This Friday, we examine Ethereum, Ripple, Cardano, Solana, and Hyperliquid in greater detail.
Ethereum (ETH)
Ethereum is fast approaching the key psychological level at $4,000. This comes after a good week where the price increased by 6%. This is the first time since 2024 when ETH is about to test this resistance.
It would be surprising to see Ethereum break $4,000 and move higher without any sellers making there presence known. Therefore, expect a lot of volatility as the price inches closer to this level. If the cryptocurrency moves above it, then that could signal that the sellers have already retreated to $4,800, the current ATH.
Looking ahead, this cryptocurrency has shown a lot of strength since end of April when this major uptrend started. With buy volume picking up, ETH has a good shot at breaking $4,000 in the nearby future.
Ripple (XRP)
XRP had a great week after its price increased by over 12%. This allowed it to expand and move higher from the $3 support level. Buyers came in strong in the past three days and managed to take XRP to the $3.4 resistance.
The momentum indicators are turning positive on the daily timeframe, with the MACD about to do a bullish cross. If confirmed, the price will have the path set towards the current ATH at $3.6 which will also act as a resistance.
Looking ahead, XRP is well positioned to make new highs, especially if the overall altcoin market heats up since Ethereum is also close to breaking $4,000. This will likely see a lot of money return to altcoins as euphoria takes over.
Chart by TradingViewCardano (ADA)
Cardano holders have reasons to be optimistic after the price closed the week with a 8% gain and managed to pass the resistance at $0.77. ADA is now moving fast towards $0.80. This uptrend could continue until 90 cents where sellers may return.
With buyers coming back in the past three days, ADA has made good progress at reversing the losses from the downtrend that dominated the chart in the second half of July. Another impulse up could see the price approach $0.90 in the coming week.
Looking ahead, Cardano is well positioned to move higher thanks to the ongoing bullish momentum that is intensifying. There is a high chance that a second attempt at the $0.90 key resistance may be successful.
Chart by TradingViewSolana (SOL)
Solana continues to lag behind other market leaders like ETH or XRP, managing only a 3% increase in the past week. Nevertheless, the price reversed from the support at $155 and managed to make good progress towards the current resistance at $185.
At a macro level, SOL is found in a clear uptrend with higher highs and higher lows. This is positive and may see this cryptocurrency try to reach a price above $200 again. Hopefully, buyers will be strong enough this time to hold Solana above that key level.
Looking ahead, buyers are well positioned to make sustained gains in August and volume could pick up in the future to amplify the current uptrend.
Chart by TradingViewHype (HYPE)
On the weekly chart, HYPE is flat, basically returning to the same price of last week. This comes after sellers managed to take its price to $35, but luckily buyers stepped in there to reverse that move in full in the past 24 hours.
This reversal is a first signal that HYPE’s correction, that started in mid-July, may be over. Buyers have a real chance to capitalize on the positive market sentiment and take the price closer to the ATH at $50. So far, they made good progress by pushing it to $40.
Looking ahead, as long as this cryptocurrency holds above $40, buyers have the upper hand and a good chance at making sustained gains in the following days. Their biggest challenge is the resistance at $50 which saw the price struggle there in the past.
Chart by TradingViewThe post Crypto Price Analysis August-08: ETH, XRP, ADA, SOL, and HYPE appeared first on CryptoPotato.
