Our analysis for the week of April 18th takes a closer look at Ethereum, Ripple, Cardano, Solana, and Hype.
Ethereum (ETH)
Ethereum has had a rather uneventful week, with a meager 1% rise in price. The cryptocurrency has been in a state of stagnation around the $1,600 mark, signaling uncertainty among market players regarding the possible resumption of ETH’s downward trend.
This current scenario echoes that of early March, where Ethereum remained around $1,900 for about a week before the sellers reemerged. If the situation remains unchanged, ETH might drop to its crucial support level at $1,400. For a resurge in optimism, the resistance at $1,800 must be breached.
Ripple (XRP)
This week, XRP succeeded in maintaining its key support level at $2, marking a 2% price increase. It’s a promising sign, indicating the commitment of buyers to keep the cryptocurrency above $2. Although bullish momentum is yet to be established, the current price can serve as a strategic pivot point for future ascents, with $2.3 and $2.6 as key targets before the major resistance at $3.
Cardano (ADA)
Unlike XRP, ADA has struggled to regain its previous support at $0.64, which now serves as a resistance point. The sellers seem to have an upper hand in the chart. If the buyers continue to stay on the sidelines, we could see ADA descend to its next key support levels at $0.5 and $0.45. Despite the daily MACD turning bullish, the buying volume is insufficient to challenge the $0.64 resistance.
Solana (SOL)
SOL emerged as the top performer this week with a 13% increase, following a price breakthrough above $118. The uptrend is likely to continue until it hits the $150 mark, a point where sellers have previously intervened. To maintain this rally, buyers must establish $150 as a key support level.
Hype (HYPE)
With a price surge of 10%, HYPE is the second-best performer of the week. This surge comes after a steady rally since it touched $9, reaching $17 recently, which translates into an over 80% jump within a relatively short span. However, sellers have begun to exert more pressure with each new high, as evidenced by the increasing daily sell volume. Despite its stellar performance, HYPE is showing signs of fatigue among buyers, making a pullback more likely.
