From CryptoPotato · By Duo Nine
Today, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH)
This week, the broad crypto market entered a correction. ETH was no different, closing the week 9% lower. The price may also test the support at $2,400 soon if sellers continue to maintain the pressure.
This correction comes after Ethereum tested the resistance at $2,800 and failed to break above it. This highlights that the bullish momentum is losing its strength, which could provide bears with an opportunity to take over, even if for a short period.
Looking ahead, Ethereum may continue to correct in the near term, but on a macro scale the price action remains bullish with clear higher highs and lows. The only unknown is for how long sellers will control the price action before bulls make a return.
Source: TradingView
Ripple (XRP)
After another failed breakout at the $1.6 resistance, XRP entered a pullback and retraced by 10% this week alone. If nothing changes, then the price could easily return to the $1.3 support, which is the closest level where buyers could be interested again.
This cryptocurrency has to stay above $1.3 if it wants to maintain a bullish bias long term. Losing that support level would turn the chart bearish and see it fall back towards $1. Hopefully buyers will not allow it.
Looking ahead, wait for XRP to test and confirm $1.3 as support before taking any action, since buyers need to prove themselves again if they want this cryptocurrency to eventually break above $1.6.
Source: TradingView
Cardano (ADA)
After the recent breakout above $0.23, ADA tested this key level during its ongoing pullback, closing the week down by 7%. So far, this support held well, and buyers could consolidate here before their next major move.
If bulls continue to perform this month, then the next key target will be found at $0.33, which can act as a magnet for buyers. Since July, any pullback in Cardano’s price action has been a buy signal.
Looking ahead, ADA’s uptrend in the past few months has been consistent and is likely to continue in the future. However, as the price hits higher and higher targets, the likelihood of a significant correction also increases.
Source: TradingView
Binance Coin (BNB)
Binance Coin is down 5% this week as the price curved down with the rest of the market as soon as it reached $800. The current correction could see the price land on the support at $690.
While this correction is nothing out of the ordinary, bulls will have to hold the price above $690 if they want to maintain the uptrend which began at the end of August.