Major cryptocurrencies experienced downward pressure this week as market sentiment turned bearish following a significant security incident at a major exchange.
Ethereum Under Pressure
Ethereum fell 7% on the weekly timeframe as buyers struggled to defend key price levels. The asset faces resistance at $2,400, a level that previously provided support. Current market conditions suggest a test of the $2,000 support level may occur in coming days. Price action is characterizing lower lows, though analysts note potential for a relief rally once the leading altcoin reaches its key support zone.
Ripple Extends Losses
XRP closed the week down 6% as sellers maintained pressure. The $1.3 level, which had served as resistance, was breached. The next support level sits at $1.17. With bearish momentum building, the token remains in a downtrend. Preventing a decline below $1 would be important for restoring buyer confidence, as the correction threatens to erase most gains accumulated since August.
Cardano Declines 10%
Cardano posted a 10% weekly loss after selling pressure intensified. The $0.20 support level was broken and now acts as resistance. The nearest support appears at $0.17, with further support at $0.15. The current correction follows the token's prior rally from $0.15 to $0.28.
Binance Coin Shows Resilience
BNB fell 7% despite the exchange experiencing a major security breach, suggesting underlying strength. The token is being tested at the $690 support level, with the next potential downside target at $580. Market participants face uncertainty as the exchange resolves recent events.
Hyperliquid Rallies on Partnership News
Hyperliquid gained attention following an announcement that it will serve as an infrastructure layer for ICE, the owner of the New York Stock Exchange, to deploy futures markets for US traders across crypto, equities, commodities, and foreign exchange. The token rallied to $97 but faced selling pressure near $100.
