Today, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH)
This week, the broad crypto market entered a correction. ETH was no different, closing the week 9% lower. The price may also test the support at $2,400 soon if sellers continue to maintain the pressure.
This correction comes after Ethereum tested the resistance at $2,800 and failed to break above it. This highlights that the bullish momentum is losing its strength, which could provide bears with an opportunity to take over, even if for a short period.
Looking ahead, Ethereum may continue to correct in the near term, but on a macro scale the price action remains bullish with clear higher highs and lows. The only unknown is for how long sellers will control the price action before bulls make a return.
Ripple (XRP)
After another failed breakout at the $1.6 resistance, XRP entered a pullback and retraced by 10% this week alone. If nothing changes, then the price could easily return to the $1.3 support, which is the closest level where buyers could be interested again.
This cryptocurrency has to stay above $1.3 if it wants to maintain a bullish bias long term. Losing that support level would turn the chart bearish and see it fall back towards $1. Hopefully buyers will not allow it.
Looking ahead, wait for XRP to test and confirm $1.3 as support before taking any action, since buyers need to prove themselves again if they want this cryptocurrency to eventually break above $1.6.
Cardano (ADA)
After the recent breakout above $0.23, ADA tested this key level during its ongoing pullback, closing the week down by 7%. So far, this support held well, and buyers could consolidate here before their next major move.
If bulls continue to perform this month, then the next key target will be found at $0.33, which can act as a magnet for buyers. Since July, any pullback in Cardano’s price action has been a buy signal.
Looking ahead, ADA’s uptrend in the past few months has been consistent and is likely to continue in the future. However, as the price hits higher and higher targets, the likelihood of a significant correction also increases.
Binance Coin (BNB)
Binance Coin is down 5% this week as the price curved down with the rest of the market as soon as it reached $800. The current correction could see the price land on the support at $690.
While this correction is nothing out of the ordinary, bulls will have to hold the price above $690 if they want to maintain the uptrend which began at the end of August.
Looking ahead, BNB made steady gains in the past few months, and this momentum will remain intact as long as the key support is not lost. If so, the next major target for buyers will be found at $900. That’s also a key level where sellers may return in force.
Hype (HYPE)
Hyperliquid has been struggling to break the resistance at $97, and this week, sellers managed to take over and send the price into a correction towards $85. If nothing changes, the price may land on the key support at $76 in the coming weeks.
Due to this price action, HYPE also closed the week 6% lower. While this is nothing major considering its historical volatility, the price is slowly approaching the lower boundary of its uptrend.
Looking ahead, if HYPE fails to hold the price within the uptrend channel, a major correction could be waiting. For that to be confirmed, the support at $76 has to fall. To avoid that, buyers need to return and break the resistance at $97 to finally reach the key psychological level at $100.
The post Crypto Price Analysis Oct-09: ETH, XRP, ADA, BNB, and HYPE appeared first on CryptoPotato.
