On Friday, we will detail Ethereum, Ripple, Cardano, Solana, and HYPE.
Ethereum ($ETH )
Ethereum closed the week with a price increase of 4%, currently settling above $2500. This is impressive, especially since its price was $2100 just two weeks ago.
With buyers returning, optimism in the market is increasing, which may finally allow it to test and break the resistance level at $2800. As long as the price is above $2500, the bulls have the advantage, and prices are likely to rise.
Looking ahead, Ethereum shows a clear upward trend across momentum indicators like MACD and RSI, which are recording higher lows. The only missing element for a breakout is the buying volume, which is still lagging and has not yet recorded higher highs.
Ripple ($XRP )
The bulls had a good week and tested the resistance level at $2.3 again. Although they haven’t been able to break this level yet, the price managed to rise by 6%.
With clear ups and downs, XRP is moving in an upward direction that may eventually break the major resistance level. If successful, buyers may aim to start a rally towards $2.6 next, which is a key target once it drops.
This long-term stability above $2 indicates that this cryptocurrency may experience a sharp increase in volatility once it breaks out of its current range. The market tends to rise, and it is likely to see a rapid increase to $2.6 and above if buying volume increases later.
Cardano ($ADA )
After a tough period in June, ADA seems to have finally found a local bottom above $0.50. Recently, the price recorded a higher peak and managed to close the week up by 5%. This is encouraging and could allow it to reverse its downtrend.
With buyers in control, the altcoin has a good chance to test the resistance level at $0.64, which previously served as a major support. To shift the upward trend, ADA will need to raise its price above $0.64.
This cryptocurrency faces a tough road, having recorded its lowest levels in over six months. To reverse this trend, buying volume must increase significantly. The first step towards that is regaining $0.64.
Solana (#SOL )
Solana managed to return above the $150 level, which is an important psychological level. This allowed the price to close the week up by 6%. Although this is encouraging, buyers need to keep the price above this level if they want to maintain control.
Given the recent rise, the price of Solana may form an inverted head and shoulders reversal pattern on the daily timeframe. To confirm this, Solana needs to exceed $170 and establish a higher peak.
Moreover, trading volume should increase given its stability for months. Currently, momentum indicators suggest a rise, but without an increase in trading volume, it will be difficult for buyers to push this cryptocurrency higher. As long as the $150 level holds, the optimists will remain in control.
Hype (#HYPE )
HYPE had a good week, rising by 5%. However, the price movement shows buyer exhaustion. Each time it tried to regain its value and stay above $40, sellers returned to push it down.
With weak momentum and trading volume, HYPE seems to be struggling currently, unable to achieve higher highs. On the contrary, if the price does not exceed $40, sellers will have a chance to push it down.
In the future, HYPE may form a complex local top, potentially prolonging its current correction period after its latest all-time high of $46. Accordingly, it is unlikely that this cryptocurrency will record new all-time highs anytime soon.
