ETH, XRP, ADA, BNB and SHIB
This week we take a closer look at Ethereum, ripple, Cardano, Binance Coin, and Shiba Inu.
Ethereum (ETH)
Despite the launch of several Ethereum ETFs this week, the price has taken a different perspective on this historic event. It has fallen by over 10% and the ETF launch has turned into a news selling moment.
The recent price drop also caused the $3,300 support level to turn into resistance, and if buyers do not return to this level soon, sellers may be encouraged to push ETH towards $2,800.
Looking ahead, the ETF has made the price quite volatile and it may take some time for ETH to return to an uptrend. Grayscale, one of the largest ETH ETFs, was a net seller at the time of writing. As long as this continues, it seems unlikely that ETH will make sustainable gains.
Chart by TradingView
Ripple (XRP)
XRP continues to look healthy on the weekly chart, closing with a price increase of 8.7%. This is a great performance and gives hope that the resistance at 68 cents could be tested in the future.
Momentum remains bullish but buying volume has been falling recently, a sign of weakness. Hopefully buyers can return with conviction soon.
Looking ahead, XRP has a chance to move higher. If a pullback starts, there is a good chance that the support at 54 cents will stop the sellers.
Chart by TradingView
cardano (ADA)
As soon as ADA reached the key resistance of 46 cents, sellers immediately jumped on it to push the price lower. Therefore, the cryptocurrency closed the week with a 2.5% loss.
Cardano was not as lucky as XRP and mirrored Ethereum’s price action. This latest drop in price almost reached the key support at 37 cents before buyers started to bounce back.
Looking ahead, ADA has a tough road ahead and this recent price action is not inspiring confidence. To change that, bulls need to break above 46 cents.
Chart by TradingView
Binance Coin (BNB)
After seeing a new all-time high (ATH), BNB entered a deep correction and bounced off the $500 level. Buyers’ appetite returned, allowing the cryptocurrency to close the week with a 1% price increase.
The current resistance and ATH are at $721. If the bulls make a strong comeback, this will be their main target in the coming months.
Looking ahead, BNB appears to be consolidating between key levels before a more decisive move begins to develop.
Chart by TradingView
shiba inu (SHIB)
SHIB continues to struggle around the $0.000018 level and closed the week down 5%. This price action is similar to Cardano and shows indecisiveness from buyers.
On the weekly timeframe, momentum indicators like the MACD remain bearish. Still, this meme coin has an opportunity to halt this downtrend and then establish a base for higher levels.
Once buyers reclaim $0.000018 as support, SHIB can hope for a sustained recovery towards the next major target of $0.000025.
Chart by TradingView
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Cryptocurrency charts from TradingView.
#ETH #XRP #ADA #BNB #SHIB