Crypto Price Analysis August-01: ETH, XRP, ADA, SOL, and HYPE

This Friday, we examine Ethereum, Ripple, Cardano, Solana, and Hyperliquid in greater detail.

Ethereum (ETH)

Despite a serious attempt to reach $4,000, Ethereum failed to hit this key psychological target. Sellers returned at around $3,900 and pushed the price lower, which made this cryptocurrency close this week in red with a 4% loss.

This rejection at a key resistance is quite significant and may take ETH into a bigger pullback that can re-test the support levels found at $3,600 and $3,400. At the time of this post, buyers are trying to stop the correction, but appear unsuccessful.

Looking ahead, Ethereum needs to find a good support level to catch its breath before attempting another go at the $4,000 resistance. A second attempt may be successful if the bullish momentum builds up in the future.

Ripple (XRP)

XRP is also down 4% this week after it fell under $3 for a brief moment. At the time of this post, buyers are defending this key level, but they appear under pressure from increasing sell volume. If they cannot hold the price above $3, sellers have a good chance to take it lower towards $2.7.

This correction comes after XRP failed to break the resistance at $3.6. Since then, the price has entered a downtrend and has been unable to stop the pressure from bears. As long as the asset makes lower lows, this correction will continue.

Looking ahead, XRP has strong support between $2.7 and $2.5; should sellers push it decisively under $3. That range is a key area that can stop the existing downtrend and reverse the price action.

Cardano (ADA)

ADA is in full reversal after failing to sustain above the resistance at $0.90. For this reason, it is down 10% this week. The asset is searching for support, and the most important candidate for that is found at $0.64.

With sellers in charge of the price action, Cardano can also try to stop the correction at around 70 cents. Any weakness there will quickly see the price drop lower to $0.64, where buyers have a high chance to return.

Looking ahead, ADA is found in a difficult spot since the ongoing correction threatens to erase most of the gains it made in the first part of July. Hopefully, buyers will return soon to stop the downtrend and attempt a reversal.

Solana (SOL)

Since Solana was rejected at $200, the price has been going down with lower highs and lows. It also closes another week in red with a 6% loss. Should nothing change in the downtrend, then SOL is well on its way to the key support at $164 or even $150.

Historically, buyers became quite active as soon as the price approached $150, which makes this level a key pivot point for the future. If it holds, SOL will have a good chance at a reversal.

Based on the current price action, the asset is likely to continue its downtrend in the short term before any major bounce. Watch closely the $150 level for early signs of strength.

Hype (HYPE)

HYPE disappointed this week as well after falling by 7%. This price action places it in a clear downtrend channel that can be seen on the chart. However, the most concerning aspect is that HYPE may soon lose its support at $40.

Should the key psychological level at $40 fall, then HYPE will likely fall to $37 next as the chart turns bearish in the short to medium term. This opens up the way for sellers to be more present on the chart compared to the past two months.

Looking ahead, this correction appears more serious than initially envisaged and could keep HYPE between $40 and $30 until it finds a good support base to recover. Bullish bounces are likely to happen, but without higher highs, it’s hard to expect a major reversal to this downtrend any time soon.