The recent launch of several Ethereum ETFs led to a significant price drop of over 10% for ETH, turning the event into a sell-the-news moment. The support level at $3,300 has now turned into a resistance level, and if buyers do not reclaim it soon, we may see a further decline to $2,800. The volatility in price caused by the ETF launch may take some time to settle before ETH can resume an uptrend. However, Grayscale, one of the largest ETH ETFs, is currently a net seller, which could hinder any significant gains in the near future.
On the other hand, Ripple (XRP) closed the week with an impressive 8.7% price increase, showing strength on the weekly chart. Despite this positive performance, buying volume has been declining, signaling a potential weakness in the momentum. The key resistance at 68 cents may be tested in the future if buyers can maintain their conviction. A pullback could find support at 54 cents, providing a buffer against any further decline.
Cardano (ADA) faced immediate selling pressure upon reaching the key resistance at 46 cents, resulting in a 2.5% loss for the week. The price action of ADA mirrored that of Ethereum, with a drop near the key support at 37 cents before buyers stepped in. Breaking above 46 cents will be crucial for ADA to regain confidence and avoid further declines in the market.
Binance Coin (BNB) recently hit a new all-time high before entering a correction phase that found support at $500. The bounce from this level allowed BNB to close the week with a 1% price increase, indicating continued bullish momentum. The current resistance and all-time high sit at $721, presenting a significant target for bulls in the market. BNB appears to be consolidating between key levels, hinting at a potential decisive move in the near future.
Shiba Inu (SHIB) struggled around the $0.000018 level and closed the week with a 5% loss, showcasing indecisiveness from buyers. Similar to Cardano, SHIB’s price action indicates some uncertainty in the market. The momentum indicators, such as the MACD, remain bearish on the weekly timeframe. However, if buyers can reclaim $0.000018 as support, SHIB may see a recovery towards $0.000025 as the next key target for the cryptocurrency.
