Analysis

Top Analyst Warns ETH and ADA Traders of Catastrophic Price Risks

A prominent analyst and trader warns that the native token prices of smart contract platforms Ethereum and Cardano will undergo deep corrections. Analyst Capo predicts ETH to fall to $1,400 after being rejected at resistance around $3,000.

Source: Capo/Twitter

At the time of writing, ETH is trading at $2,612, down more than 15% from its 7-day high of $3,189.

Observing the Cardano project, Capo noted that ADA found support at $0.50 after bears broke the $1 support.

“Nearest support is at $0.50.”

Source: Capo/Twitter

At the time of writing, ADA is trading at $0.97. Under Capo’s scenario, a move to $0.50 means a potential drop above 48%.

Capo is also keeping an eye on Ethereum competitor Fantom (FTM). He stressed that the altcoin has now confirmed its bearish thesis and is on track to reach its $0.95 target.

Source: Capo/Twitter

For Bitcoin, he looks at the crypto king’s heatmap. This chart tracks supply and demand by visualizing the market’s order book.

According to the analyst, Bitcoin will trigger another selloff event as the heatmap reflects limited demand.

“The low demand is weakening and the supply is increasing. Horizontal = correction. Hopefully there will be more downtrends soon.”

Source: Capo/Twitter

Capo also expects BTC to eventually lose support around $30,000.

“Low timeframe trend: rally to $43k-$44k (done).

Low/Medium Timeframe Trend: Decline to $38k – $39k (done).

Medium time frame trend: drop below $30K (probably $21K – $23K) (pending).”

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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