This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum (ETH)
This week, the broad market entered into a pullback, and Ethereum also closed with a 2% loss. This is nothing to be concerned about as long as ETH stays above $2,400, which is a key support. At the time of this post, the price was hovering around $2,650.
While the momentum on higher timeframes remains bullish, the current price action shows a loss of strength for buyers, who were unable to push the asset to the key resistance at $2,800. Hopefully, this happens once the ongoing pullback is over.
Looking ahead, the second-largest cryptocurrency can make new highs as soon as it breaks the resistance at $2,800. That will open the way for a price above $3,000 next.
Ripple (XRP)
XRP appears to be returning towards $2 after closing the week with a 9% loss. This fall comes after the price failed to break the $2.6 resistance earlier this month. Since then, sellers have dominated the price action.
On May 20th, the daily MACD also did a bearish cross, which hinted at this correction to come. At this time, the price is bouncing on the $2.2 level, but if buyers don’t return anytime soon, sellers are likely to take the asset to $2.
Looking ahead, XRP is still stuck in the $2 to $2.6 range and is bouncing between these two key levels. Until a clear breakout happens, it is unlikely to see a major move from this cryptocurrency.
Cardano (ADA)
ADA did not manage to test the resistance at $0.9 since sellers came early to reverse the price action at $0.85. Since then, this cryptocurrency has been in a downtrend and closed the week with a 14% loss, the biggest on our list.
Even if Cardano remains bearish, it has strong support at $0.7 and $0.64, where buyers returned in the past. Since the price is now testing the $0.7 support, a bounce here appears likely.
Looking ahead, ADA failed to make a higher high in the past two months. This is concerning because it may be an early sign of weakness and a possible continuation of the downtrend that started back in December 2024. A loss of the $0.64 support would confirm this.
Solana (SOL)
Solana was sharply rejected by the resistance at $186, and the price entered a pullback, which saw it lose 9% of its valuation this week. Sellers can continue to maintain the pressure, considering that the most important support is found at $152, and there is quite some distance left until there.
The volume is also in decline since January, with no sign of a reversal. This supports a bearish bias despite the recent rally since April. Moreover, if SOL fails to break the resistance at $186 later on, then this could be interpreted as a lower high in a major downtrend.
Looking ahead, Solana may stay bearish in the coming days. This can change if the support at $152 stops sellers and reverses the downtrend. This level is critical for where Solana will go next this year.
Hype (HYPE)
HYPE appears to have topped at $40, at least for the time being. This comes after an impressive rally that saw the price increase by 330% since its bottom at $9.5 back in early April. However, sellers are dominating at this time, and they managed to push HYPE down by 8% this week.
This corrective move was expected after such a rally and may last for quite a while before buyers will return. Key support levels are found at $30 and $27. For this reason, best to be patient and let this downtrend find a bottom before considering an entry.
Looking ahead, HYPE remains a very strong contender in the altcoins space as one of the few tokens to make a new all-time high this year. As soon as this correction is over, buyers could return in force towards new highs.
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