- Cardano’s development activity surpasses Ethereum’s, according to cryptocurrency trader.
- Ethereum’s price decline smaller than Cardano’s, indicating superior performance.
- ADA and ETH face potential risks as they breach crucial support levels.
In a recent tweet, Ali, a prominent cryptocurrency trader, and analyst, pointed out that Cardano’s (ADA) team has demonstrated a considerably higher development activity than Ethereum’s (ETH) team. According to Ali’s observations, Cardano’s Github repository showcases three times the amount of development activity compared to Ethereum.
In the crypto market, ETH has exhibited superior performance compared to ADA in terms of price, as reported by CoinMarketCap. Despite both altcoins experiencing minor declines within the last 24 hours, ETH’s price decreased by 0.31%, indicating a smaller loss than ADA’s 0.59% decline. Consequently, ADA was traded at $0.291, while ETH’s price was $1,828.33 at the reporting time.
On July 14, 2023, ADA experienced a significant surge, reaching a peak price of $0.3793. However, after this surge, the altcoin has encountered a decline that has breached three crucial support levels. Consequently, there is a looming possibility that ADA may breach yet another support level within the next 24-48 hours, posing a potential risk.
Over the recent weeks, ADA has experienced a decline, breaching significant support levels at $0.3477, $0.3267, and $0.3066. Adding to this downward trend, ADA’s price has also dropped below the $0.2923 support level within the last 48 hours. Consequently, there is a potential risk of ADA concluding today’s trading session below a crucial price point.
Similarly, Ethereum (ETH) has recently experienced a downward trend, breaching multiple support levels. This decline commenced on July 14, 2023, following ETH’s peak at $2,029.11. Subsequently, the foremost alternative cryptocurrency witnessed a loss of support at the $1,890 and $1,850 levels.
Without bullish intervention within the next 48 hours, Ethereum (ETH) may experience a decline towards the significant level of $1,790. The sustained selling pressure could further drive the cryptocurrency’s price below this critical support, potentially leading to a test of $1,750 in the next two weeks.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
