Ethereum has been ending the week on a positive note, experiencing a price increase of 4.7%. This puts Ethereum on a collision course with a key resistance level at $2,100. It is worth noting that this resistance level has already been tested once this month. Should Ethereum successfully break through this resistance, it could potentially rally and reach new highs. The current momentum appears to be bullish, with sellers unable to contain the uptrend. This increases the likelihood of a breakout in the coming week. If successful, Ethereum could see significant gains, with major levels at $2,500 and $3,000.
Ripple, also known as XRP, found solid support at 57 cents and has since seen a modest 0.3% increase for the week. However, the current resistance at 68 cents remains strong, posing a challenge for buyers. In order for XRP to test this level again in the near future, buyers will need to step up their game. The momentum for bulls is not quite there yet, but if the overall market sentiment remains positive, it could potentially push XRP higher.
Cardano had a good week, experiencing a 4.7% increase in price. The current support level stands at 38 cents, while the resistance level is at 41 cents. The momentum remains firmly in favor of the bulls, indicating a potential test of the key resistance level. Moving forward, ADA may continue to achieve higher highs. However, the biggest challenge lies at 41 cents, where sellers could regain control if buyers are not decisive enough to break through.
Despite a pause in the rally, Solana (SOL) still remains in control with buyers being unable to push the price below $50. Although Solana experienced a 1.3% decrease this week, the price could continue to move sideways until the balance of power between bulls and bears shifts. Nevertheless, Solana continues to demonstrate strength after a significant rally, and corrections thus far have been shallow. This opens up the possibility for buyers to push Solana to new highs.
Binance Coin (BNB) faced a turbulent week, marked by volatility and selling pressure. The price found support at $230, allowing it to avoid new lows, despite a 3.5% decrease for the week. The DoJ announcement and the subsequent news of CZ stepping down as CEO led to intense selling pressure for BNB. However, as long as Binance Coin holds above $230, a recovery seems likely. The resistance level at $265 continues to be a strong barrier for BNB.
Ethereum shows potential for a breakout, while Ripple faces resistance, Cardano maintains bullish momentum, Solana consolidates after a pause, and Binance Coin tries to regain its footing amidst turbulent market conditions. Investors and traders should closely monitor these cryptocurrencies to stay informed about the latest developments.