibly failing. A busted pattern target could send the price per ETH sub-$1,000.

Ethereum Ascending Triangle Begins Breakdown: Target $700

Ethereum put in its bear market low back in June of 2022 while Bitcoin and other coins kept falling through the end of the year. Despite the early lead in a bear market recovery, ETH has underperformed against BTC in 2023. Now it is at risk of falling to a new low with a target of deep below $1,000 if a presumed bullish pattern breaks down instead of up.

ETHUSD has been trading in what appears to be a textbook ascending triangle pattern since its 2022 local low. A series of increasingly higher highs has created an upward slowing trend line. A horizontal resistance zone across $2,000 has kept price action at bay. Volume has been trending downward throughout the course of the pattern. Price is at roughly two-thirds to the triangle apex.

Ether even had positive news at its back: the launch of the first Ethereum Futures ETFs. Yet it has failed to produce any meaningful upside, and is now trying to move back down causing the bullish pattern to bust. If the pattern does break downward, it would have a target of around $700 per ETH based on the measure rule.

Elliott Wave Explained: Golden Fibonacci Extension Targets $300 ETH

Although the ascending triangle is considered a bullish chart pattern, it only has a roughly 63% probability of breaking out, per the Encyclopedia of Chart Patterns by Thomas Bulkowski. The remaining 37% of the time break down. But technical analysis is a broad study. An ascending triangle to one trader, could be barrier triangle to another.

A barrier triangle is simply an ascending or descending triangle as defined by Elliott Wave Principle. In Elliott Wave Principle, triangles are especially telling. They only appear before the final move in a sequence. Because Elliott Wave labels waves with the trend as 1 through 5, triangles are corrective and appear only in the wave 4 place – just prior to wave 5 which ends the sequence.

In a bear market, corrective structures are labeled ABC. Triangles themselves can appear during a B wave, which once again, is ahead of the final move in the ABC count. C wave targets are often found by projecting the 1.618 Fibonacci ratio from the A wave. This makes the target of the busted pattern somewhere around $300 per ETH. Between the measure rule and the Fibonacci extension target, Ethereum could be facing sub-$1,000 prices in the future.

Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum. The altcoin market has been stabilizing over the last day, but fresh data points to potential issues in the short term.

As of this writing, Cardano (ADA) trades at $0.23 with sideways movement in the past day. Solana and Ethereum recorded similar price action over this period, but these assets have been slowly bleeding into support on the weekly chart.

Cardano, Solana, And Altcoins Could Get Hit

Data shared by the Co-Founders of crypto analysis firm Glassnode via social media platform X indicates a rise in Bitcoin Dominance (BTC.D). The metric was slowly trending to the downside, but it found some support yesterday and could be poised to regain previously lost territory.

The metric measures the percentage of the total crypto market capitalization comprised of Bitcoin. In addition, whenever BTC.D reaches a certain point, it often leads to mini altcoin bull or bear markets.

The metric could hint at further losses for Cardano, Solana, and other tokens in the current scenario. The Glassnode Co-Founders stated:

It’s not just ETH feeling the heat; other major altcoins like Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also deep in the red. With Bitcoin’s dominance climbing past 51%, inching closer to its 2021 peak, altcoins are indeed feeling the pressure. To see the resurgence of the much-awaited Altcoins Season, a significant recovery will be essential.

As seen in the chart below, the Bitcoin Altcoin Cycle chart is moving closer to a “Bitcoin Season,” as indicated by the blue line. As Bitcoin Dominance trends upwards into the 50% territory, altcoins will likely keep seeing losses in the short time frame.

However, the Bitcoin Altcoin Cycle chart shows that the BTC.D stands at a critical zone. The metric has bounced back into the Altcoin Season Territory in the past.

In particular, Cardano, Solana, XRP, Ethereum, and other altcoins enjoyed a substantial rally in July. If Bitcoin can’t produce a catalyzer, something to push it above the 50% area in dominance, then Altcoins can see some profits.

Ethereum could potentially hold the key to propel altcoins into a hot season. On this cryptocurrency’s price action, the Glassnode co-founder stated:

From its weekly resistance at $1,744, ETH has tumbled, marking an 8% decline in just two weeks, landing it at $1,574. While the price seems to be consolidating, the upward slope of the RSI suggests buyers are vying for higher levels. Yet, with sellers resisting this advance, they might (…).

Cover image from Unsplash, chart from Tradingview

Amidst waves of volatility in the crypto market, the Shiba Inu price seems to be stabilizing. Meanwhile, Lucie, the marketing manager of Shiba Inu, provided important insights into the upcoming developments when she revealed the roadmap for the anticipated “journey”.

