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Crypto Price Analysis August 8th: ETH, XRP, ADA, SOL, and HYPE
As we dive into the weekend, it’s essential to take a closer look at the current state of the crypto market. Today, we’re going to analyze Ethereum, Ripple, Cardano, Solana, and Hyperliquid.
Ethereum (ETH)
Ethereum is rapidly approaching the critical psychological level of $4,000. This comes after an impressive week where ETH gained by 6%. This marks the first time since 2024 that it’s poised to test this resistance. Expect considerable volatility as it draws closer to this threshold. If it successfully moves above, it could potentially signal that sellers have retreated and allowed buyers to take control. A move higher would not be surprising if they do.
However, there is a strong chance the price may struggle at $4,000. It’s crucial for investors to understand this risk and potential headwinds.
Looking ahead, ETH has displayed remarkable strength since the end of April when the major uptrend began. With buying volume picking up momentum, it could potentially break $4,000 in the near future.
Ripple (XRP)
Ripple enjoyed an exceptional week with a price increase of over 12%. The bulls were able to push XRP higher and beyond the key support level at $3. It’s now facing resistance at $3.4. If confirmed, this could indicate that sellers have been pushed back and are no longer in control.
As long as the momentum indicators turn positive on a daily timeframe and the MACD does not cross bearishly, XRP is well-positioned to make new highs. Given Ethereum’s proximity to $4,000 and other altcoins showing promise, it would be reasonable to expect this cryptocurrency will benefit from its peers’ performance.
Looking ahead, if XRP manages to hold above the ATH at $3.6, bulls have a good chance of making substantial gains in the coming days.
Cardano (ADA)
ADA holders should feel optimistic after their cryptocurrency gained 8% and crossed over the resistance at $0.77. ADA is now moving rapidly towards $0.80. This uptrend could continue until reaching the next critical level, around $0.90, where sellers may re-emerge to take control.
In recent days, buyers have become more engaged, driving the price higher as they try to regain the lost territory from mid-July’s downtrend.
Looking ahead, it’s likely that ADA will move higher thanks to the ongoing bullish momentum, which is intensifying.
Source: cryptopotato.com
