Ethereum (ETH) Price Decline, Recent Cardano (ADA) Predictions, and More: Bits Recap August 1
Main Idea
Ethereum (ETH) and Cardano (ADA) have experienced significant price drops, with ETH falling to around $3,600 and ADA to approximately $0.72, while Bitcoin (BTC) shows signs of potential recovery despite a recent dip.
Key Points
1. Ethereum (ETH) price dropped by 6% to around $3,600, with August historically being a bearish month for the asset.
2. Cardano’s native token (ADA) fell by 8% to approximately $0.72, its lowest point since mid-July.
3. Bitcoin (BTC) briefly dipped under $114,500 but recovered slightly to around $115,000, representing a 3.2% daily drop.
4. Some analysts remain optimistic, with predictions of BTC reaching $145,000 or $150,000 if it breaks certain resistance levels.
5. Bitcoin’s Relative Strength Index (RSI) is around 30, indicating it may be oversold and due for a resurgence.
Description
TL;DR ETH slumped by 6% amid the broader market correction, but whale accumulation, a nine-year low in exchange balances, and steady ETF inflows hint at a possible rebound in the near term. ADA dropped even more, yet analysts remain bullish, with some predicting a surge beyond $4 if the asset clears key resistance at $0.92. BTC briefly dipped below $114,500, but an RSI near 30 suggests oversold conditions, while optimistic traders eye a breakout to $145K-$150K. ETH Heads South The past several h...
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