Ethereum experienced a 4.4% loss in price this week, signaling a shift in bullish momentum. The price action was dominated by sellers, pushing the cryptocurrency down to the key support level at $3,500. Despite this pullback, there is optimism that it could be a normal retest following a significant breakout after the ETF confirmation. As long as buyers can maintain the price above $3,500, there is no immediate cause for concern. The repeated rejection at the $4,000 resistance level this year is a point of contention, but the pattern of higher lows on the weekly chart does suggest a bullish outlook once the correction phase subsides.
Ripple, on the other hand, faced a 4% loss in price after being rejected at the 54 cents resistance level. This setback has led to a bearish bias in the short term, with the price action favoring sellers in terms of volume and momentum. The failure to achieve a higher high in 2024 is a concern for XRP, as it struggles to capture the market’s attention. The road ahead seems challenging, with buyers potentially returning at the 43 cents support level to reverse the current bearish trend.
Cardano’s price action took a hit with a 6.5% loss this week, signaling a sustained downtrend. Sellers continue to exert pressure, pushing the price below 50 cents with their sights set on the crucial 37 cents support level. The challenging weeks ahead for ADA might find a glimmer of hope in the form of the key support, which could potentially halt the ongoing downtrend.
The once-exciting Dogecoin faced a 7.4% loss in price this week, highlighting a significant shift in market sentiment. While attempting to hold above the key support at 13.5 cents, the repeated tests of this level raise concerns over the strength of buyers. Failure to defend this level could spell new lows for DOGE in the coming weeks, signaling a bearish outlook for the meme coin.
Polkadot mirrored XRP’s struggles by failing to break the key resistance at $7.6, resulting in a 5.5% loss in price for the week. The current support at $6 is crucial for preventing new lows in 2024, as a breach of this level would further establish a bearish trend. Unless there is a significant market recovery, Polkadot is likely to face tough times ahead along with other altcoins.
The weekly performance of these top cryptocurrencies reflects a mix of bearish trends, failed attempts at key resistance levels, and ongoing struggles to maintain price levels. While there may be potential opportunities for buyers at key support levels, the overall sentiment remains cautious due to the prevailing market conditions. Investors and traders must carefully evaluate the current landscape and adapt their strategies accordingly to navigate the challenges posed by the crypto market.