This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH)
Ethereum was flat this week. Still, the price held well above the support at $2,400. However, the volume has been falling since the initial rally, and volatility has decreased significantly compared to the early days.
While a consolidation period is normal, this is also a period of weakness in the price action when sellers could make their return. Nevertheless, as long as the key support is not challenged, buyers continue to have the upper hand.
Looking ahead, ETH must stay above $2,400 if it wants the rally to continue. So far, buyers appear in control, but the road towards $2,800 could be bumpier compared to the past few weeks.
Ripple (XRP)
XRP was also mostly flat this week, booking a modest 2% gain. The price has been moving sideways between $1.3 and the resistance at $1.6. This range also kept the price in check between February and May this year.
To get momentum back, this cryptocurrency will need to break away from this range. That will likely see volume and volatility return as well. Based on the current price action, buyers have the advantage, but this could change if they fail to clear $1.6.
Looking ahead, the market is showing some indecision here after a strong pump. While a continuation would put an end to the bear market, it is still too early to say this is it. That’s why buyers may be hesitating here.
Cardano (ADA)
ADA closed 5% higher this week after a good push from buyers, with the price retesting resistance at $0.23. At the time of this post, the resistance remains intact but could be put under pressure by any renewed buying.
For Cardano to confirm a bottom under $0.15, the price has to move beyond its current resistance. Buyers were rejected there in August. However, another push in September could be successful.
Looking ahead, this cryptocurrency is ripe for a strong rally as soon as $0.23 turns into a key support. That can easily see ADA move towards $0.30 and $0.40 if buying volume picks up.
Binance Coin (BNB)
This week, Binance Coin held well above the support at $690, but did not manage to distance itself much beyond that. That’s the reason why the price is up only 1% in the past seven days.
While momentum has been decreasing, BNB is very close to making a higher high. Any price above $745 would confirm it and likely see this cryptocurrency continue its rally towards $900 next.
Looking ahead, the market may be taking a pause right now before momentum returns. While the price action favors a continuation of the rally, a higher high is needed to give it confidence.
Hype (HYPE)
This week, Hyperliquid managed to break above the $85 resistance and closed 4% higher. This both confirmed a higher high and new price record. The question is if this level can hold as support or sellers will turn it into a resistance again.
If the latter, then buyers will likely move to the support at $76 next to defend the recent gains. Still, HYPE has been in a rally for weeks without any significant pullback or correction. One should be expected eventually.
Looking ahead, HYPE could continue its push higher until it hits the psychological level at $100. Sellers could be making a stand there if buyers decide to go for it. But for now, best to watch the price reaction at $85 in the coming days.
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