The Upcoming “Shibarium Journey”

In her most recent tweet, Lucie expressed the magnitude of the upcoming Shibarium journey. She stated, “Embarking on the Shibarium journey is a big task that demands a lot of time and commitment. Our goal is to create outstanding decentralized applications (dApps) that people will love and use.”

Elaborating on the roadmap, Lucie delved into the multifaceted strategy Shiba Inu plans to deploy. She highlighted the significant plans in store for the development of the project’s tokens, SHIB, BONE, and LEASH. Lucie underscored the goal to ensure that these tokens are “not only valuable but also have a strong utility within our ecosystem.” Such enhancements are hoped to draw in more users and investors, thereby amplifying benefits for the Shiba community.

On the topic of decentralized applications, Lucie emphasized their focus on creating “exceptional dApps that will revolutionize the decentralized world.” According to her, the forthcoming dApps will be fashioned to be user-centric, innovative, and meet the demands of the community.

Lucie also touched upon the virtual realms the team is concentrating on: the Shiboshi NFTs and the SHIB Metaverse. She believes these virtual environments will “serve as vibrant hubs for our community to connect, interact, and explore.” By shaping immersive and captivating online spaces, Lucie anticipates fostering a profound sense of community.

Lucie wrapped up her tweet affirming the commitment to Shibarium’s growth as an L2 solution, stating, “Our steadfast commitment to building Shibarium as a successful L2 solution remains unshakable.”

She championed the collaborative and innovative ethos that forms the foundation for the tokens and the burgeoning Shibarium ecosystem, saying:

This journey, marked by collaboration, innovation, and dedication, is the bedrock of our tokens’ triumph and the thriving Shibarium ecosystem. Together, we’re shaping the future of decentralized applications, one innovative step at a time. #ShibariumJourney

However, not all members of the SHIB community are on board with the project’s current trajectory. A notable tweet from @a_king_li read: “@ShytoshiKusama: L2 has been released for two months now, and there are no major projects, no good ecosystem or trustworthy swap. As a responsible official, should we release some official cooperative ecosystems or swap, so that funds can come in with peace of mind.”

The concerns primarily arise from the absence of any major dApp on Shibarium, as touched on by Lucie. Notable projects like ShibaSwap and the Metaverse are yet to be operational on Shibarium. Furthermore, there’s a noted decline in Shibarium’s user and transaction statistics. After an initial hype with over 200,000 transactions daily post-launch, recent numbers hover above a mere 10,000 transactions per day.

Shiba Inu Price Stabilizes

The stagnation in Shibarium’s development may be a contributing factor to the dissatisfaction of some community members, as well as SHIB’s recent price action. As detailed in our last in-depth analysis, the SHIB price currently treads on decisive technical grounds, influenced by two significant chart patterns.

On the 1-week chart, SHIB showcases a promising quadruple bottom formation, indicating a potential bullish surge of up to 250% if realized. Contrarily, a descending triangle pattern, which has evolved over 60 weeks, suggests a bearish downturn. This is highlighted as SHIB’s price, currently at $0.00000682, has dropped below the descending triangle’s crucial neckline of $0.00000715.

For now, SHIB has stabilized and recovered slightly, having already fallen to $0.00000671 yesterday. Hope also comes from previous instances, such as the dip in June followed by a 59% rally, suggesting the potential for swift recoveries.

However, for this to happen, SHIB needs to record a weekly close above the $0.00000715 this week or next week. This might cement the bullish quadruple bottom trajectory. In case the scenario does not play out, SHIB could fall again towards the yearly low at $0.000006.

As the bear market continues to linger, analysts have weighed in on the decline of the flagship cryptocurrency, Bitcoin, and the crypto market, by extension. This time, another crypto analyst has explained what is influencing Bitcoin’s price decline. 

Factors Causing BTC’s Decline

Bitcoin notably dropped below the $27,000 level on October 12. Addressing this decline in a recent episode on the ‘Cheeky Crypto’ YouTube channel, Crypto analyst Nick noted that there wasn’t much going on in the news and the only thing that could have affected Bitcoin’s drop was the US inflation data, which was recently released with the CPI rising higher than expected. 

He then analyzed key on-chain metrics that could have affected Bitcoin’s price. According to data he pulled up from Cheeky Crypto’s site, there were 903,210 active addresses in the last twenty-four hours (he released the video on October 12).

The data also showed that 610,686 active addresses received Bitcoin during that period, and 560,331 active addresses sent Bitcoin during the same time frame, amounting to 265,000 transactions. What was, however, more interesting was the fact that only 23 million addresses held BTC out of the total 48.7 million addresses in existence.

He stated that these figures were important to give an insight into Bitcoin’s adoption rate as one could easily assume that almost all the Bitcoin addresses in existence held BTC. Meanwhile, less than half actually did. 

