The bear market continues as Ether, VeChain and IOTA all trade in negative territory heading into the weekend
The crypto market’s bearish cycle extended this week, with Bitcoin still struggling around $30,000 and Ether slipping below the $2,000 mark. Ether, VeChain and IOTA are all trading in negative territory as the weekend approaches.
This downward pressure is likely to persist over the coming days, and the broader cryptocurrency market could see further losses. However, a market recovery could allow these tokens to recover some of the losses experienced 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 ETH/USD chart shows Ether under pressure and suggests the price could fall further in the near term.
4-hour ETH/USD chart. Source: Coinalyze
If the current downtrend continues, ETH/USD could break below the first major support level at $1,852. Unless the market sees an extended liquidation, ETH should be able to avoid dropping under the $1,800 area. Conversely, a market rebound could push ETH above the first major resistance level at $2,012.
VET price outlook
VET/USD is down nearly 4% over the past 24 hours. The 4-hour chart and other technical indicators show VeChain in bearish territory. If the decline continues, VET may slip below the $0.060 support level in the coming days.
4-hour VET/USD chart. Source: Coinalyze
Absent a prolonged market-wide sell-off, VET/USD should be able to defend the $0.055 zone over the weekend. To reverse the current weakness, VET will likely need support from a broader market rally. If such a rally occurs, VET could potentially retest the $0.073 level.
IOTA price outlook
IOTA is the weakest performer of the three, falling more than 5% in the last 24 hours. The 4-hour chart indicates a bearish trend in play and the price could decline further in the coming hours.
4-hour IOTA/USD chart. Source: Coinalyze
If the downtrend continues, IOTA risks losing the $0.60 support within hours or days. In a prolonged sell-off, IOTA could struggle to hold the $0.50 area. On the other hand, a market recovery could help IOTA clear the first major resistance at $0.73. A stronger rebound might allow IOTA to target the $0.80 level in the coming days.