On February 7, 2025, the crypto market experienced significant price movements, with key players such as Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Solana (SOL) facing substantial changes. Here’s an in-depth analysis of each.
Ethereum (ETH)
During Monday’s unexpected crypto crash, Ethereum’s value plummeted to $2,100 before regaining some stability. Despite a 16% weekly loss and current price hovering around $2,700, the coin couldn’t break the $3,000 resistance level. The selling pressure and bearishness are evident in the market, with Ethereum’s MACD indicating a bearish cross on the weekly chart.
Going forward, Ethereum’s critical support stands at $2,400. Investors must uphold this level to prevent a potential slump below $2,000.
Ripple (XRP)
XRP experienced a price drop to $1.8 on Monday, curtailing its rally. The price decline left sellers in control, leading to a 24% weekly loss. Currently priced at $2.3, XRP could see further decreases to $2 or $1.6, significant support levels.
Despite buyer interest below $2, the overall sentiment remains bearish. XRP appears to be entering a major correction phase, which may last several weeks before any significant upward movement.
Cardano (ADA)
Cardano also faced a challenging week, with its price dropping to $0.5 on Monday before a slight recovery. Despite this, ADA ended the week with a 21% loss. The bearish momentum suggests the downtrend may continue.
ADA’s primary support level is $0.64, which could potentially halt the downward trend. However, if the bearish sentiment persists, this may be a temporary halt before lower levels are reached.
Binance Coin (BNB)
BNB faced a significant test of resilience on Monday, with its price dropping to a low of $500, unseen since September 2024. Despite efforts to maintain BNB above $600, the week ended with a 15% loss.
BNB has robust support at $550 and $500. However, in the current market climate, the best outcome for BNB would be a bounce that tests the $600 resistance level.
Solana (SOL)
SOL holders were hit hard on Monday when the price slipped below $200. Despite attempts to revive it above this level, SOL ended the week with a 19% loss, and it currently trades around $190. The $200 level has now become a significant resistance, with $164 acting as the crucial support.
Looking ahead, SOL’s bearish momentum, indicated by the MACD and RSI making lower highs, suggests that sellers may maintain control over the price for some time. A potential reversal could occur in the $164 to $134 range.
