Ethereum
ETH, XRP, ADA, DOGE and DOT — TradingView News
This week we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polkadot.
CryptoPotatoEthereum (ETH)
Ethereum is down 3% this week and buyers appear to be struggling to defend key support at $3,500. So far, they have managed to avoid a breakout. If sellers keep up the pressure, ETH could face a rough week.
The last five weekly candles have closed with a lower low. This puts the second-largest cryptocurrency in a clear downtrend. To reverse this trend, ETH needs to break above $3,700. This would also pave the way for a challenge at the key resistance at $4,000.
Looking ahead, Ethereum price is at a pivot point. Buyers must defend the support at all costs, or ETH could quickly drop towards $3,000 next time. Ripple (XRP)
XRP seems to be mirroring ETH and has also dropped 2.7% this week. The last five weekly candles have closed in the red, but the price action shows some indecision from the bears due to the decreasing volume on the selling side.
So far, the price has managed to hold well above 46 cents and is moving sideways on the daily chart. If the bulls take a position here, they could then attempt to challenge the resistance at 54 cents later.
Moving forward, XRP could consolidate below 50 cents before another attempt to move higher. Hopefully, the key resistance can be broken in the next attempt to put this cryptocurrency back on an uptrend. Cardano (ADA)
ADA had a much better week after its price rose 4.8%. Key support at 37 cents held up well and this allowed buyers to return to the offensive.
So far, sellers appear to be absent, but they may soon return if the overall market remains bearish. Nonetheless, as long as key support remains held, this could signal that the correction for ADA is over.
Moving forward, ADA needs to maintain this bullish momentum and aim to challenge the resistance at 46 cents.
Dogecoin (DOGE)
Last week, DOGE had a rough patch after its price fell below the 13.5 cent support. This week, the price managed to move sideways and stop this correction thanks to low volatility. Sellers also seem to have lost interest.
Current support lies at 10 cents and the bears have not touched this level at the time of writing. A test could follow later if buyers fail to push DOGE into an uptrend.
The chart remains bearish, but this is an opportunity for buyers to take a position and take control of the price action.
Polka dot (DOT)
DOT has finally recovered after a great bounce off the key $5.3 support. The price is also up 10% this week, making it the best performer on our list.
The biggest challenge for the bulls is the key resistance at $6.7. This reversal must break it if buyers are to regain full control of this cryptocurrency.
Looking ahead, Polkadot looks promising for a sustainable reversal. To confirm this, watch for the key resistance that will decide where DOT goes next.