This week, we take a closer look at Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Ethereum had a very painful time in June, with the price dropping under $1,000. However, these declines have brought back buyers, and in the past seven days, ETH has increased by 9%. At the time of this post, ETH is sitting comfortably above the key support level.
This price action may turn into a significant relief rally with potential targets at $1,420 and $1,700. These levels will act as resistance if reached. For now, ETH is making higher lows, and the momentum is bullish. The MACD on the daily timeframe has also crossed to the bullish side yesterday, which confirms this bias.
Despite this, many market participants remain skeptical about the price going up, but after such a long correction, this should not surprise anyone. Rallies during bear markets can be significant, particularly when the price has been in a downtrend since March.
XRP had a strong performance this week, rallying by 19.5% in the past seven days. This latest push higher has taken the cryptocurrency to the key resistance at $0.38. It would be quite impressive to see it continue up without much regard for the resistance.
During the crash last week, XRP found good support at $0.30, and it acted as a strong pivot for its current rally. The short-term indicators on the daily timeframe have also turned bullish, and the RSI has moved above 50 points, placing it on the bullish side.
Looking ahead, the biggest question is if XRP will manage to break the key resistance. If so, buyers could push the price back to around $0.5, which would recover in full the losses in June.
While Cardano has shown tremendous strength…