This past week saw the launch of several Ethereum ETFs, a significant event in the world of cryptocurrency. However, despite this milestone, Ethereum’s price took a hit, dropping by over 10%. The support level at $3,300 flipped into a resistance, signaling a bearish sentiment in the market. If buyers fail to reclaim this level soon, there is a possibility of ETH dropping further to $2,800. The volatility caused by the ETF launch may keep the price turbulent for some time, making it challenging for Ethereum to turn bullish. Additionally, with Grayscale, one of the largest ETH ETFs, being a net seller currently, sustained gains for Ethereum seem unlikely in the near future.
On the other hand, Ripple’s XRP had a more positive week, closing with an 8.7% price increase. The weekly chart for XRP still looks healthy, with a possibility of testing the resistance at 68 cents in the future. However, there has been a decline in buying volume recently, indicating a potential weakness in the market. Despite this, if buyers come back with conviction, XRP has a good chance of moving higher. In case of a pullback, the support at 54 cents may act as a barrier against further decline.
Cardano (ADA) faced resistance at 46 cents this week, leading to a 2.5% price drop. The cryptocurrency mirrored the price action of Ethereum, showing vulnerability to market dynamics. The price almost touched the key support level at 37 cents before buyers intervened. Moving forward, ADA needs to break above 46 cents to regain bullish momentum. The current price action does not inspire much confidence, and bulls have a challenging task ahead to change the narrative.
After reaching a new all-time high, Binance Coin (BNB) experienced a correction, bouncing back from the $500 level. The week closed with a 1% price increase, showcasing buyers’ interest at that level. The resistance at the all-time high of $721 is the next target for bulls. BNB seems to be consolidating between key levels, hinting at a potential significant move in the near future.
Shiba Inu (SHIB) struggled around the $0.000018 mark this week, ending with a 5% loss. Similar to Cardano, SHIB exhibited indecisiveness among buyers, with bearish momentum indicators on the weekly timeframe. However, if buyers can reclaim $0.000018 as a support level, SHIB might have a chance to recover towards $0.000025, becoming the next crucial target for the meme coin.
The cryptocurrency market witnessed varied performances from Ethereum, Ripple, Cardano, Binance Coin, and Shiba Inu this week. While some coins faced challenges and price drops, others showed resilience and potential for growth. The coming weeks will be crucial in determining the direction these cryptocurrencies take and how they respond to market conditions and investor sentiment.