Crypto Price Analysis May-08: ETH, XRP, ADA, BNB, and HYPE

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

Ethereum (ETH)

Unfortunately, Ethereum was rejected at the $2,400 resistance this week. Bulls did not manage to break this key level, and now the price appears to be curving down towards the support at $2,000.

While the price is in the same spot as last week, the weakness over the past few days suggests sellers could be returning, and momentum is shifting bearish again. This is bad news for those who hoped ETH could reach higher highs.

Looking ahead, ETH will have to complete its current pullback before any renewed attempt at the current resistance. That means a price around $2,000 in the coming week becomes likely. If that support holds, then bulls could have another go at the key resistance.

Source: TradingView

Ripple (XRP)

XRP also closed the week flat, having been unable to break above its current pennant. While buyers tried to hold it above the $1,4 support, it appears this level is being challenged by sellers at the time of this post.

If this cryptocurrency cannot stay above $1.4, then the bias shifts bearish with a higher probability that the price will fall under the pennant, which could open the way for XRP to revisit the support at $1 in the future.

Looking ahead, XRP remains in a macro downtrend even if the price took a pause and moved sideways since February, which has created the current pennant. Ideally, we want a clear breakout from this formation, but this seems a big ask now.

Source: TradingView

Cardano (ADA)

Surprisingly, ADA had a good week with a 5% gain. This also allowed the price to test the key resistance at $0.28. However, sellers did not allow it to break that level and pushed back. At the time of this post, this cryptocurrency is in a pullback.

Nevertheless, Cardano made a higher high, which brings optimism that another go at the key resistance could be successful. Should bulls manage to hold the price above $0.25, this appears likely.

Looking ahead, this is the first time in over a month when ADA shows potential for a breakout. Even the buy volume has picked up, which confirms buyers are returning to this cryptocurrency.

Source: TradingView

Binance Coin (BNB)

BNB also closed the week with a 3% gain after it managed to make a higher high at around $660. However, this was not enough to test the key resistance at $690. For that, buyers will have to work harder and sustain the current buy volume.

Since the resistance at $580 was tested several times and held well, the price had no other choice but to start trending higher. However, for a breakout to happen, the momentum needs to pick up.

Looking ahead, Binance Coin appears to be consolidating in a flat range between $580 and $690. This has been ongoing since late February. Hopefully, bulls can take charge of the price and put pressure on the resistance in the coming days and weeks.

Source: TradingView

Hype (HYPE)

HYPE closed the week in green with a 6% gain. While this is encouraging, it’s likely not enough to really challenge the resistance at $43, which continues to hold buyers in place. That level has to break and turn into a support if HYPE wants to make new highs.

Considering that this cryptocurrency has struggled to break the key resistance for over three weeks, this could be interpreted as a sign of weakness. In the past, the bullish momentum was much more aggressive and this lack of conviction could allow sellers to take advantage.

Looking ahead, HYPE is found at a crossing point. Either it breaks above $43 soon or the price may fall into a corrective move that can revisit the support at $36 and $30 in the future.

Source: TradingView

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