Ethereum (ETH)
Ethereum and most of the market closed March in red and April opened with a tariff war which crashed prices this week. ETH fell by 8% and made a new low against Bitcoin as well.
The sentiment is bearish, and the price also made a lower low, falling under $1,800. This was a key support that has now turned into resistance. With buyers on the defensive, they will likely retreat to $1,600, which will be the next support level now.
Looking ahead, Ethereum’s downtrend appears to be intensifying. Worse, it closed the past four monthly candles in red since December 2024. This puts this cryptocurrency in a bear market and we do not know where the price will bottom.
Ripple (XRP)
XRP closed the week with a 10% loss, being unable to face the sell pressure from the overall market. Nevertheless, somehow, buyers were still able to keep the price above the $2 support.
This resilience is impressive considering major altcoins like ETH and SOL have made lower lows in the past few months. This gives hope, but it is also a big concern. If this key support falls, then XRP could quickly go to $1.6 next.
Looking ahead, XRP is back at a key level that will be decisive for its price action in the weeks to come. Failure to hold at $2 will likely turn that level into key resistance as bears take over. Keep a close eye out for any weakness here.
Cardano (ADA)
ADA is in a similar boat to XRP and fell by 11% this week. The key support at $0.64 continues to hold at the time of this post, but appears fragile. A breakdown at any point will see the price rush towards $0.5 next.
The momentum is bearish, and the key support will likely be unable to hold another push from sellers. This can happen at any moment. Until then, watch the key level at $0.64 as it will determine where ADA goes from here.
Looking ahead, Cardano’s downtrend remains intact, and new lows will likely become the longer buyers remain absent from the order book. The daily buy volume is also making lower highs, which encourages sellers to return.
Solana (SOL)
Solana is starting to follow on the footsteps of Ethereum with two consecutive monthly candles closed in red now (February and March). This is the first major bearish signal since 2022 when this last happened and a bear market followed.
Worse yet, SOL fell by 14% this week and lost the key support at $118, which is now resistance. If nothing changes, this downtrend may take Solana to $100, the next major support level.
Looking ahead, this cryptocurrency is dangerously close to losing a three-digit price. A drop below $100 would be a major blow to any bullish hopes for Solana. Until that happens, buyers still have a shot at defending the price.
Shiba Inu (SHIB)
With memes losing their appeal, the market pushed them into a major discount. SHIB is no different and fell by 11% this week, bringing it closer to the support at $0.000010.
In the past, the current support was a key pivot level where SHIB bounced and began a recovery. If buyers return there, SHIB could enter a relief rally. However, if the overall market remains bearish, it could be short-lived.
Looking ahead, SHIB’s price action is characteristic of a downtrend with clear lower lows and lower highs. Until that changes, the bias remains bearish.
Conclusion:
The cryptocurrency market has been experiencing a significant downturn in recent weeks, with many major cryptocurrencies experiencing significant price drops. Ethereum, Ripple, Cardano, Solana, and Shiba Inu are all struggling to find support, and their prices continue to fall. As the market remains bearish, it is likely that these cryptocurrencies will continue to experience downward pressure.
FAQs:
Q: What is the current state of the cryptocurrency market?
A: The cryptocurrency market is currently experiencing a bearish trend, with many major cryptocurrencies experiencing significant price drops.
Q: What is causing the decline in cryptocurrency prices?
A: The decline in cryptocurrency prices is likely due to a combination of factors, including the tariff war, bearish sentiment, and decreased investor confidence.
Q: What is the outlook for Ethereum, Ripple, Cardano, Solana, and Shiba Inu?
A: The outlook for these cryptocurrencies is bearish, with all of them experiencing significant price drops in recent weeks. It is likely that they will continue to experience downward pressure in the coming weeks.
Q: What can investors do to protect their investments?
A: Investors can protect their investments by taking a cautious approach and avoiding making impulsive decisions. It is also important to diversify their portfolios and consider investing in other assets outside of the cryptocurrency market.
