Crypto Price Analysis – September 6: Ethereum, Ripple, Cardano, Binance Coin, and Solana
This week, we take a closer look at the performance of Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
Ethereum continued its downtrend this week, breaking below the key support level at $2,400 and closing with a 6% loss. This shift has given the bears control of the price action. If buyers do not intervene soon, ETH may drop to $2,000 next.
Despite not making a lower low compared to the drop on August 5th, Ethereum has made a lower high. This reinforces the bearish sentiment and diminishes hopes for a reversal at this time. The price could potentially revisit the lows from early August.
Looking ahead, Ethereum is in a challenging position and may drag down most of the altcoin market if it fails to reverse this trend.
Ripple (XRP)
XRP is currently testing the 54 cents support level, with sellers pushing it lower. The price closed the week with a 4% loss, and the momentum remains bearish. If the current support is breached, XRP could fall to 50 cents next.
With low volume and bears in control, the options for XRP are limited, and the momentum continues to favor the sell side.
Looking ahead, XRP may drop to 50 cents or lower before buyers show interest again. Monitor the current support for confirmation of this bearish trend.
Cardano (ADA)
Cardano attempted to halt its downtrend but was unsuccessful, closing the week with a 9% loss. The price is dangerously close to the key support level at 31 cents, which could soon come under pressure.
Without a clear reversal, ADA holders might face continued declines until a bottom is established. During the early August drop, buyers showed interest when the price briefly touched 28 cents.
Looking ahead, ADA is poised to test the support at 31 cents. If this support holds, buyers might reverse the downtrend. Otherwise, a swift drop below 30 cents is possible.
Binance Coin (BNB)
Binance Coin had a strong performance until June, reaching its all-time high. Since then, it has entered a prolonged correction phase. Despite this, buyers have kept the price above $500 for most of this period.
BNB is now testing the $500 support level after falling 6.5% this week. If buyers fail to show strength at this level, losing this support could lead to a significant decline.
Looking ahead, the $500 level is a crucial pivot point. If it fails, bears will likely dominate the price action.
Solana (SOL)
Solana struggled to maintain its bullish momentum this week, with the price falling 8.5%. The recent breakdown of the $134 support level suggests that SOL could decline further.
The most critical support level on the chart is now at $100. Although it is still some distance away, if the current momentum persists, Solana may revisit this level.
Looking ahead, sentiment around Solana is shifting towards bearish as it has failed to make new highs since March. The current price action indicates that new lows are likely.
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