🔴$ETH $XRP $ADA Technical Updates & Analysis 🔴
Despite the fact that several Ethereum ETFs went live this week, the price had a different take on this historic event. It fell by over 10%, turning the ETF launch into a sell-the-news moment.
The recent price drop also saw the support level at $3,300 turn into a resistance. If buyers don’t reclaim that level soon, then sellers may be encouraged to take ETH all the way to $2,800.
Looking ahead, the ETF has made the price quite volatile, and it may take some time before ETH returns on an uptrend. Grayscale, one of the largest ETH ETFs, is a net seller at the time of this post. As long as this continues, it is unlikely for ETH to make sustained gains.
XRP continues to look healthy on the weekly chart and closed with an 8.7% price increase. This is a great performance, which gives hope that the resistance at 68 cents could be tested in the future.
The momentum remains bullish, but buying volume has been declining lately, which is a sign of weakness. Hopefully, buyers can return soon with conviction.
Looking ahead, XRP has a good shot at moving higher. Should a pullback start, the support at 54 cents has a good chance of stopping sellers.
As soon as ADA reached the key resistance at 46 cents, sellers immediately jumped on it to take the price lower. This is why this cryptocurrency closed the week with a 2.5% loss.
Cardano was not so fortunate like XRP and mirrored the price action of Ethereum. This recent drop in the price nearly reached the key support at 37 cents before buyers returned.
Looking ahead, ADA has a difficult road ahead, and this latest price action does not inspire confidence. To change that, bulls have to break above 46 cents.
