May 3rd Cryptocurrency Market Update: Spotlight on Ethereum (ETH), Ripple (XRP), Cardano (ADA), Shiba Inu (SHIB), and Polkadot (DOT)
Ethereum (ETH)
Ethereum experienced a significant dip this week, breaking under the $3,000 mark and closing with a 5% loss. This latest downturn has resulted in a lower low, indicating that bears are still dominating the price action. The current support level is at $2,900, a critical point that buyers must protect. If this level fails, the next significant support is expected at $2,500. Ethereum was quickly rejected at the $3,350 resistance in late April, and since then, the price has been on a downward trend. The bias remains bearish, but the hope is that May will bring better news for this cryptocurrency.
Ripple (XRP)
Ripple’s price continues to fluctuate, closing the week with a 1% loss. Despite this relatively small change, volatility was high this week, with the price briefly dropping to 48 cents before rebounding. The resistance is found at 54 cents, a level the price seems unable to break at this time. Therefore, XRP is more likely to move sideways under this key resistance. If sellers return in force, the next key level of support is at 50 cents. While the chart is bearish, there is hope that sellers will become exhausted after their domination in April.
Cardano (ADA)
Cardano was rejected by the resistance at 46 cents and appears to still struggle. The price is in a downtrend and has fallen by 4% this week. If buyers don’t return soon, then ADA may make new lows and approach the key support at 40 cents. If that also falls, then buyers could return at 37 cents where ADA had strong demand in the past. Sell volume has been declining even if the price is falling, which could be an early sign that selling may subside and bulls could be provided with an opportunity to recover some of the recent losses.
