From CryptoPotato · By Jordan Lyanchev
Today, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH)
After a difficult week where ETH fell by 13%, the price crashed below the $2,000 psychological level. This has now turned into a key resistance, and with buyers nowhere to be seen, sellers are having a field day.
The next support that could stop the selloff is found at $1,800. While this level has a better chance of a reversal, Ethereum could go back to $1,500 to retest that level as support.
Looking ahead, the sentiment and momentum have completely reversed, erasing much of the progress made since July. If nothing changes, the end of the year could see ETH back to $1,500.
ETH on TradingView
Ripple (XRP)
XRP crashed by nearly 15% this week and has now erased all the gains made since this summer. The price is back on the $1 support, but pressure is building up, which could lead it to new lows.
At the time of this post, the current support appears to be holding, but the momentum does not favor bulls. On the contrary, a break below $1 would only give sellers more reasons to continue their pressure.
Looking ahead, this cryptocurrency could make a lower low to reconfirm the bearish trend if $1 won’t hold. If so, expect the price to fall towards $0.80 in the future, perhaps even before December.
XRP on TradingView
Cardano (ADA)
ADA fell 8% this week and is about to retest support at $0.15. This would also mean a complete reversal, erasing all the gains made this year.
At this rate, Cardano is about to close six consecutive weekly candles in red. The last time this happened, we were in deep bear market territory. Moreover, a retest of $0.15 would be interpreted as a bearish signal and could see sellers try their luck towards lower lows.
Looking ahead, buyers are completely absent from the order book and have been for a while now. Without any bids, ADA is forced to seek buyers at lower levels every week. The best hope for bulls is a relief rally at $0.15.
ADA on TradingView
Binance Coin (BNB)
As expected, BNB has remained bearish since the Binance hack and finally fell below the support at $690, which is now a key resistance. That also means this cryptocurrency closes the week 8% lower.
The most likely scenario now is a re-test of the support at $580. Once there, BNB could seek to bounce and find buyers, but sentiment will continue to remain bearish if the resistance at $690 stays intact.
Looking ahead, it’s best to wait for $580 to be tested before taking any actions, as there is no guarantee sellers will be satisfied there. This bearish trend has a good chance of making a lower low, which means a price below $580.