Opinion: Market analysis of Ethereum, Ripple, Cardano, Shiba Inu and Polkadot

As reported by CryptoPotato, this week we will take a closer look at Ethereum, Ripple, Cardano, Shiba Inu Coin, and Polkadot. Ethereum’s downtrend appears to be ending as the price has decided to trade sideways above key support levels. As a result, ETH’s price increased by 2% this week. The cryptocurrency is now trading between the $2,900 support and $3,370 resistance. The longer it's integrated here, the more significant the eventual breakout will be. Looking ahead, ETH has formed a bullish crossover on the daily MACD, which could bring optimism and put bulls back in the driver’s seat. To confirm the bull bias, the $3,370 resistance must be broken. Ripple failed to hold above 53 cents earlier this month and fell all the way to 43 cents, which is now a key support level. Ripple has bounced back from this level, with prices up 6% this week. Even if buyers manage to defend the price and keep it above 43 cents, they seem unable to push the cryptocurrency to new highs. Resistance is at 54 cents, which may prevent any new buying interest. Looking ahead, Ripple has been in a wide range since late 2023, unable to achieve a major breakthrough. So far this year, that hasn't changed. Until that happens, don't expect a big rebound. Cardano found good support at 46 cents, with the price rising by 2.6% for the week. As long as key support levels hold, buyers may attempt to regain control of price action. The current resistance is at 61 cents, Cardano has not tested this level yet. If the support level holds, there could be a bounce. At that point, a test of key resistance levels becomes possible. Looking ahead, if buyers manage to halt the decline here, they may try to bring the cryptocurrency back into an uptrend next month. Shiba Inu Coin is up 14% in price this week, making it the best performer on our list. This is an impressive recovery considering prices hit new local lows a week ago. Key support is at $0.000025. So far, buyers have managed to hold on here and prevent SHIB from coming under further selling pressure. Resistance is at $0.000037. Going forward, the ideal scenario for this meme coin is to fluctuate above key support levels and eventually attempt a new rally in May. Polkadot’s price action was similar to Cardano, managing to find good support above $6.7. As a result, prices increased by 1.8% this week. The correction appears to be ending, and as long as key support levels hold, buyers can use this period to gather strength and test key resistance levels, currently at $7.7. Going forward, Polkadot may consolidate here and then attempt to resume its uptrend. This depends on whether the overall market turns bullish.