This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Lido.
With the bullish momentum lost, Ethereum has entered a corrective phase, dropping by 5.9% in the past week. The price action is turning bearish.
Sellers rejected ETH again at the $1,660 resistance, and after several failed attempts to break this key level, the bulls could no longer control the price. For this reason, they may need to retreat to the next level of support found at $1,400.
Looking ahead, ETH is entering a correction that many consider being long overdue, considering the bullish price action from January. Sellers could be in charge during the next few weeks.
Ripple also suffered in the past seven days, losing 6% of its valuation. Buyers have retreated at the 36 cents support, and the price is likely to visit this level before they attempt to regain control. With clear lower lows and highs on the price, the trend right now is bearish.
The resistance is found at 40 cents, and until that is broken, a return to an uptrend is unlikely. The selling volume also increased as the price fell, and this is a bearish signal.
Looking ahead, XRP has two key support levels where buyers can take over again: at 36 or 33 cents. Both can give buyers sufficient confidence to resume the uptrend. However, if the price falls further, then a recovery would become less likely.
After a clear bearish divergence, the price fell by 9% in the past seven days. This reversal could last for a while, considering that Cardano exploded in January from 24 cents to over 40 cents.
The most likely candidate to stop this correction is the support at 30 cents. The levels in between appear too weak to be relevant should bears continue their dominance.
Looking ahead, the bias on ADA remains bearish until the price finds good support that can stop the current downtrend.
Solana (SOL)
Solana’s parabolic rally has ended. This is also confirmed by a 13.6% fall in price in the past week. Bulls failed to take SOL above the $27 resistance, and since then, the price trended lower.
The current support is found at $20, and buyers are struggling to defend this level. Pressure is building up at this price point, and sellers could soon break below it.
Looking ahead, the bias on Solana is bearish, and the best candidate to stop this correction is the support at $15.
Lido (LDO)
Lido is the unexpected performer of this past week, booking a 12.5% price increase. This surprising rally comes on the back of news related to the Ethereum upgrade (dubbed Shanghai) and unfavorable regulation of centralized exchanges in the US, which have been banned from offering staking services. This includes ETH.
These changes are bullish for Lido, and its price quickly rallied to $3 dollars before retracing to the key support at $2.5. The current trend is bullish, and buyers could attempt to break above $3 in the future.
Looking ahead, with ETH allowing withdrawals after the Shanghai upgrade, operations on Lido are expected to increase.
