The Ethereum price action continues to stir controversy as market sentiment remains deeply bearish. Notably, a crypto analyst has predicted what they call “the most hated rally in crypto”, suggesting that ETH could defy expectations and surge higher, triggering intense skepticism from traders and investors.
Ethereum Price Surge To Spark Controversy
Using the Elliott Wave Theory as the basis for his Ethereum price prediction, X (formerly Twitter) crypto analyst Decode predicts a possible price reversal in the top altcoin.
The analyst shared a chart pinpointing Waves 1-5 of Ethereum’s Elliott Wave structure. Currently, the altcoin is in a Wave 4 correction, which has unfolded as a complex WXYXZ structure, a typical sideways corrective combination. Decode also highlights that the “1.236 Fibonacci extension of C vs A” has been reached, effectively completing Wave 4.
If Wave 4 is concluded, the analyst suggests that the Ethereum price should start Wave 5 soon, leading to a strong bullish rally toward $13,500 to $17,000. However, ETH’s present market sentiment is extremely bearish, implying that capitulation may be closer than a rally.
Since market reversals often occur when sentiment and demand are at their worst, this could indicate a potential bottom for the Ethereum price. The analyst predicts that the asset could stage a strong rally after its decline, triggering what he calls “the most hated rally ever seen in crypto.”
The reason Decode describes ETH’s next price rally so ominously is likely because he expects it to be met with extreme skepticism and disbelief. Right now, the crypto community is highly pessimistic about the Ethereum price outlook due to its prolonged sideways trading. This sentiment is seemingly justified, as ETH has failed to rally ETH has failed to rally significantly, unlike most altcoins in the crypto space.
While Bitcoin and altcoins like Solana, Cardano, and XRP have skyrocketed recently, Ethereum still trades at significant lows, even crashing by more than 30% in the last month. If the market remains hesitant toward ETH and avoids buying during price dips, frustration, and regret could grow once the altcoin surges unexpectedly, leaving investors watching from the sidelines as they miss out on potential gains.
Analyst Asserts ETH Is Staging A Comeback
Despite the broader market volatility and Ethereum’s slow price growth, market expert ‘Crypto Caeser’ remains optimistic about ETH’s rally potential. The analyst predicts that Ethereum could stage a comeback and rebound soon.
This bullish prediction is based on past cycles, during which ETH has faced similar periods of severe decline and consolidation. In his price chart, the analyst emphasized that after the COVID-19 crash and ETH’s local bottom, the cryptocurrency recorded a massive price rally in the following year.
According to the analyst, Ethereum has hit another local bottom following the Bybit hack attack. If history repeats, ETH could experience a strong recovery and trigger a surge toward $5,000 this bull cycle.
Featured image from Pexels, chart from Tradingview.com
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Dogecoin hits 2023 ‘low’ – Can Bitcoin spur DOGE’s ‘hated’ price rally? AMBCrypto News
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Twitter user “ADA whale” has opined on what three types of critics still hate Cardano
A prominent Twitter account focused on ADA and the Cardano community has shared what three types of haters are still criticizing Cardano, while the majority of critics have warmed up to the most popular proof-of-stake blockchain.
Three groups still actively hate Cardano
According to this Twitter user, @cardano_whale, thanks to the Cardano NFT community, the majority of Cardano haters have now calmed down and warmed up to the Hoskinson-built blockchain.
However, these three groups, per @cardano_whale, still pour heavy criticism on Cardano, including angry traders with 300,000 subscribers and too big of egos (he also referred to them as “crypto hooligans”). Apparently, this group is unhappy with ADA’s price failing to grow at the speed of light.
By now most reasonable crypto twitter types have warmed to Cardano, nice to see and mostly thanks to our NFT community
Three groups still actively resisting: 1) angry traders with 300k followers and XL ego (crypto hooligans) 2) corrupt types in bed with VC $ 3) maxi manchildren
— ADA whale (@cardano_whale) December 9, 2022
The second group is “corrupt types in bed with VC.” The third one is “maxi manchildren.” Cardano is often attacked by Bitcoin maximalists.
Among them, Max Keiser is a regular, calling ADA (and actually everything, aside from Bitcoin) a crypto scam and even once naming Charles Hoskinson a terrorist, demanding him to be thrown out of Wyoming, wondering why the pro-crypto politician Senator Cynthia Lummis would not do that.
With each turn of the market, there are always cryptocurrencies that make it to the top as the most-liked coins among investors. This time around, a survey that was carried out between January 2021 and January 2022 has shown the favorite cryptocurrencies among investors. Surprisingly, the top coins seem to be the most hated on the social media platform, Twitter, while meme coins emerge as the most beloved cryptocurrencies.
Investors Don’t Like Bitcoin, Ethereum
In the study that was carried out by TRG Datacenters on the popular social media platform Twitter, they found that investors were not speaking positively about the top two coins. By analyzing the tweets mentioning these popular cryptocurrencies and the sentiment with which the users talked about them, they were able to extrapolate which were the most hated coins on the website.
The second-largest cryptocurrency by market cap, Ethereum, had emerged at the top of the list of the most hated cryptocurrencies. According to the study, the digital asset had the most tweets with negative sentiments with 29% of all posts about Ethereum on Twitter being negative.
Related Reading | Stablecoin Dominance Grows As Crypto Assets Are Obliterated
Next up was bitcoin which closely followed behind Ethereum. The coin which is arguably single-handedly responsible for the popularity of the crypto market looks to not be winning the congeniality contest either. It is shown that bitcoin posts were negative 27% of the time.
Cardano made third place on the list with 16% of all posts being negative. While Litecoin came out 4th place as the most hated cryptocurrency on Twitter with a total of 8% of all tweets being negative. Last on this 5-number list was Dogecoin with only 6% of all tweets being negative. However, the list for the most-loved cryptocurrency would see the meme coin emerge victoriously.
Investors Love Dogecoin
Even though Dogecoin had placed among the most hated cryptocurrencies, it didn’t take away the fact that investors love the meme coin. This is apparent in the list of most-loved cryptocurrencies that was also published by TRG Datacenters.
Also holding five coins, it is basically the reverse of the most-hated list. Here, Dogecoin appeared at the top of the list with 94% of all posts on Twitter being positive. It is the highest of all the coins surveyed indicating that investors still believe in the digital asset despite the downtrend.
DOGE falls to $0.07 | Source: DOGEUSD on TradingView.com
Litecoin placed second on the list with 91% of all posts being positive. Cardano, Bitcoin, and Ethereum placed 3rd, 4th, and 5th, with 84%, 73%, and 71% of all tweets being positive respectively.
Related Reading | Bitcoin Bleeds For Sixth Consecutive Weeks, Worst Stretch Since 2014
Commenting on Dogecoin appearing as the most-loved cryptocurrency, Chris Hinkle, CTO at TRG Datacenters, said that “Meme stocks, in particular, appeared to be driven by retail investors. In the case of larger currencies such as Bitcoin, tweets have actually lagged price movements, implying some degree of institutional lean.”
Support from notable figures such as Elon Musk and most recently, rapper Ice Cube has pushed Dogecoin to become a favorite of many. Thus, it is no surprise to see the meme coin being billed as the most-loved crypto.
Featured image from Finbold, chart from TradingView.com