Cryptocurrencies Price Prediction: Ethereum, Cardano & LUNA – European Wrap 12 September

Ethereum is coming into support, while finishing a correction

Ethereum with ticker ETHUSD is coming even lower as we have been warning in the past contents. We see ETH still in a deeper downward complex correction, ideally a flat correction, which can be now in final stages, as we see it trading in wave 5 of wave (C) of an (A)-(B)-(C) corrective decline. It means that there can still be a recovery from the near-term support.1500 area around the 61.8% certainly looks very interesting for completion of a five-wave drop in wave (C) wave. It's actually already in 5th of (C), so once current wave 5 of (C) fully unfolds, this is when support can be in place. A rise back above 1745 level would confirm the bullish turn.

Cardano price plummets despite rise in development activity and transaction volume, why?

Cardano (ADA) price has been on a downtrend since September 2021, with no meaningful attempts to break higher. This persistent southbound move is accompanied by a steady rise in transaction volume and a steep rise in development activity.

Cardano price is currently trading at $0.2477, attempting to form a bottom above the key support level at $0.2500. This barrier has supported downward trending ADA not once but twice in the last eight months, with the current retest being the third. 

Alameda Research's balance history on FTX confirms death blow happened during LUNA collapse, expert says

Alameda Research's balance history on its sister firm and cryptocurrency exchange, FTX, confirms that the hedge fund's death blow goes back to May 2022, when the Terra Luna ecosystem imploded. This is the opinion of Twitter user Will Clemente, a renowned crypto analyst and the founder of digital asset investigator Reflexivity Research.

Clemente’s comments came ahead of the Omnibus Hearing, set for September 13, with the researcher going through the Government exhibit showing Alameda's balance history on FTX. Recording up to $12 billion within a span of less than two months to May, the analyst says, "Death blow to Alameda was LUNA."