cryptopotato.com
This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum ($ETH)
In an impressive reversal, Ethereum saw its price increase by 32% this week as it crossed above $2,000. At the time of this post, buyers are trying to confirm the $2,400 level as a key support. If successful, then $ETH has a clear path towards $3,000 next.
This rally has surprised the market that was rather pessimistic about Ethereum. However, since the bottom at $1,400, the likelihood of a relief rally was high and is now materializing.
Looking ahead, Ethereum appears determined to follow Bitcoin which has recently crossed above $100,000. A pullback after such a rally is likely, but the momentum remains bullish with a good chance for higher highs later.
Ripple ($XRP)
$XRP’s volatility continues to remain lower compared to competitors, but still managed to book a respectable 6% price increase this week. This took it above $2.3 which is now acting as a support.
If buyers can sustain and increase this momentum, then they can aim for $2.6 in the coming days, where sellers returned in the past. Hopefully, a second attempt will be successful so that $XRP can challenge the resistance at $3 in the future.
Looking ahead, this cryptocurrency has been consolidating between $2 and $3 since November 2024. Whenever the price will leave this range the volatility will explode and see it move much faster.
Cardano ($ADA)
Cardano had a great week and closed with a 12% price increase. This allowed it to get closer to the $0.9 resistance. Another push can see buyers attempt a breakout towards $1 in the future.
The momentum is in a clear uptrend with higher lows and higher highs. The indicators such as the MACD and RSI are also mirroring this and support continuation of this price action.
Looking ahead, $ADA’s first major challenge will be at the $0.9 resistance. If that level turns into a key support, then the price will have a clear path to challenge $1 and the previous high at $1.3.
Solana ($SOL)
Solana’s price action is similar to $ADA and managed to close the week with a 12% increase as well. This has placed $SOL comfortably above $150 as it aims for higher highs.
With buyers in control, this cryptocurrency has a key target at $186. The support is at $152 and was not tested after its recent breakout. This makes a pullback likely before continuation.
Looking ahead, Solana is well on its way to returning to a $200 price. Sellers may make their presence felt on the way there, but the bullish momentum is strong enough to make a serious attempt in the coming weeks.
Hype ($HYPE)
$HYPE is the second-best performer on our list this week, with an impressive 21% price increase. The resistance at $21 was unable to stop buyers, who rushed to this cryptocurrency and pushed it towards $25 today.
The former resistance at $21 will now act as a key support and as long as $HYPE’s price stays above this level, then the rally can continue towards new highs.
Looking ahead, the most important resistances on the chart right now are found at $24 and $28. At the time of this post, buyers and sellers are fighting around $24, and the winner will set the trend in the coming days.
