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 several Ethereum ETFs going live this week, the price took a different view of this historic event. It fell more than 10%, turning the ETF’s launch into a selling news moment.

The recent price decline also saw the $3,300 support level turn into resistance. If buyers do not recover this level soon, sellers may be encouraged to take ETH up to $2,800.

Looking ahead, the ETF has made the price quite volatile and it may be some time before the ETF returns to an uptrend. Grayscale, one of the largest ETH ETFs, is a net seller at the time of this publication. As long as this continues, ETH is unlikely to make sustained gains.

Chart for TradingView Ripple (XRP)

XRP continues to look healthy on the weekly chart and closed with a price increase of 8.7%. This is a strong performance, which gives hope that the resistance at 68 cents may be tested in the future.

Momentum remains bullish, but buying volume has been easing lately, which is a sign of weakness. Hopefully, shoppers can return soon with conviction.

Looking ahead, XRP has a good chance of moving higher. Should a pullback begin, support at 54 cents has a good chance of stopping sellers.

Chart for TradingView Cardano (ADA)

As soon as ADA hit key resistance at 46 cents, sellers immediately jumped in to push the price lower. That is why this cryptocurrency closed the week with a loss of 2.5%.

Cardano was not as lucky as XRP and mirrored Ethereum’s price action. This recent drop in price nearly hit key support at 37 cents before buyers returned.

Looking ahead, ADA has a tough road ahead, and this latest price action does not inspire confidence. To change that, the bulls need to break above 46 cents.

Chart by TradingView

Binance Coin (BNB)

After BNB hit a new all-time high (ATH), the price went into a deep correction and bounced back from the $500 level. Buyer appetite returned there, allowing this cryptocurrency to close the week with a 1% price increase.

The current resistance and ATH is $721. If the bulls come back strong, this will be their main focus in the coming months.

Looking ahead, BNB appears to be consolidating between key levels before a more decisive move begins to unfold.

Chart by TradingView

Shiba Inu (SHIB)

SHIB continues to struggle around the $0.000018 level and closed the week with a 5% loss. This price action is similar to Cardano and shows some indecision on the part of buyers.

In the weekly period, momentum indicators such as the MACD continue to bear down. However, this meme coin has a chance to stop this downtrend and form a base for higher levels later.

Once buyers claim $0.000018 as support, SHIB can expect a sustained rally towards $0.000025, which would become the next key target.

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