Ethereum (ETH) Declined by 15%
In the past few weeks, the entire cryptocurrency market has continued suffering. Things have not turned out to be very well even for the major cryptocurrencies.
The demise of the overall crypto market can be assessed from the huge drop recorded in the valuation of the industry.
Due to the downtrend, even the values of the major cryptocurrencies have continued moving in a downward direction.
The market analysis report for Ethereum is also suggesting that the asset has continued experiencing a downtrend. The value of the asset has failed to surge even in the past week.
The report shows that the trading price of Ethereum recorded a 15% demise in the past 7 days.
The data shows that although the bulls have been trying hard, they have not been able to push their price higher. Instead, the bears have continued increasing their pressure, which has continued pulling ETH’s price lower.
The analysts are afraid that Ethereum may end up breaking below the support level. This would result in the downside movement of the asset.
For now, the price of the asset is close to hitting the $1,300 level. Despite the attempts, the bulls have failed to push ETH higher than the support level.
The fear is growing among the investors that if the bulls are not able to muster up a stronger buying power, then ETH’s price may fall below $1,300.
This is the strong support level for ETH and the bulls will need to protect it with all their might. If they fail to inject enough buying force, ETH will lose its footing and may fall to the lowest levels.
Bears may Retest $1,000
There is a high chance that the bear may find it to be the best opportunity to increase its selling pressure. They may exert stronger selling power to cause another major pull in ETH’s trading price.
With the bulls moving out of the competition, the bears may try and retest their spirits.
Their next move would be to pull ETH below the $1,000 level. If the bears stay true to the cause, the price of ETH may fall below the $1,000 mark, last hit on December 2022.
On the other hand, the XRP trading price has continued to experience a downtrend. The data suggests that the value of the asset had experienced a rally, which remained intact for a short period.
After that, the trading price of XRP started losing the strong spirit injected by the potential win of Ripple Labs against the US SEC in the court.
With the magic going away, the trading price of XRP experienced a 3% dip in the past week. At the time of writing, the XRP price is over the $0.34 mark but as the asset is moving in the downward direction, it may fall to a low of $0.28.