Despite the excitement surrounding the launch of several Ethereum ETFs this week, the price of Ethereum actually experienced a significant drop of over 10%. This unexpected turn of events transformed the ETF launch into a sell-the-news moment for investors. The support level at $3,300 has now turned into a resistance level, potentially pushing ETH down to $2,800 if buyers do not step in soon. The volatility introduced by the ETF may prolong ETH’s return to an uptrend, especially with Grayscale, one of the largest ETH ETFs, currently being a net seller. This selling pressure may hinder ETH from making sustained gains in the near future.
Ripple’s Resilient Performance
On the other hand, XRP managed to close the week with an 8.7% price increase, showcasing a healthy performance on the weekly chart. This positive momentum could potentially test the resistance at 68 cents in the future. However, the declining buying volume signals a weakening trend, which needs to be addressed by buyers soon to maintain the bullish outlook. With a support level at 54 cents, XRP has a promising opportunity to move higher if buyers remain decisive.
Cardano’s Struggle and Uncertain Future
Meanwhile, Cardano faced resistance at 46 cents, leading to a 2.5% loss for the week. The price action mirrored Ethereum’s decline, with ADA nearly reaching the key support level at 37 cents before seeing a rebound from buyers. This challenging price action does not inspire confidence in ADA’s future, as breaking above 46 cents will be crucial for the bulls to regain control and drive the price higher.
After hitting a new all-time high, Binance Coin experienced a deep correction but found support at $500, resulting in a 1% price increase for the week. The current resistance and ATH at $721 present a significant target for bulls to aim for in the upcoming months. With consolidation between key levels, BNB appears to be gearing up for a more decisive move, depending on the buying momentum in the market.
Similarly, Shiba Inu struggled around the $0.000018 level, ending the week with a 5% loss. The price action resembled Cardano’s performance, indicating uncertainty among buyers. Despite the bearish momentum indicators like the MACD on the weekly timeframe, SHIB has the potential to reverse the 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 this meme coin.
The performance of these top cryptocurrencies reflects the current volatility and challenges in the market. While some coins like XRP show resilience and potential for growth, others face obstacles like ADA’s struggle to break key resistance levels. Investors and traders need to closely monitor these developments to make informed decisions in the ever-changing landscape of cryptocurrency trading.
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