This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH)
This week, Ethereum managed to reclaim the $3,000 level as support and closed 3% in profit. With buyers returning, there is hope of a sustained relief rally that could take this cryptocurrency up to the key resistance at $3,340.
With momentum picking up, ETH has a good chance to move higher. However, the buy volume has to increase to be able to sustain it and break the resistance.
Looking ahead, this cryptocurrency is finally trying to step away from its downtrend that started in October. To be successful, buyers will need to take Ethereum above $3,500 and even challenge the $4,000 resistance.
Ripple (XRP)
XRP tried to move away from the $2 support, but sellers pushed back the price, which is now struggling to hold above this key level. This also places XRP in the red with a 6% loss this week.
If buyers stay shy, then this cryptocurrency has a high chance to break lower and seek support at $1.8 or below that. On the other hand, the sales volume has been declining, which gives hope that buyers may return.
Looking ahead, the momentum remains bearish, and sellers retain the upper hand. Until the bulls return, lower price levels are likely in the future.
Cardano (ADA)
ADA managed to hold above 40 cents this week as the price closed with a modest 1% gain. While this is not much, it’s critical for this cryptocurrency to stay above this level if it wants to avoid lower lows.
While buyers seem in control right now, this can easily change if they can’t take ADA above the key resistance at 50 cents. Failure there could lead to lower lows later.
Looking ahead, Cardano is found in a tough spot after a disappointing end of the year where the price fell by over 60%. Hopefully, December can see a relief rally materialize.
Binance Coin (BNB)
This week, BNB tried again to move above the $900 resistance, but sellers rejected this attempt, which places the price in the same position as last week.
With buyers unable to break higher, Binance Coin remains in a downtrend, which could see it visit the $800 support in the future or even $692. To stop that, the resistance at $900 has to turn into a support.
Looking ahead, this cryptocurrency may continue its correction in the short term and fall lower before buyers return to take over and send it into a relief rally towards $1,000 which will act as a magnet for the price.
Hype (HYPE)
HYPE had another disappointing week after sellers stopped the price from reclaiming $35 as support. With the price back into a downtrend, this cryptocurrency closes the week in red with an 11% loss.
This poor performance has turned the chart quite bearish, especially on the weekly timeframe, where the MACD indicator shows clear lower lows on the histogram. Unless buyers reverse this trend, HYPE will continue to underperform.
Looking ahead, this cryptocurrency may revisit the support at $30 or fall even lower before buyers can make a serious attempt at a reversal.
