This week, we take a closer look at Ethereum, Ripple, Cardano, Dogecoin, and Polygon.

Ethereum (ETH)

The overall market has turned red, and ETH’s price has lost 15% in the past week. With support broken to the downside, Ethereum is struggling to find its footing and could go to $1,300, where the next key support is found.

The news that Ethereum could be considered a security is another blow that may intensify the current bearish momentum. As the pressure is building up, bears appear to become more confident.

Looking ahead, there is not much that can stop this selloff. Until the current sentiment shifts, the price action could lead to a re-test of the lows seen back in December 2022 (~$1,000).

Ripple (XRP)

Ripple had a small rally on the back of the current lawsuit that could see the company winning against the SEC. However, this turned out to be a brief moment of excitement as these most recent gains were quickly lost, and its price dropped by 3% this week.

The price action on this cryptocurrency is not as grim as most altcoins which are quickly approaching their lows from late 2022. With good support at 34 cents, XRP is holding much better than the overall market right now.

Looking ahead, XRP appears to continue its consolidation around 30 cents and may move sideways in the coming weeks. It is critical for buyers to defend the key support as failure there would open an opportunity for sellers to push the price much lower.

Cardano (ADA)

Unfortunately for Cardano, this past week was again a continuation of the significant correction that started in mid-February. In the process, ADA lost 15% of its valuation, and this selloff only appears to be intensifying with no sign of relief.

Buyers seem to have retreated at the 28 cents support and may attempt to make a stand there. If that l