More Selling Pressure For Bitcoin

As to another factor that could be causing the decline, he noted that retail investors had been selling in the past few days. However, the silver lining, as Nick highlighted, is that this selloff suggests that institutional investors are accumulating once more, considering that they had once dumped their tokens on these retail investors. 

Additionally, 108 wallets hold over 10,000 BTC. These wallets, which Nick labeled as the “master manipulators” of BTC’s price, are also experiencing a similar sell-off trend as these wallets are down 8.47% in the last 180 days, which suggests that they are “aggressively” selling off.

From the chart he shared, one could see that the trend dates back to April 2023 (the peak of accumulation by these wallets) as they have begun to cool off and dump some of their holdings on the market. His analysis suggests that there could be a bigger picture regarding Bitcoin’s decline rather than any immediate factor. 

Despite this decline and the amount of liquidations that have occurred, Nick is still optimistic that Bitcoin could end this month in the green. October is reported to be one of the best-performing months for Bitcoin, with the crypto token ending October in the green for the last five years.

The cryptocurrency landscape is once again rife with speculation as Bitcoin traverses its current fourth halving cycle. Amidst varied predictions, renowned crypto analyst CryptoCon’s insights, grounded in the Gann Square methodology, the November 28 Halving Cycles theory, and the 5.3 Diminishing Returns theory have garnered significant attention.

CryptoCon remarked via X (formerly Twitter) today, “The Gann Square predicts either $89,000 or $135,000 for the Bitcoin top this cycle.” He emphasized the accuracy of the Gann Square theory during previous cycles, pointing out its precision in predicting the cycle tops.

Will Bitcoin Price Reach $135,000?

According to the analyst, by leveraging the “blue 2×1 fan as the fair value line and drawing the end at Nov 28th (Halving Cycles Theory),” the Gann Square successfully pinpointed the tops of cycles 1 and 3 at the fourth level. However, the second cycle diverged, settling slightly above the fifth level.

This sets the stage for two potential outcomes in the ongoing fourth cycle, with the $135,000 prediction aligning with both CryptoCon’s November 28th price model and his Trend Pattern price model. Conversely, the $89,000 figure is aligning with the 5.3 diminishing returns theory.

Historical data further adds depth to this analysis. Bitcoin’s inaugural cycle, spanning 2010-2014, saw it catapult from a minuscule value to a peak of $1,177. The subsequent 2015-2018 cycle commenced at $250, witnessing an unprecedented climb to $20,000 by its close. The journey from 2018-2022 manifested Bitcoin’s resilience as it surged from sub-$6,000 levels to a commendable $68,800.

Delving into the intricacies of the Gann Square’s “Fan” Lines offers more clarity. The “2×1 Fan” line, represented in blue, plots a trend angle where the price progression is double that of time. Traditionally, when the Bitcoin price is close to this line, it indicates a “fair value”.

In its 13-year history, Bitcoin has only extremely rarely fallen below the line, most recently in late 2022 following the collapse of FTX, then the second largest crypto exchange, and during the Covid crash in March 2020.

The “1×1 Fan” line, depicted in green, portrays a market in equilibrium with prices increasing in tandem with time. Historically, Bitcoin’s price peaked near this line during the parabolic run-up in the second and third cycles, providing the theoretical basis for the $135,000 prediction.

The Diminishing Returns Theory: Only Sub-$90,000?

In a subsequent post, CryptoCon further explained the $89,600 target. He stated that “$90k is slightly above the 5.3 diminishing returns theory.” According to the theory, Bitcoin’s returns diminish by a factor of 5.3x from the bottom to the top of each cycle, suggesting the next cycle’s peak might be around $77,000.

CryptoCon remarked, “After measuring returns from cycle bottoms to tops on the daily time frame as precisely as possible, the returns from cycle tops to bottoms are not 5.3. They are as follows: 5.34x, 4.96x, and 5.63x.”

Diving deeper, CryptoCon pointed out, “There is merit to the 5.3, as the average of these numbers is 5.31. However, we cannot say for sure that this will be the returns if this is just an average.”

Highlighting the potential peaks based on past cycles, he commented on the more grounded numbers. “The real numbers so far range from the lowest cycle top of $73,522 to the highest at $81,675 with an average cycle top of $77,122.”

Discussing the possibilities of Bitcoin hitting a much-anticipated $100,000 mark, CryptoCon explained, “$100,000 would mean a 3.84x diminish, implying Bitcoin would need to exhibit a drastically lower diminishing return rate this cycle.”

Drawing attention to Bitcoin’s historical relationship with Fibonacci extensions, he stated, “Bitcoin has consistently hit a Fibonacci extension level at each cycle top. If $77,000 is the anticipated target, this would be a deviation. The cycles have previously matched Fibonacci extensions of 58.764, 19.764, and 3.618. For this cycle, the lowest Fibonacci extension measured from weekly candle bodies is the 1.618, suggesting a price of $104,000 which corresponds to a 3.7x diminish from the last cycle.”

