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All major cryptocurrencies plummeted this Thursday and ongoing sales are not over yet. The price of Ethereum, Litecoin, and Ripple is also under pressure from this situation and over $ 25 billion was wiped out of the market in less than 24 hours.
Despite this negative news, it’s important to remember that Russian Prime Minister Mikhail Mishustin said this week that the country will recognize cryptocurrencies as property, allowing their owners to protect their interests in court.
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Ethereum (ETH) has weakened below the $ 500 level
Ethereum (ETH) is currently trading below the $ 500 level and this could be an indication that the price could weaken even further. The price of this cryptocurrency lost more than 12% this Thursday, but it is still in a green zone on a weekly basis.
Traders should keep in mind that the price could weaken even more by the end of this trading week and there are some obvious risks when it comes to trading Ethereum (ETH) currently.
The current support levels are $ 440 and $ 400, $ 560 and $ 600 represent the resistance levels. As long as the price is above the $ 400 support level, this cryptocurrency remains in the “buy” zone and there is no indication of a turnaround in my opinion.
If the price breaks through this support level it would be a very strong “sell” signal and possibly an indication that Ethereum is entering a “bearish” market again. On the other hand, if the price jumps above $ 560, this could be a great opportunity for short-term traders and the next target could be around $ 600.
Litecoin (LTC) price is still above the $ 60 support
Litecoin (LTC) lost over 17% this Thursday, but the price is still trading above $ 60 which represents a very strong support level. Litecoin remains in a bull market for now, but traders should use “stop loss” and “take profit” orders when opening their positions because the risk is very high currently.
The major support levels are $ 60 and $ 50, $ 75, $ 80 and $ 85 represent the resistance levels. If the price jumps above $ 75 again, it would be a signal to buy Litecoin (LTC) and we have the way open to $ 80, but if the price drops below $ 60 it would be a strong “sell” signal.
Ripple’s (XRP) price is in a buying zone
Ripple’s (XRP) price has gone from $ 0.27 to $ 0.75 in less than five days and the current price is around $ 0.53. According to the rules of technical analysis, the main trend of this cryptocurrency still remains “bullish”.
It is not uncommon to see sizable corrections in the market after massive rallies such as Ripple in recent days.
The current resistance levels are $ 0.60 and $ 0.65, $ 0.50, $ 0.45, and $ 0.40 represent the important support levels. If the price jumps above $ 0.60 again, it would be a signal to buy Ripple (XRP) and a great opportunity for short-term traders.
On the other hand, if the price falls below the $ 0.40 support, it would be a strong “sell” signal and we have the way open to $ 0.30.
Summary
All major cryptocurrencies plummeted this Thursday, and some analysts say the correction is not over yet. The cryptocurrency market has lost billions of dollars within hours and traders should keep in mind that the cryptocurrency market could weaken even more by the end of this trading week. Despite this, Ethereum, Litecoin, and Ripple still remain in a bull market and it is not uncommon to see sizable corrections in the market after massive rallies.
