This Friday, we will take a detailed look at the latest price dynamics of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid (HYPE) to see whether they will rise or fall next.
Ethereum (#ETH): Gaining momentum after a pullback, aiming for a historic high?
Ethereum encountered resistance at 4800 USD previously and has experienced a noticeable pullback over the past two weeks, closing down 7% this week. However, this adjustment was expected—after all, it is common to see a short-term pullback after breaking through 4000 USD.
As of the time of writing, the ETH price firmly stands above the 4000 USD support level. This 'pullback test' of the 4000 USD breakout point could very well become the catalyst for it to ultimately challenge and surpass the historic high of 4868 USD.
From the trend, Ethereum buyers seem to be gathering strength, planning to challenge historical resistance levels again. This wave of market movement may start at the end of August or early September. If successful in breaking through, ETH will enter a new phase of 'price discovery', with the next target likely at 6000 USD or even 7000 USD.
Ripple (#XRP): Falling below the 3 USD support, downward pressure increases.
XRP recently fell below the 3 USD key support level, a signal that has increased bearish sentiment in the market, closing down 9% this week. Currently, buyers have retreated to the 2.7 USD support level, which may face a test in the coming days.
For XRP, holding above 2.7 USD is crucial: once this support level is breached, sellers may take the opportunity to push the price down to 2.5 USD. From the technical indicators, the 3-day MACD showed a bearish crossover last week, indicating that the downward trend is accelerating and may continue to decline in the coming days or weeks. Now, it depends on whether buyers can quickly 'recover' and stop this downward momentum.
Cardano (#ADA): The pullback is normal, and there is still a chance to return to 1 USD.
Cardano was close to returning to 1 USD but sellers only allowed it to stay at this price for less than a day before starting to pull back, and the current price has fallen below 0.90 USD.
However, this pullback is quite normal. As long as the overall market does not continue to weaken, it is not impossible for ADA to return to 1 USD. The current support level is at 0.77 USD. From the chart, the price highs and lows are still gradually rising, indicating that buyers still hold an advantage for now.
The technical indicators also provide confidence: the 3-day MACD remains bullish, and buying volume is at a new high. Ideally, this would help ADA stabilize at the 1 USD support level before attempting to push towards higher price levels like 1.3 USD.
Binance Coin (#BNB): Pullback after hitting a historic high, with 830 USD becoming a key defense line.
Binance Coin is the 'star player' of this week—yesterday it just set a new historic high of 883 USD, but then entered a pullback phase, with the current price falling back to levels near last week.
The current key support level is at 830 USD, a position that has been tested multiple times and confirmed effective. However, if 830 USD comes under pressure and fails to hold, it could signal an increase in selling strength, indicating weakness.
For BNB, holding above 830 USD is crucial to seize the recent rebound opportunity; otherwise, bears may take advantage of the situation, leading to a more severe pullback. However, as long as the price can stay above 800 USD, the overall bullish pattern on the candlestick chart remains intact.
#HYPE: Two failed attempts to break 50 USD, a double top pattern emerging that needs to be cautious.
HYPE has been trying to break through the key level of 50 USD since early July but has not succeeded; another attempt in mid-August was also pushed back by sellers. This performance is a bit concerning, with a direct drop of 17% at the close of this week.
Currently, the HYPE price is close to 41 USD, and the chart has formed a pattern similar to a 'double top' (two failed attempts to hit a high). If sellers continue to apply pressure, 39 USD and 37 USD are the next important support levels.
Future movements should pay close attention to 37 USD: once this support level is lost, the price may drop towards 30 USD, which could mean the end of the upward trend, and buyers will need to find a lower support level (such as 30 USD or 27 USD) to attempt a rebound.
In conclusion: These five cryptocurrencies currently face pressures of rise and fall, and the gains and losses of key support and resistance levels will determine whether they will 'reverse upward' or 'continue adjusting'. Investors should pay close attention to changes in these key price levels.