CryptoCon concluded by inviting speculations on whether external factors, such as the approval of spot Bitcoin ETFs, could provide the necessary momentum to shift these models. “Many believe that ETFs will have the strength to disrupt these models and predictions. Returns are evidently diminishing, but is the 5.31x ($77,122) average return going to be this cycle’s peak?”

At press time, BTC traded at $26,906.

Solana is correcting gains from the $25 resistance against the US Dollar. SOL price could accelerate lower if there is a break below the $21 support.

SOL price started a fresh decline after it failed to clear the $25 resistance against the US Dollar.
The price is now trading below $22.00 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could break the $21 support and accelerate lower toward $18.80.

Solana Price Visits Key Support

After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.77 and recently started a fresh decline.

There was a move below the $24.00 and $23.50 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. There is also a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL/USD pair.

SOL is now trading below $22.00 and the 100 simple moving average (4 hours). It is also showing bearish signs below $22, like Bitcoin and Ethereum.

However, the bulls are now protecting the $21.00 support. It is near the 61.8% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. On the upside, immediate resistance is near the $22.00 level and the trend line.

Source: SOLUSD on TradingView.com

The first major resistance is near the $22.50 level. A clear move above the $22.50 resistance might send the price toward the $23.50 resistance. The next key resistance is near $24.00. Any more gains might send the price toward the $25.00 level.

More Losses in SOL?

If SOL fails to recover above the $22.00 resistance, it could continue to move down. Initial support on the downside is near the $21.00 level.

The first major support is near the $20.30 level. If there is a close below the $20.00 support, the price could decline toward the $20.00 support. In the stated case, there is a risk of more downsides toward the $18.80 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $21.00, and $20.30.

Major Resistance Levels – $22.00, $22.50, and $24.00.

Bitcoin price is consolidating above the $26,550 level. BTC could correct higher, but upsides might be capped near the $27,400 and $27,500 resistance levels.

Bitcoin is finding bids near the $26,550 level.
The price is trading below $27,200 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but the bears might remain active near the $27,500 zone.

Bitcoin Price Holds Support

Bitcoin price started a fresh decline from the $27,500 resistance. BTC traded below the $27,000 level to enter a bearish zone. Finally, the bulls appeared above the $26,500 support.

The price remained well-bid near the $26,550 level. The bears made two attempts to push the price below $26,550, but they failed. A low is formed near $26,551 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,551 low.

Bitcoin is now trading below $27,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $26,950 level. The first major resistance is $27,200 and the 100 hourly Simple moving average. The next key resistance could be $27,400 and the trend line. It is close to the 50% Fib retracement level of the downward move from the $28,285 swing high to the $26,551 low.

Source: BTCUSD on TradingView.com

A close above the $27,500 resistance might start a steady increase toward the $28,000 level. The main hurdle is still $28,500, above which the price could start another increase. In the stated case, the price could rise toward the $30,000 resistance.

More Losses In BTC?

If Bitcoin fails to recover higher above the $27,200 resistance, there could be more losses. Immediate support on the downside is near the $26,550 level.

The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $26,550, followed by $26,500.

Major Resistance Levels – $27,200, $27,400, and $27,500.

Ethereum price is moving lower toward the $1,500 support against the US dollar. ETH could correct higher, but upsides might be limited above $1,565.

Ethereum is struggling to start a recovery above $1,550.
The price is trading below $1,565 and the 100-hourly Simple Moving Average.
There are two bearish trend lines forming with resistance near $1,555 and $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct higher, but the bears might remain active near $1,565.

Ethereum Price Extends Losses

Ethereum remained in a bearish zone below the $1,580 resistance zone. ETH failed to stay above the key $1,550 support and extended its decline, unlike Bitcoin.

The price traded to a new weekly low at $1,521. It seems like the price is slowly moving lower after it settled below $1,600. There are also two bearish trend lines forming with resistance near $1,555 and $1,570 on the hourly chart of ETH/USD.

Ethereum is now trading below $1,565 and the 100-hourly Simple Moving Average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,595 swing high to the $1,521 low.

On the upside, the price might face resistance near the $1,555 level and the first trend line. The first major resistance is near the second trend line, $1,565, and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the recent decline from the $1,595 swing high to the $1,521 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,570 resistance might send the price toward the key resistance at $1,600. In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750.

More Losses in ETH?

If Ethereum fails to clear the $1,565 resistance, it could continue to move down. Initial support on the downside is near the $1,520 level. The next key support is $1,500.

A downside break below the $1,500 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,420 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,500

Major Resistance Level – $1,565