The cryptocurrency market has entered a phase of significant decline, focusing on Ethereum, Solana, XRP, and ADA, which have witnessed large-scale liquidations over the day.
Ethereum Price Analysis
Ethereum's price has dropped below critical support levels, including the $2500-$3000 range. This decline has raised fears of a potential bearish trend as the lower highs and lows continue to form. A daily candle close beneath these levels is needed to confirm a bearish trend, but Ethereum's outlook remains cautious with resistance at higher levels around $3430 to $3560.
Solana Price Prediction
Solana is following a similar downward trend as Bitcoin and Ethereum. It recently broke below a crucial support level around $220-$225. Breaking below $220 has led to a drop to $200-$190, with the next support potentially around $177-$180. The old support zone between $220 and $225 will now likely act as resistance. Overall, Solana's price remains in a bearish trend for the short term.
XRP and ADA Price Prediction
XRP is also demonstrating a bearish trend similar to Bitcoin and Ethereum. It has broken below the $2.60-$2.70 support where the price previously bounced. If it closes below this level, XRP could fall to around $2.33-$2.26. The RSI on the 4-hour chart is approaching oversold territory, which might indicate the potential for a short-term price bounce. Cardano is facing strong resistance above the $1 level and has been struggling to break through it for months. The price has now fallen below critical support around $0.72-$0.73, and further decline might push it down to $0.60, representing a potential 25% decrease.
The current state of the cryptocurrency market is marked by a substantial decline in the prices of major altcoins. This raises concerns among investors and requires a clear strategy to minimize losses.
