This week, Ethereum experienced a loss of 4.4%, resulting in a decline in bullish momentum. The price of the cryptocurrency dropped to the key support level of $3,500 as sellers took control of the market. However, this pullback could potentially be a normal retest following the significant breakout that occurred after the ETF confirmation. It is crucial for buyers to maintain the price above $3,500 to avoid further concerns. Despite being rejected twice by the $4,000 resistance this year, Ethereum continues to show signs of bullishness with higher lows on the weekly chart. Once the correction phase ends, there is a possibility of a successful third attempt at breaking the key resistance level.
Ripple, on the other hand, faced a 4% loss this week after being rejected at the 54 cents resistance. The price entered a deeper pullback, leading to a bearish bias in the short term. The lack of buying interest is evident until the key resistance is breached, and sellers currently have the upper hand. However, there is a slight hope for buyers to return at the 43 cents support level. Ripple’s failure to make a higher high in 2024 raises concerns about its market appeal unless there is a significant change in the trend.
Cardano witnessed a 6.5% drop in its price this week as sellers maintained control, pushing the price below 50 cents. The next target for sellers appears to be the 37 cents support level, which holds significant importance in the current scenario. Although Cardano experienced excitement earlier when it reached 80 cents, it has since entered a sustained downtrend. While facing challenging weeks ahead, there is optimism that the key support may halt the downtrend.
The enthusiasm surrounding Dogecoin disappeared in June, leading to a 7.4% loss in the price for the week. The meme coin now struggles to stay above the crucial 13.5 cents support. The repeated tests of this support level without strong buyer response may indicate bearish sentiments. Failure to defend the support level could result in new lows for Dogecoin this year, emphasizing the urgency for bullish action.
Similar to XRP, Polkadot faced resistance at $7.6, which resulted in a 5.5% decrease in price this week. The current support level stands at $6, offering a last defense against new lows for the cryptocurrency. Polkadot must strive to avoid forming a lower low in 2024 to prevent a bearish turn on a high timeframe. Unless there is a holistic recovery in the crypto market, Polkadot remains in a downtrend, requiring substantial efforts to align with other altcoins.
The analysis of Ethereum, Ripple, Cardano, Dogecoin, and Polkadot for the week signifies the challenges and opportunities present in the cryptocurrency market. Each digital asset faces distinct hurdles, requiring strategic interventions to navigate the volatile market conditions. Investors and enthusiasts must closely monitor the price actions and key levels to make informed decisions and capitalize on potential opportunities in the ever-evolving crypto space.