Over the past week, Ethereum experienced a significant price drop of over 10% despite the launch of several Ethereum ETFs. This unexpected turn of events has transformed the previously strong support level at $3,300 into a resistance level. If buyers fail to reclaim this level soon, there is a possibility that sellers may drive the price all the way down to $2,800. The volatility induced by the ETF launch has made the price action quite turbulent, and it might take some time for Ethereum to regain its upward momentum. Additionally, Grayscale, one of the largest ETH ETFs, has been reported as a net seller at the moment, which could hinder any sustained gains for Ethereum in the near future.
Contrary to Ethereum, XRP showcased a healthy performance on the weekly chart with an 8.7% price increase. This positive momentum hints at a potential test of the resistance at 68 cents in the upcoming period. However, there has been a decline in buying volume recently, signaling a degree of weakness in the market. It is crucial for buyers to step in with conviction to maintain the bullish sentiment. Looking ahead, XRP stands a good chance of moving higher, with the support level at 54 cents likely to act as a barrier against further downside.
As soon as Cardano approached the key resistance level at 46 cents, sellers were quick to push the price lower, resulting in a 2.5% loss for the cryptocurrency by the end of the week. Unfortunately, Cardano mirrored the price action of Ethereum, facing a challenging road ahead. The recent drop almost touched the key support at 37 cents before buyers stepped in. To instill confidence in the market, bulls must break above the 46 cents resistance level.
After reaching a new all-time high, Binance Coin underwent a deep correction and found support at the $500 level. The renewed interest from buyers led to a 1% price increase for the cryptocurrency by the end of the week. Currently, the resistance and ATH is situated at $721, with bulls eyeing this level for a potential breakout in the coming months. BNB appears to be consolidating between key levels, hinting at a more definitive move on the horizon.
Shiba Inu struggled around the $0.000018 level throughout the week, closing with a 5% loss. Similar to Cardano, this cryptocurrency displayed uncertainty from buyers, reflected in the bearish momentum indicators on the weekly timeframe. Despite this, there is an opportunity for SHIB to reverse this downtrend and establish a base for higher levels. Reclaiming $0.000018 as support could pave the way for a sustained recovery towards $0.000025, marking a significant target for the meme coin.
The cryptocurrency market witnessed mixed performances across Ethereum, XRP, Cardano, Binance Coin, and Shiba Inu over the past week. While some assets struggled to maintain their bullish momentum, others managed to showcase resilience and potential for future growth. It will be interesting to see how these digital assets evolve in the coming weeks as market dynamics continue to shift.
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