This week, we examine Ethereum, Ripple, Cardano, Solana, and Shiba Inu in greater detail.
Ethereum (ETH)
Ethereum and most of the market closed March in red, as April commenced with a tariff war that significantly impacted prices this week. ETH fell by 8%, establishing a new low against Bitcoin.
The prevailing sentiment is bearish, with the price making a lower low and dropping below $1,800, a crucial support level which has now transformed into resistance. As buyers retreat, the next support level for ETH appears to be $1,600.
Looking ahead, Ethereum’s downtrend seems to be intensifying. Notably, the cryptocurrency has closed the past four monthly candles in red since December 2024, positioning it firmly in a bear market. It remains uncertain where the price might bottom.
Ripple (XRP)
XRP closed the week with a 10% loss, unable to withstand the selling pressure pervading the overall market. However, buyers managed to keep the price above the $2 support, which demonstrates a degree of resilience amidst the downturn.
This persistence is noteworthy, especially as major altcoins like ETH and SOL continue to record lower lows. Nevertheless, if the $2 support falters, XRP could quickly decline to $1.6.
Going forward, XRP finds itself at a pivotal level that will dictate its future price movements in the coming weeks. A failure to maintain the $2 support could pivot that level into resistance, allowing bears to take control. Vigilance is essential in this regard.
Cardano (ADA)
ADA experienced a similar fate, falling by 11% this week. The critical support at $0.64 has held for now but appears increasingly fragile. A breakdown here would likely see the price plummet towards $0.5.
The current momentum is bearish, with expectations that the support may not withstand a determined push from sellers. Consequently, attention should be directed towards the $0.64 threshold, as it will significantly influence ADA’s trajectory.
As it stands, Cardano’s downtrend remains evident, with new lows appearing likely as long as buyer activity remains low. The daily buy volume is also experiencing lower highs, which typically encourages sellers to re-enter the market.
Solana (SOL)
Solana has begun to mirror Ethereum, having closed two consecutive months in red—February and March—which indicates a significant bearish signal. This situation harkens back to 2022, a time when similar indicators preceded a bear market.
Compounding worries, SOL has declined by 14% this week and breached the crucial support at $118, which has now shifted to resistance. Should current trends continue, Solana may find itself gravitating towards $100, the next pivotal support level.
Solana is perilously close to the risk of losing its three-digit valuation. A fall below $100 would severely undermine any bullish outlook for this cryptocurrency. That said, until that point, buyers still have a chance to prop up prices.
Shiba Inu (SHIB)
As the allure of meme coins fades, the market has seen these assets, including SHIB, enter a significant discount phase. SHIB fell by 11% this week, inching closer to the support level at $0.000010.
This support level has historically served as a key pivot point, often leading to rebounds and recoveries. Should buyers return at this level, SHIB could potentially initiate a relief rally. However, if the overall market sentiment remains bearish, such a rally may be short-lived.
Turning to the future, SHIB’s price action reflects a consistent downtrend characterized by clear lower lows and lower highs. Until this trend reverses, the sentiment will remain bearish.
