Crypto Market Sees Slump as ETH, XRP, ADA Prices Plummet
Ethereum (ETH) dropped by 3% this week as its price declined to $2,400. The current support level is at $2,400 and may soon be tested due to a bearish momentum shift.
If ETH holds above $2,400, it has a chance to make higher highs. However, if the price falls below this key level, sellers will gain control, sending the cryptocurrency lower.
Ethereum needs to consolidate around its current levels to maintain its rally. The challenge is that buy volume is declining, and bulls are showing signs of exhaustion, making a deeper correction more likely.
Ripple (XRP) had a bad week after the price crashed 9%. This follows sellers rejecting a breakout at $1.6 resistance. With bulls on the defensive, they have retreated at the $1.3 support level. A test of the key support appears imminent based on current price action.
Cardano (ADA) is similar to XRP as it also failed to clear the resistance at $0.23. This is bad news for bulls, and the price closed 9% lower this week. With bullish momentum under threat, buyers will struggle to regain control here.