This overview examines the current trends and key support levels for popular cryptocurrencies like Ethereum, Ripple, Cardano, Binance Coin, and HYPE.
Ethereum (ETH)
Ethereum continues to move sideways, with its price only 1% higher than last week. This flat trend is characterized by low volume and low volatility. The most important resistance is found at $5,000, and the price has already tested the key support at $4,000. Since mid-August, Ethereum has remained stuck in a large range as buyers and sellers battled for dominance. Looking ahead, this cryptocurrency appears to be consolidating after a significant rally over the summer. Once this pause is over, buyers have a good chance to regain control and take ETH into price discovery beyond $5,000.
Ripple (XRP)
XRP remains in a downtrend and has formed a large descending triangle with a base of support at $2.7. As long as this key level holds, the asset has a good shot at a recovery and possible renewed rally. The price closed the week with a modest 1% loss, which is not significant as long as the key support holds. However, it does signal that market participants are hesitating here and are waiting for a decisive breakout in the price action. Looking ahead, XRP may see volatility return soon since the price appears primed to escape its descending triangle.
Cardano (ADA)
Cardano may have bottomed at the $0.78 key support, and buyers appear keen to make higher lows. Once that is confirmed, this cryptocurrency may try again to reach the resistance at $0.90, which rejected it in the past. ADA also closed the week with a modest 1% gain as it moved sideways above the key support. Volume continues to fall since mid-August and explains the low volatility of the past few weeks. Looking ahead, the bulls may attempt to push ADA into a rally and reclaim the $0.90 resistance.
The cryptocurrencies analyzed exhibit different trends and dynamics. It is important to monitor key support and resistance levels, as they may define short-term movements in the market.
