This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.
Ethereum (ETH)
It was a quiet week for Ethereum that only managed a small 1% price increase. This is because, lately, it has been moving sideways around $1,600. This lack of momentum shows indecision with market participants unsure if the ETH downtrend will resume or not.
The current price action is similar to early March, when Ethereum hovered around $1,900 for about a week before sellers returned. If nothing changes, ETH may fall to its key support at $1,400.
Looking ahead, this cryptocurrency continues to show weakness. The lack of momentum is concerning, and buyers have to break the resistance at $1,800 to bring back optimism.
Ripple (XRP)
This week, XRP managed to defend its key support at $2 and booked a 2% price increase. This is a positive sign that shows buyers are serious about keeping this cryptocurrency above $2.
While the bullish momentum is not there yet, the current price level can serve as a great pivot point for higher levels in the future, with $2.3 and $2.6 as key targets before the major resistance at $3.
Looking ahead, XRP has a good chance to return on a sustained uptrend in the medium term and aim for $3. To achieve that, buy volume has to increase considerably in the future.
Cardano (ADA)
While XRP has found good support, the same cannot be said about ADA. It failed to reclaim its previous support at $0.64, which is now acting as a resistance, with sellers having an advantage on the chart.
If buyers remain absent, then the next key support levels will be found at $0.5 and $0.45. While the daily MACD turned bullish, the buy volume is simply not there to challenge the resistance at $0.64.
Looking ahead, Cardano is found in a flat trend with buyers unable to make their presence felt. For this reason, it is unlikely to see any major moves from this cryptocurrency at this time.
Solana (SOL)
Solana increased by 13% this week, making it the best performer on our list. This comes after the price broke above $118, which used to act as resistance.
This uptrend may continue uninterrupted until $150 where sellers returned in the past, most recently in late March. While the path is clear for higher levels, buyers will need to turn $150 into a key support if they want to sustain this rally.
Looking ahead, SOL is experiencing a relief rally after its most recent drop. While sellers are absent right now, they can return once the price approaches the key resistance at $150. Best to be cautious there.
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Hype (HYPE)
HYPE is the second-best performer on our list this week with a 10% price increase. This comes after it entered a sustained rally since touching $9. Considering it reached $17 recently, that means it jumped by over 80% within a relatively short period of time.
While its rally in early April was quite strong, sellers have started to make their presence felt more in the past week with each new high being met by increased sell pressure. This can also be seen on the daily sell volume which is making higher highs.
Looking ahead, HYPE had a fantastic run, but this is starting to show some weakness with buyers becoming exhausted. This is why a pullback becomes more likely at these levels since sellers are returning.
The post Crypto Price Analysis April-18: ETH, XRP, ADA, SOL, and HYPE appeared first on CryptoPotato.
