The bear market remains in play as Ether, VeChain and IOTA prices all trade in the red ahead of the weekend
The bearish cycle in the cryptocurrency market continued this week. Bitcoin remains pressured near the $30,000 range while Ether slipped below the $2,000 threshold. As the weekend approaches, Ether, VeChain and IOTA are trading in negative territory.
That downward trend is likely to persist in the coming days, exposing these cryptocurrencies to further losses. Conversely, a market rebound could allow them to outperform recent moves and recover some of the ground lost this week.
ETH price outlook
Ether remains the second-largest cryptocurrency by market capitalization, but its price has underperformed in recent weeks. The 4-hour chart for the ETH/USD pair shows Ether facing pressure, and its price could decline further over the next few days.
4-hour ETH/USD chart. Source: Coinalyze
If the current downtrend continues, ETH/USD could drop below the first major support level at $1,852. Unless a deeper market sell-off occurs, Ether should be able to avoid falling below the $1,800 area.
On the other hand, a market recovery could push Ether above the first key resistance level at $2,012.
VET price outlook
The VET/USD pair is down nearly 4% over the past 24 hours. The 4-hour chart and other technical indicators signal that VeChain is in bearish territory. If the sell-off continues, the price could break below the $0.060 support level in the coming days.
4-hour VET/USD chart. Source: Coinalyze
Absent a broad market meltdown, VET/USD should be able to defend the $0.055 region over the weekend. To change the short-term outlook, VeChain would need support from a wider market rally. A positive turn could see the token attempt to reclaim the $0.073 area.
IOTA price outlook
IOTA is the biggest loser among the three, with its value falling more than 5% over the last 24 hours. The 4-hour chart points to a bearish trend and the price may move lower in the hours ahead.
4-hour IOTA/USD chart. Source: Coinalyze
If selling pressure persists, IOTA risks losing the $0.60 support in the near term. A prolonged decline could threaten its ability to hold around the $0.50 level. Conversely, a market recovery could push IOTA/USD above the first significant resistance at $0.73, and a stronger rally in the coming days could lift IOTA toward $0.80.