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This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum ($ETH)
Ethereum is down 4% this week after sellers held strong at the $2,400 resistance and even tested the $2,000 support. Another push, and they could break this key psychological level.
If the price falls below $2,000, $ETH may reach the $1,800 support, which has stopped the downtrend in the past. However, a retest of this level could be interpreted as bearish and be a sign of weakness from bulls.
Looking ahead, $ETH is in a tough moment. A failure to hold here could be the start of lower lows. Buyers need to wake up soon as the alternative is a quick drop in the price.
Ripple ($XRP)
$XRP also had a tough week, with the price falling 6%. The rejection at the $1.6 resistance quickly took the price to the $1.4 support. However, even this level was broken as the price headed lower.
Buyers could show up around $1.3 to stop the bleed, but this seems unlikely to stop the current bearish momentum sweeping across the market. For this reason, the price may retest the support at $1 later on.
Looking ahead, bears are in total control of the price action, and they seem determined to push lower. This is bad news for $XRP, which remains in a clear downtrend with no sign of a reversal yet.
Cardano ($ADA)
$ADA is also down 6% this week after failing to move above the $0.28 resistance level. Sellers returned to push it lower toward the key support at $0.24.
The support at 24 cents is critical because it was the pivot that reversed the bearish price action in 2022 and 2023. Breaking below that would send $ADA to new lows not seen since 2021!
Looking ahead, Cardano is in a very difficult position because buyers are simply gone from the order books. With trust lost, it would take a miracle to see bulls return here to save the chart from new lows.
Binance Coin ($BNB)
Binance Coin is down 3% this week after sellers rejected the price at the $690 resistance. With the bullish impulse gone, the only alternative is to start a new search for a key support. The most obvious level being found at $590.
A retest of that key support would be bearish, and if buyers don’t return there, then the price may fall lower with $500 as the next key level. Considering the price is making lower highs and lower lows, a continuation of the downtrend is most likely.
Looking ahead, $BNB’s correction since its all-time high at $1,300 is continuing. Hopefully, this downtrend will stop around the $500 level since going lower would erase all the gains since 2024.
Hype ($HYPE)
$HYPE is among the few altcoins that have a bullish price action, but closed this week in red with a 2% loss. Despite this, the price remains well above the key support at $36.
As long as that support is defended, buyers will continue to have the upper hand with their eyes set on the key resistance at $43. That level was recently tested, but sellers stopped the uptrend there.
Looking ahead, $HYPE is going against the overall bearish market. This strength is impressive, but it’s unlikely to last if market leaders continue to underperform. Eventually, it may put pressure on $HYPE’s price which could fall back to $36 or even $30.
