Crypto Price Analysis August-09: ETH, XRP, ADA, BNB, and SOL

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

Ethereum (ETH)

After a difficult start on Monday, Ethereum closes the week with a 15% loss. It was a lot worse earlier in the week, but bulls managed to recover some of the losses since.

The current support is found at $2,400 and the resistance at $2,800. Buyers will need to break above $2,800 if they want to reclaim control of the price action.

Looking ahead, Ethereum is facing an uphill battle as it struggles to stop the downtrend momentum which was only intensified this week after relentless selling. There is hope the price may have bottomed on Monday, but it is too early to call it.

Ripple (XRP)

XRP is one of the few altcoins that is back to pre-crash levels thanks to the positive news that Ripple has settled with the SEC. This is why the price closed with a 5.6% profit this week.

It is rare to see a coin in green on the weekly chart, considering the market had one of the worst crashes since the FTX drama. If XRP can consolidate these recent gains, it could challenge the resistance at $0.68 cents next.

Looking ahead, XRP’s recent performance made it recover even faster than Solana, which may attract much-needed attention from market participants to strengthen the ongoing bullish momentum.

Cardano (ADA)

ADA also suffered after the crash on Monday and closed the week with a 10% loss. Still, the price managed to bounce well off the support at 31 cents, and if the relief rally continues, it may even touch the resistance at 37 cents next.

Unfortunately for holders, the momentum and trend remain bearish. The price has made a lower low, which indicates the continuation of this bearish trend. To reverse this, the price has to go above 46 cents and make a higher high.

Looking ahead, ADA continues to fall and has reached levels not seen since 2023. This may be disenchanting for some, but perhaps this cryptocurrency is finally approaching the bottom.

Binance Coin (BNB)

The support level at $500 could not hold the pressure during the Monday crash and folded. The price also closed the week with a 10% loss.

Nevertheless, since Monday, BNB has managed to get back up and reclaim this level. As long as buyers keep the price over $500, they have the upper hand.

Looking ahead, Binance Coin is in a weakened state after this crash because the price made a lower low, which may encourage bears to keep up the pressure. This is why it is critical that BNB does not fall under $500 again.

Solana (SOL)

After a spectacular crash, Solana followed up with a spectacular rally this week and closed it with only a 1.7% loss. This is impressive considering that SOL’s price was close to $110 on Monday and today it’s just under $160.

Nevertheless, buyers are facing the resistance at $163 which has stopped this relief rally. If buyers don’t manage to break this level soon, then Solana could fall back again.

Either way, the price action from Solana was very strong this week and managed to recover at lightning speed. If it can break above $163, then the next key target is found at $200.

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