ETH, XRP, ADA, BNB, HYPE flash mixed signals this week

ETH, XRP, ADA, BNB, HYPE sit near key levels after a choppy week of failed breakouts and fragile supports.

Ethereum (ETH) traded relatively flat over the period, with buyers maintaining key support levels as selling momentum decreased, according to technical analysts. The cryptocurrency faces resistance at higher price points, and analysts noted that recent weekly losses could precede a relief rally testing those resistance levels. Technical indicators suggest Ethereum may be completing a second downward movement in an ABC correction pattern.

Ripple closed the week with slight gains, though the advance proved insufficient to reverse bearish chart patterns. An attempt to break through resistance was rejected by sellers, a signal that the downtrend may persist, according to market observers. Analysts indicated that continued selling momentum could drive prices to lower support levels, with price reactions at nearby support expected to provide direction signals.

Cardano remained near key support levels but showed signs of weakness that could result in a breach of that level, according to technical analysis. The cryptocurrency’s price action reflected patterns similar to Ripple, with bearish momentum persisting as buyers and sellers contest support levels. Cardano has underperformed during the current year, with analysts noting that sustained gains would require reclaiming materially higher price levels.

Binance Coin (BNB) held near support levels over the past week, with selling pressure appearing to ease, though analysts cautioned the selloff may not be complete. Higher resistance levels remained untested, indicating buyer hesitation despite substantially decreased selling volume. Technical analysts stated that maintaining current support could encourage buyers to challenge resistance levels, while renewed selling pressure could push prices to lower support zones.

Hype (HYPE) closed the week lower following rejection at resistance levels. Buyers remained defensive, with analysts projecting potential further declines to key support. A loss of that support level would constitute an extremely bearish signal and could result in new yearly lows, according to market observers. Conversely, holding that level could be interpreted as a higher low formation, potentially encouraging buyer re-entry. Analysts characterized the cryptocurrency as being in a pullback phase that may extend for an indeterminate period.