As several Ethereum ETFs went live this week, there was anticipation for a positive price impact. However, the reality was quite different as the price fell by over 10%, turning the ETF launch into a sell-the-news moment. The support level at $3,300 also flipped into a resistance, indicating bearish sentiment. If buyers fail to reclaim this level soon, there is a strong possibility of the price dropping to $2,800. The volatility caused by the ETF launch has made the price unstable, and it might take some time for Ethereum to regain an uptrend. It is concerning to note that Grayscale, one of the largest ETH ETFs, is currently a net seller, which could hinder any significant price gains in the near future.
In contrast to Ethereum, Ripple (XRP) has shown resilience and closed the week with an 8.7% price increase. The weekly chart indicates a healthy momentum, raising hopes for testing the resistance at 68 cents in the future. However, there is a slight concern as buying volume has been decreasing recently, signaling potential weakness. To maintain its positive trajectory, XRP needs active buyer participation. Despite a possible pullback, the support level at 54 cents could prevent significant downward movement. Overall, XRP has a favorable outlook for further price appreciation.
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 mirrored that of Ethereum, showing vulnerability to external market influences. ADA almost touched the crucial support at 37 cents before experiencing a minor recovery. The current price trend does not instill confidence in investors, and breaking above 46 cents is essential for a bullish reversal. The road ahead for Cardano seems challenging, requiring strong bullish momentum to overcome selling pressure.
After hitting a new all-time high, Binance Coin (BNB) went through a significant correction, finding support at the $500 level. Buyers showed renewed interest at this point, leading to a 1% price increase for the week. The resistance and ATH at $721 present a target for bullish investors aiming for further gains. BNB appears to be consolidating between key levels, preparing for a potential break in either direction. The fluctuating price of Binance Coin indicates uncertainty in the market sentiment but offers opportunities for strategic traders.
Shiba Inu (SHIB) struggled to maintain price stability around $0.000018 and closed the week with a 5% loss. Similar to Cardano, SHIB exhibited indecisiveness among buyers, reflecting a lack of clear direction. Momentum indicators like the MACD on the weekly timeframe remain bearish, signaling potential downside risk. However, if buyers manage to establish $0.000018 as a strong support level, SHIB could initiate a recovery towards $0.000025. Overcoming the current downtrend is crucial for Shiba Inu to regain market confidence and set higher price targets in the future.
The cryptocurrency market experienced mixed performances this week, with some coins showing resilience while others faced significant price fluctuations. It is evident that external factors such as ETF launches and market sentiment play a crucial role in shaping the price movements of digital assets. Investors and traders should closely monitor these developments and adapt their strategies accordingly to navigate the volatile crypto landscape.