• Crypto Prices suffered a sudden drop last night, with Ethereum decreasing by 5%, Ripple falling to the 36 cents support level, and Cardano breaking below its critical support at 35 cents.
• Ethereum is now under pressure and it is uncertain if this selloff has ended or may continue.
• Buyers do not appear interested in cryptocurrencies at this time, and the trend is bearish for most of them.
Crypto Price Analysis Mar-3
The market saw a sudden drop last night, dragging Ethereum’s price down by 5% in the past week, going back to the key support at $1,550. It remains unclear whether this selloff has ended or may continue further as buyers appear to be under pressure currently. ETH was rejected from the $1,700 resistance earlier and has since been trading within a flat channel on the daily timeframe. A break below the current support could take it much lower.
Ripple dropped quickly to 36 cents support level overnight, registering a 5.6% decrease in this past week. It follows lower lows and lower highs indicating a bearish trend for now. If sellers manage to break through the present support level then XRP will likely experience further losses towards 33 cents. Momentum indicators like MACD and RSI are both bearish showing no sign of an imminent reversal yet so this correction can still go on for some time.
Cardano fared worse than XRP with its price breaking below 35 cents critical support level during this downturn period along with booking an 8% decline in just one week alone. Its key resistance is found at 43 cents which appears too far away from its present state considering that buyers show no interest towards it currently as well as momentum indicators being fully bearish with no sign of recovery anytime soon .
Binance Coin (BNB) & Solana (SOL)
In comparison to other cryptos mentioned above Binance coin was only able to conserve its losses within 6%. This places BNB at minor resistance around $280 before hitting another major resistance of $290 if buyers regain strength again which looks unlikely right now due to weak momentum indicators favoring sellers instead . As for Solana ,the token managed to remain relatively stable compared to others with only 3% decline while being held up by strong buying pressure near $25 but similarly facing bearish momentum indicator readings hinting towards more downside risk ahead if 28$ resistance fails .