At the beginning of the week, bearish sentiment prevails over bullish as indicated by trading platforms.
Current Market Situation
Currently, many leading cryptocurrencies exhibit a downward trend. This trend may provide opportunities for subsequent reversal.
Ethereum and Solana Analysis
The rate of Ethereum has declined by 1.25% over the last 24 hours, showing a bearish outlook. If the price continues to fall to the $3,304 mark, it may lead to a breakout followed by a test of the $3,200 zone. Solana dropped by 2.76%, standing in the middle of the channel. However, if the daily bar closes around the current levels, a test of the $180 range could be expected.
Binance Coin and Cardano Assessment
Binance Coin fell by 2.12%, heading towards the support level of $682.68. If this level is broken, traders might witness a test of the $670 mark. Cardano decreased by 5.26%, breaking the support of $0.8507. If sellers' pressure continues, the altcoin could be seen around the $0.80 zone.
The market shows significant downward movements; however, this may create conditions for future trend changes.
