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This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
Ethereum continued its downtrend this week and broke below the key support at $2,400, closing with a 6% loss. This puts bears back in charge of the price action. If buyers don’t show up soon, ETH may go to $2,000 next.
So far, this cryptocurrency has not made a lower low compared to the drop on August 5th, but it has made a lower high. This reinforces the bearish bias and does not give much hope for a reversal at this time. On the contrary, the price could revisit the lows from early August.
Looking ahead, Ethereum is in a difficult spot and may pull down most of the altcoin market if it fails to reverse this trend.
Ripple (XRP)
XRP is right on the 54 cents support, with sellers keen to push it under. The price closed the week with a 4% loss, and the momentum is bearish. If nothing changes, the current support may be lost soon. Should that happen, XRP may fall to 50 cents next.
With low volume and bears in control, the options for this cryptocurrency appear limited at this time and momentum continues to favor the sell side.
Looking ahead, XRP may fall to 50 cents or lower before buyers become interested again. Watch the current support for a confirmation of this bearish bias.
Cardano (ADA)
Cardano tried to stop the current downtrend but failed. It closed the week with a 9% loss and appeared to be struggling at the time of this post. Its price is also dangerously close to the key support at 31 cents, which may soon be put under pressure.
Without a clear reversal of this downtrend, ADA holders may continue to suffer from lower price levels until a bottom is found. The drop in early August saw buyers rush to this cryptocurrency when the price briefly touched 28 cents.
Looking ahead, ADA is about to test the support at 31 cents. If that holds, buyers have a good chance to reverse this downtrend. The alternative is a quick drop under 30 cents.
Binance Coin (BNB)
Binance Coin had a good year until June when it reached its current all-time high. Since then, the price has entered a prolonged correction. Nevertheless, buyers have managed to keep it above $500 for most of this time.
BNB is now back on the $500 support after falling by 6.5% this week. If buyers don’t show strength here, a loss of this support could be a significant defeat that may make the price lower low.
Looking ahead, the $500 level is a key pivot point. If it fails, bears will dominate the price action.
Solana (SOL)
Solana tried its best to remain bullish, but the market had other plans. Its price fell by 8.5% this week, and bears do not appear to be satisfied. On the contrary, the recent breakdown of the $134 support level shows that SOL could drop more.
The most important support level on the chart right now is found at $100. While that is still some distance away, if this momentum remains unchanged, then Solana could revisit that level.
Looking ahead, the sentiment around this cryptocurrency is slowly shifting bearish since it failed to make new highs since March. The current price action shows new lows are likely as well.
