Crypto Market Update: Ethereum Flatlines, Ripple's Bearish Pennant Forms
Ethereum's price has remained flat compared to last week due to sellers stopping its rally at $2,000 and pushing it into a pullback. At present, Ethereum is trading around $1,890 and may retest the support at $1,800 next.
Despite recent gains from $1,500, this cryptocurrency remains in a macro downtrend with clear lower lows and lower highs. If buyers want to put an end to this, they need to turn $2,000 into support.
Ripple has fallen by 3% this week and is now just above the $1 support level, forming a pennant that could highlight a continuation of its prevailing trend once it escapes. In this case, that's bearish.
Cardano managed to close this week in the green with only a 2% gain. The support at $0.15 has been reconfirmed, and this cryptocurrency has a good shot at moving towards $0.20. Eventually, the resistance at $0.23 must be reclaimed to turn bullish.
Binance Coin is up 4% this week after buyers managed to take it above the support at $580. As long as this key level holds, bulls have the upper hand and may aim for $690 next, which is the key resistance.