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This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum (ETH)
The market has had a great week so far, and Ethereum closed with a 9% price increase. On Wednesday, the Fed cut the interest rate by 0.50%, which turned out to be extremely bullish for crypto. Since then, ETH has also managed to break above $2,400.
With buyers back, the momentum is shifting bullish again. The current target for this cryptocurrency is $2,800, which will also act as resistance. The former resistance at $2,400 is now a key support, and as long as it is not lost, buyers have the advantage.
Looking ahead, Ethereum is finally showing signs of recovery after months of difficult price action in which bears dominated.
Ripple (XRP)
XRP increased by 4% this week but appears to lag behind other market leaders such as Ethereum or Solana. This could be because it already broke its resistance at 54 cents last week, and buyers may be distracted by other opportunities at this time.
Nevertheless, momentum remains bullish on this price action, and XRP needs to make a higher high to maintain it. A clean break above 60 cents can restore confidence and see the price attempt a test of the next key target at 68 cents.
Looking ahead, XRP may be preparing for its next major move, especially if the overall market remains bullish.
Cardano (ADA)
So far in September, ADA has been bouncing between the key levels, but this could be its most important opportunity to break the resistance at 37 cents. While the price closes the week with only a 1% increase, optimism is high that Cardano can finally have a breakout.
The past two weeks saw the price find good support around 33 cents, and sellers were unable to push ADA below that. This improved confidence in the price action, and buyers returned.
Looking ahead, the biggest challenge for this cryptocurrency is to break above 37 cents. That would put ADA back on the offensive to recover the losses incurred since March 2024.
Binance Coin (BNB)
Binance Coin remains a great performer and closed the week with a 6% price increase. This allowed buyers to keep the price well above the $500 support and even aim towards $600, which is the current target for this uptrend.
Buyers are dominating right now, which shows promise for a sustained uptrend in the coming weeks. Moreover, on the 3-day timeframe, the MACD made a bullish cross, which is picking up momentum. This favors a continuation of this uptrend.
Looking ahead, BNB is found in a strong position based on its price action, which shows that it is ready to challenge the highs from earlier this year.
Solana (SOL)
Solana is our strongest performer this week, with a 12% price increase. As soon as the resistance at $134 was broken, buyers rushed to this cryptocurrency, and the price shot up.
The current rally is coming on strong buy volume, which could see SOL test the resistance at $164 in the next few days. That would only encourage buyers further.
Looking ahead, Solana is back in the spotlight, and market participants seem to prefer it over other major altcoins. If this market rally continues, Solana may be among the first to benefit.
