In this week’s analysis, we take a closer look at the recent price movements of Ethereum, Ripple, Cardano, Solana, and Hyperliquid.
Ethereum (ETH)
Ethereum made a strong push towards the $4,000 mark but ultimately fell short. Sellers intervened near $3,900, leading to a weekly decline of 4% as ETH closed in negative territory.
The inability to surpass this key resistance suggests a possible deeper pullback, with potential support levels at $3,600 and $3,400. Currently, buyers are attempting to halt the downward trend, though their efforts have yet to succeed.
Looking forward, Ethereum must establish solid support to regroup before making another attempt at the $4,000 level. A renewed effort could be successful if bullish momentum strengthens.
Ripple (XRP)
Ripple faced a 4% decrease this week, briefly slipping below the $3 mark. Buyers are working to maintain this critical level but face pressure from rising sell volumes. A failure to uphold the price above $3 could drive the price down to $2.7.
This downturn follows XRP’s inability to overcome the $3.6 resistance. The asset has been trending downward, unable to resist bearish pressure. If lower lows continue, the correction is likely to persist.
Looking forward, XRP has strong support between $2.7 and $2.5, which could halt the current downtrend and possibly reverse the price movement.
Cardano (ADA)
Cardano is undergoing a correction after failing to hold above the $0.90 resistance, resulting in a 10% drop this week. The asset is in search of support, with the strongest candidate around $0.64.
Sellers are currently driving the price action, but Cardano may find support around 70 cents. Any weakness there could lead to a further decline to $0.64, where buyer interest is likely to increase.
Looking forward, ADA faces challenges as the ongoing correction threatens to erase previous gains from early July. A return of buyers is needed to halt the downtrend and initiate a potential reversal.
Solana (SOL)
Solana has been declining since being rejected at $200, recording a 6% loss this week. Should the downtrend persist, SOL may approach key support levels at $164 or even $150.
Historically, buyers have become active as the price nears $150, making it a crucial pivot point. If it holds, SOL has a good chance for a reversal.
Based on current trends, the asset is expected to continue its downward trajectory in the short term until a significant rebound occurs. Keep an eye on the $150 level for early signs of strength.
Hype (HYPE)
This week was also tough for HYPE, which declined by 7%. This movement places it in a clear downward channel, visible on the chart. The most pressing concern is whether HYPE will lose support at $40.
If the psychological level at $40 is breached, HYPE could drop to $37 next, with a bearish outlook in the short to medium term. This could lead to increased selling pressure compared to the past two months.
Looking forward, this correction seems more severe than initially anticipated and may confine HYPE between $40 and $30 until a solid support base is established to aid in recovery. While bullish bounces may occur, without higher highs, a significant reversal of the downtrend is unlikely in the near future.
