Ethereum faced a setback this week, losing its bullish momentum and closing with a 4.4% loss. The price action was dominated by sellers, pushing the cryptocurrency down to the key support level at $3,500. Despite this pullback, there is a possibility that it is just a normal retest after the massive breakout following the ETF confirmation. As long as buyers can maintain the price above $3,500, there is no immediate cause for concern. However, it is worth noting that Ethereum was rejected by the $4,000 resistance level for the second time this year. Once this correction phase ends, there may be a potential for a successful third attempt to break through this significant level. Additionally, the fact that the price continues to establish higher lows on the weekly chart is a positive sign for the bullish outlook.
On the other hand, Ripple faced resistance at 54 cents, resulting in a deeper pullback and a 4% loss for the week. In the short term, the bias for XRP is bearish, as buying interest is not expected to return until the key resistance level is breached. The current volume and momentum trends favor sellers, with a possible resurgence of buyers around the 43 cents support level. Looking ahead, XRP is in a challenging position, having failed to generate a higher high in 2024, which could impact its ability to attract market attention.
ADA’s price action has been more eventful compared to XRP, reaching 80 cents briefly before entering a sustained downtrend and witnessing a 6.5% decline this week. Sellers maintain control, pushing the price below 50 cents with a potential target of 37 cents, the critical support level. Despite the challenging weeks ahead, there is optimism that the key support might bring an end to the current downtrend for ADA.
The enthusiasm surrounding Dogecoin waned in June, leading to a 7.4% loss for the week as the meme coin struggles to hold above the key support at 13.5 cents. While buyers historically rallied at this support level, repeated tests could signal weakness and a potential bearish interpretation. Failure to defend the key support may result in new lows for Dogecoin this year.
Polkadot’s price pattern resembles that of XRP, failing to surpass the key resistance at $7.6 and experiencing a 5.5% decline this week. The current support level is at $6, a critical point that prevents new lows for the year. Avoiding a lower low is essential for Polkadot to prevent a bearish trend on a larger time frame. Unless there is a significant recovery in the overall crypto market, Polkadot may struggle alongside other altcoins in the coming period.
Each of these cryptocurrencies faces its own set of challenges and opportunities in the current market environment. Traders and investors need to carefully monitor key support and resistance levels, as well as broader market trends, to make informed decisions in this volatile space.
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