Ethereum (ETH)
Even though several Ethereum ETFs launched this week, ETH’s price dropped over 10%, turning the event into a sell-the-news reaction.
The price now faces resistance at $3,300. If buyers can’t push it back above this level, it could fall to $2,800.
The ETF launch has made ETH’s price more volatile, and it might be a while before it starts rising again. Grayscale, a major ETH ETF, is selling more ETH than buying, which could keep the price from going up consistently.
Ripple (XRP)
XRP’s weekly chart shows strong performance, with the price rising by 8.7%. This suggests that the 68-cent resistance level might be tested soon.
Although the momentum is positive, buying volume has been decreasing, indicating some weakness. It’s hoped that buyers will return with more confidence.
In the future, XRP could continue to rise. If there’s a pullback, the 54-cent support level is likely to hold and prevent further declines.
Cardano (ADA)
As soon as ADA hit the key resistance level at 46 cents, sellers moved in, causing the price to drop and ending the week with a 2.5% loss.
Unlike XRP, Cardano’s performance mirrored Ethereum’s recent downturn. The price nearly hit the crucial support level at 37 cents before buyers stepped in.
Looking forward, ADA faces challenges, and recent price action doesn’t instill much confidence. To turn things around, bulls need to push the price above 46 cents.
Binance Coin (BNB)
After reaching a new all-time high (ATH), BNB underwent a significant correction but found support around the $500 level. This bounce allowed the cryptocurrency to end the week with a 1% gain.
The current resistance and ATH stand at $721. If buyers come back strongly, this will likely be their target in the coming months.
Looking ahead, BNB seems to be consolidating between key levels, setting the stage for a potential breakout or more decisive movement.
Shiba Inu (SHIB)
SHIB continues to face challenges around the $0.000018 mark, ending the week with a 5% loss. This performance mirrors Cardano’s recent struggles and indicates some uncertainty among buyers.
On the weekly chart, momentum indicators like the MACD are still bearish. However, there’s a chance for SHIB to halt the downtrend and build a foundation for future gains.
If buyers can solidify $0.000018 as support, SHIB could aim for a sustained recovery towards $0.000025, which would be the next significant target.
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