ETH, XRP, ADA, SOL, and HYPE

This Friday, we examine Ethereum, Ripple, Cardano, Solana, and Hyperliquid in greater detail.

Ethereum (ETH)

In the past few days, Ethereum entered a consolidation period with the price hovering at similar levels to last week. If selling intensifies, then the first key support is found at $3,300. Should that fall later, then buyers will likely return around $3,000.

This pause in the rally is normal considering ETH moved from $2,000 to $3,800 in 30 days without any significant pullback. This may be the first real correction before bulls will attempt to break the $4,000 level which is a key psychological point on the chart.

Looking ahead, best to wait for this correction to be over before considering an entry. In the medium to long term, Ethereum has a good chance to test $4,000 and even attempt a new all-time high.

Ripple (XRP)

XRP fell by 14% this week after the price failed to break above the $3.6 resistance . At the time of this post, sellers are testing the $3 support. This level is critical, since if lost, buyers will likely retreat to the $2.6 level where they need to make a stand to maintain the uptrend intact.

With the daily MACD and RSI both falling and turning bearish, the current correction will likely last a while before it finds support. Good to be patient here and follow the price until it finds support.

Looking ahead, XRP impressed with a new all-time high in July, but sellers were quick to return there which indicates weakness. Ideally, XRP find support under $3 and aims for $4 later this year.

Cardano (ADA)

ADA was also sharply rejected at the $0.90 resistance and is now found around 80 cents. This makes it close the week with a 8% loss. If the current bearish momentum is sustained, then this cryptocurrency will likely revisit 70 cents in the future or even 64 cents.

It seems that Cardano is following the market leaders closely and appears unable to sustain an uptrend on its own. This shows that the rally from $0.50 to $0.90 in July was largely driven by market optimism rather than ADA’s fundamentals.

Looking ahead, ADA has strong support at $0.64 where buyers are likely to return if the current correction continues. This level has to hold if this cryptocurrency wants to make higher highs later.

Solana (SOL)

Solana moved above $200 on Tuesday, but by Wednesday the price lost this key level. This also made SOL close the week with a 2% loss. The fact that buyers could not sustain the price above $200 is a sign of weakness.

The current pullback may take the price to the key support levels found at $165 and $150. Should these hold, then this cryptocurrency has a good shot to recover and make a new attempt at breaking above $200.

The good news for Solana is that the price action made a higher high and low. This is bullish and this correction may be a normal correction before new highs. To get validation on this, SOL has to stay above $150.

Hype (HYPE)

HYPE disappoints for another week as it closes with a 8% loss. Bearing in mind its strong fundamentals and buy-backs, market participants are wondering what is happening. Simply put, HYPE already had a very powerful rally in May and June. No price goes up only, regardless of fundamentals.

This price action indicates that the previous rally has already priced in its strong fundamentals and it’s likely buyers overshoot when they took HYPE to $50 since they could not sustain that valuation. The price is now found around $42 and the next major support is at $37.

HYPE appears to have been overbought and was overheated during the recent rally. This cooldown is necessary to bring valuation closer to reality and allow the price to find a good base before it attempts a new rally.