Ethereum (ETH) emerged as the best-performing cryptocurrency last week, with a 10 percent increase. Moreover, it was stated that the recently constructed ascending trendline for the cryptocurrency should boost ETH higher if market conditions were truly optimistic.
The ETH price exhibited early signs of weakness as the decentralized smart contract token failed to soar over the steep trendline. On Tuesday, a new negative thesis predicted that the $1,122 level will be breached with objectives in the vicinity of $1,000.
Wednesday’s cryptocurrency price analysis is bleak, as market observers have noticed a sharp decrease over the previous 24 hours and a clear breach below the $1,100 support. Therefore, ETH is likely to decline further and will attempt to breach the next weak support level around $1,050.
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Ethereum Pegged At $1,070, Down Nearly 6% In Last 7 Days
As of this writing, ETH is trading at $1,070, a decrease of 5.9 percent over the past week, according to data released by Coingecko on Wednesday.
In the previous 24 hours, the market has traded predominantly in the red as the worldwide selloff continues. Bitcoin (BTC), the leading cryptocurrency, fell 4.27 percent. Meanwhile, the majority of the leading cryptocurrencies saw similar outcomes.
If the favorable scenario materializes, the bulls will break above the $1,200 MA200 and then recover above the $1,300-$1,500 resistance zone before consolidating above $1,700 and breaching the white trendline.
Furthermore, given the macroeconomic uncertainties caused by the prospect of a downturn and the lack of liquidity, the goal appears challenging.
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ETH total market cap at $130 billion on the daily chart | Source: TradingView.com
FTX Pressure, CPI Result & Fed Easing
The centralized FTX exchange might be one of the biggest contributors of selling pressure on ETH and other cryptocurrencies by funding traders ready to convert their coins for a high annual yield.
Such a plan places immense stress on a resource that is already struggling to sustain a level of support above the local average.
Meanwhile, crypto traders continue to await the release of June’s Consumer Price Index, the US inflation gauge, on Wednesday for hints on how active the Federal Reserve would need to be to ease the rate of consumer price increases.
The price of Ethereum reached a significant swing high last week at $1,275. After a brief consolidation above $1,200, ETH swiftly reversed direction and began to move lower.
Immediately following a severe breach below $1,175 support, ETH dropped rapidly by Tuesday midday. The conclusion of the trading session was marked by a clear breach of the $1,100 support and a subsequent decline below $1,050.
Featured image from Green Living, chart from TradingView.com
Bitcoin could be up with some positive vibe in the coming days.
Following last week’s calamitous meltdown that chopped more than 30 percent off the value of prominent cryptocurrencies, including Bitcoin, the broader crypto markets have made a modest comeback.
After a sharp decline, Bitcoin’s price has stabilized at $17K, which is a far cry from its all-time peak in November of last year. According to experts, this price range is a crucial support zone for the cryptocurrency.
Sunday’s Coingecko statistics indicates that Bitcoin (BTC) has increased by more than 14% over the past week, trading at $21,700 at the time of writing.
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Bitcoin Gets Some Good Dose Of Optimism
Bitcoin rose beyond the top limit of its trading range on Friday as optimism settled back into the expectations of traders.
Since Wednesday, when it dipped below $20,000, the BTC/USD pair has risen, while U.S. markets have cooled ahead of the weekend.
Earlier this month, the leading cryptocurrency by market capitalization plummeted below $17,600 due to severe selling pressure. According to CoinGecko data, Bitcoin plunged by as much as 69% from its record high.
Bitcoin’s mining difficulty achieved its second-largest decline for 2022 on Thursday.
Bitcoin’s slump has paused after a quick decline from $32,000 following the breakout of a bearish flag. The $17K-$20K region of the coin’s ATH is providing stable foundation, resulting in a price rebound towards the $24K and possibly the $30K level of major resistance.
BTC total market cap at $409 billion on the weekend chart | Source: TradingView.com
In the meantime, Bitcoin’s focus on Sunday was $21,000 despite warnings that volatility might still shake the market before Monday.
BTC/USD Trading In A Higher Range
After U.S. stocks finished the week on a good note, TradingView data suggested that BTC/USD was trading in a generally higher range.
As highlighted by market observer Holger Zschaepitz, the S&P 500 completed its second best week of 2022, indicating a minor improvement in risk assets.
The supply of Bitcoin is capped at 21 million coins. However, the overall supply of Bitcoin is little more than 19 million, with 2 million remaining to be mined.
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Bitcoin’s institutional acceptance is increasing, and more institutions are seeking to add Bitcoin exposure to their balance sheets. This indicates that supplies will become more constrained in the future.
According to the central bank’s chairman, the Federal Reserve is keeping a careful eye on the cryptocurrency industry but is not concerned.
Fed Chairman Jerome Powell stated before a Senate committee that the central bank does not see any “macroeconomic repercussions” from Bitcoin and the larger crypto market’s dramatic price swings, but that stronger regulation is still necessary.
Featured image from Watcher Guru, chart from TradingView.com
Panelists from the product comparison platform Finder’s dogecoin price prediction report say that the popular meme-based cryptocurrency will reach $0.163 per unit in 2022. Finder’s recent poll concerning dogecoin’s forecasted price leverages 33 experts and by 2025, the panelists say dogecoin is expected to reach $0.316 per unit.
Finder’s Dogecoin Prediction Report Shows a Lower Forecast Than the Panel’s Prediction in July 2021
The product comparison website finder.com published a new prediction report concerning the meme-based crypto-asset dogecoin (DOGE). The web portal has published a myriad of prediction reports in the past, covering crypto coins like cardano (ADA), ethereum (ETH), and bitcoin (BTC).
