Ethereum (ETH) and several major cryptocurrencies are showing weakness. In particular, Ethereum has plummeted more than 60% in the past 4 months, dropping to $1,400.
Ethereum fell to $1,400 on Wednesday before rebounding with buying pressure, but recorded a significant 14% loss on a weekly basis. It has continued to experience an extremely weak market, falling more than 60% over the past 4 months.
XRP collapsed below the key support level of $2, dropping to $1.6, but recovered to the $2 level with strong buying pressure. While weekly losses were limited to 4%, the downward trend was confirmed with recent low point breakthroughs.
Cardano (ADA) fell to $0.5 as the $0.64 support level turned into a resistance level. Weekly losses were 5%, with additional support expected to form at $0.5 and $0.45.
Solana (SOL) experienced heightened crisis sentiment as it broke below the $100 level, but successfully rebounded with buying pressure. Weekly decline was limited to 1%, but it may fall below $100 again if it fails to break through the $118 resistance.
Binance Coin (BNB) showed relative strength by defending the $550 support level. Weekly losses were limited to 3%, and it has maintained a solid position by hovering around the $600 level for over a year.
An exchange official analyzed, "BNB, which has been consolidating near $600, appears to be preparing for its next significant move."
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