Crypto Price Analysis Jan-4: ETH, XRP, ADA, SOL, and BNB

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Binance Coin.

Ethereum (ETH)

The market remains uncertain due to the BTC ETF speculation. This was also reflected in ETH’s price action which failed to move higher and booked a 4.5% loss this week.

The key support at $2,150 continues to hold and as long as Ethereum stays above this ascending triangle, buyers have the upper hand. The key resistance is at $2,500.

Looking ahead, expect volatility to increase this month as soon as the result of the Bitcoin ETF is made public. That can break the current range in which ETH is found.

Ripple (XRP)

XRP had a bad week and closed with a 8.7% loss. The price failed to break the key resistance at 68 cents and fell to the support at 54 cents.

Sellers appear to dominate right now and the bias on this price action is bearish due to lower highs and lower lows. Nevertheless, as long as the key support holds, XRP has a good chance to recover.

Looking ahead, the price appears stuck between the key levels. Watch closely the support at 54 cents as that will be critical to where XRP goes next.

Cardano (ADA)

Cardano’s price action mirrored XRP and lost 9.6% of its valuation this week. With the key support quite some distance away at 46 cents, sellers may continue to push down until they reach it.

Because buyers failed to hold ADA above 60 cents, the short-term price action has turned bearish.

Looking ahead, this correction could last a while and may only stop once the price arrives at the key support.

Solana (SOL)

Solana has been making lower highs and lower lows. This is significant because it signals a reversal in the price action. This is also why it lost 4% of its valuation this week.

So far, the uptrend remains intact, but it could soon be put to the test by the bears which have been waiting patiently for the bullish momentum to fade.

Looking ahead, if the uptrend is lost, then sellers may strike and take SOL to $78 which is a key support level.

Binance Coin (BNB)

Binance Coin surprised the market and is the only one that closed the week in green in our list, albeit only with a 0.3% increase.

This comes on a strong performance at the end of 2023 when BNB broke above $300 and has since maintained this momentum despite the volatility across the market.

Looking ahead, there is strong resistance at $360 which could put a stop to this rally. It is unlikely BNB will break above it on its first attempt considering this rally didn’t have a proper pullback to date.

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