Moreover, back in July 2021, Finder’s expert panelists predicted dogecoin’s value would reach $0.39 per unit by year-end 2021. This month’s DOGE prediction is a lot different and significantly lower than the July forecast.
In fact, by the end of 2022, the panelists predict that dogecoin will only accrue 16.5% in value from its current price point reaching $0.163 per unit. Presently, dogecoin is trading for $0.132 which is lower than when the Finder’s researchers recorded the value at $0.14 per DOGE on February 2, 2022.
Finder’s report authors Tim Falk and Richard Laycock highlight that the future outlook of dogecoin’s value has changed a great deal among participating panelists. “Around the time of our last survey, many people thought that DOGE was going ‘to the moon’ and cresting the $1 mark, but our panel was fairly skeptical about the coin’s ability to hit that milestone,” Falk and Laycock’s report notes.
The Finder’s dogecoin prediction report continues:
Since then, their long-term outlook on the coin’s future has waned, expecting its value to hit $0.32 by 2025 and $0.54 by 2030, compared to its previous expectations of $0.57 by 2025 and $0.92 by 2030.
Finder’s Experts Explain the Reasons Behind the Latest Dogecoin Predictions
Dogecoin has been down in value as the crypto asset shed 12.6% during the last seven days. Despite this, year-to-date metrics indicate that dogecoin (DOGE) has increased by 147.9% against the U.S. dollar. DOGE has a market valuation of around $17.5 billion, making it the 13th largest crypto market capitalization.
At the time of writing, the meme-coin’s market cap represents 0.96% of the $1.8 trillion crypto economy. Meanwhile, Finder’s panelists had various opinions concerning dogecoin’s future outlook in terms of value.
“It shouldn’t be underestimated in the world of cryptocurrency where breaking traditional methods for identifying value is a cherished past-time,” Fred Schebesta, Finder’s founder said in a statement. Schebesta believes DOGE will tap $0.25 by the end of 2022. “Investors can likely sit tight knowing that while there will be more, and others will come and go, DOGE will forever be the original,” Schebesta added.
Joseph Raczynski, a technologist and futurist from Thomson Reuters, agrees with finder.com’s founder. Raczynski predicts that dogecoin can reach $0.50 by the end of 2022 and also tap $1 per unit by the end of 2025. “It is only worth something because people want to believe in it,” Raczynski remarked.
Despite a few positive dogecoin believers, other panelists from Finder’s poll believe meme-based assets, in general, will become lackluster to investors in the future. Vanessa Harris, Permission’s chief product officer, thinks this will be the case and the value of DOGE will sink. Although, she also noted that meme coin cryptocurrencies like dogecoin will likely survive.
“DOGE, SHIB, and others captured the imagination of first-time crypto investors. In 2022 we will see the luster wear off as meme coins’ lack of true utility causes investors to seek more fruitful investments. The dog coins may not survive in the top 100, but they will always have a place in our hearts for the memes and camaraderie they inspired,” Harris stated in the Finder’s report.
What do you think about the dogecoin predictions by Finder’s expert panelists? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Bitcoin (CRYPTO: BTC) traded below the psychologically important $60,000 level on Wednesday night as the global cryptocurrency market cap declined 0.26% to $2.61 trillion.
What Happened: The apex cryptocurrency fell 3.49% to $58,501.45 over 24 hours. BTC has fallen 11.13% over a seven-day trailing period.
Ethereum (CRYPTO: ETH) fell below the $4,000 mark at press time. It was trading 4.94% lower at $3,942.52 over 24 hours. For the week, it has fallen 6.10%.
Dogecoin (CRYPTO: DOGE) traded 7.21% lower at $0.24 over 24 hours. In the last seven days, it has fallen 6.46%.
Self-described DOGE-killer Shiba Inu (CRYPTO: SHIB) was up 66.35% at $0.00007858 over 24 hours. The meme coin has surged 175.05% in the past seven days. The coin emerged as the top 24-hour gainer.
SHIB hit an all-time high of $0.00008299 on Wednesday night, as per CoinGecko data. At one point during the day, SHIB had flipped DOGE in terms of market cap.
See Also: How To Buy Shiba Inu (SHIB)
Why It Matters: Freddie Evans, a sales trader at GlobalBlock, a United Kingdom-based digital asset broker, noted that BTC fell below the $60,000 support.
“Investors have been on edge expecting a correction as the markets have looked over leveraged,” said Evans in an emailed note.
“The drop has been predicted by many analysts and provides an opportunity to those looking to buy the dip, meaning it could be that this retracement is short lived and we head back above $60,000 before too long.”
A leverage wipeout took place on Wednesday with the selloff resulting in $536 million worth of liquidations within one hour, as per Bybt data. A total of $508.65 million longs were liquidated and $28 million shorts were liquidated in the same period.
While base-layer coins like Solana, Avalanche, and Near Protocol got hit hard by the latest market decline, Decentralized Finance or DeFi tokens like 1Inch Network and AAVE got a chance to shine.
Resurgence Of AAVE, 1Inch, and SHIB Charted By Delphi Digital
“1INCH price action today was overwhelming and likely catalyzed by the token’s listing on Korean exchange Upbit. AAVE was also listed on Upbit, and within an hour of the listing, both tokens had already established a “Kimchi premium,” noted Delphi Digital, an independent research firm.
Meanwhile, one of the reasons behind the recent spike in Shiba Inu is the surge in futures open interest on exchanges such as OKEx, FTX, and Huobi, reported Cointelegraph.
Marcel Pechman, a markets analyst, told Cointelegraph that the “open interest seems to be following the price pump instead of an actual increase.”
“Longs are in huge profit, so it’s easier for them to keep buying spot and pushing the price up. There seem to be no ‘real’ short-sellers, only market makers. Had there been huge liquidations, the open interest would have gone down,” said Pechman.
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