Summary of Ethereum, Ripple, Cardano price analysis

The cryptocurrency market remains under pressure this trading week, Bitcoin has dropped below $ 43,000 for a moment, and the risk of further declines is still not averted. This situation also negatively affects the price of Ethereum ETH / USD, Ripple XRP / USD and Cardano ADA / USD, and traders should be very careful when opening their positions.

If the price of Bitcoin falls back below the support level of USD 45,000 it would be a clear “sell signal” and this would put further pressure on the entire cryptocurrency market. Bank of Mexico Governor Alejandro Diaz de Leon said Thursday that cryptocurrencies are high risk investments and poor store of value.

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These comments suggest that Mexico will not be as quick as El Salvador in adopting digital currency as a parallel legal tender.

“Whoever receives Bitcoin in exchange for a good or a service, we believe that (transaction) is more like bartering because that person exchanges a good for a good, but not really money for a good. People will not want their purchasing power, their wages, to increase or decrease by 10% from one day to the next, ”said the Governor of the Bank of Mexico, Alejandro Diaz de Leon.

Ethereum (ETH) continues to trade above the USD 3000 support

Ethereum (ETH) has weakened from $ 4025 to $ 3015 in less than several days, and the current price is around $ 3471.

Data source: tradingview.com

If the price falls below the USD 3000 support it would be a firm “sell” signal and the next target could be around USD 2800. The risk of a further decline is unlikely to be eliminated, but if the price climbs above $ 3,700, we will have the way to the $ 4,000 resistance.

Ripple (XRP) is currently trading very close to the strong support level at 1

Ripple (XRP) is currently trading very close to the strong support level at $ 1, which suggests that the price could weaken even further. If the price breaks this support level it would be a very strong “sell” signal and the next target could be around $ 0.80.

Data source: tradingview.com

Traders should use stop-loss and take-profit orders when opening their positions as the risk is currently high. On the other hand, if the price rises above $ 1.35 this could be a very good opportunity for the short term traders and the next target could be around $ 1.50.

Cardano remains under pressure

Cardano (ADA) has dropped from $ 3.09 to $ 2.02 since Sep 2nd, and the current price is around $ 2.5.

Data source: tradingview.com

There are some obvious risks involved in buying ADA these days, and if the price drops below the $ 2 support it will likely hit the $ 1.5 level soon.

summary

All of the major cryptocurrencies have weakened this trading week, and this situation is also putting pressure on the price of Ethereum, Ripple and Cardano. Bank of Mexico Governor Alejandro Diaz de Leon said Thursday that cryptocurrencies are high risk investments and poor store of value.

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