This week, we look closer at Ethereum, Ripple and Cardano.

Ethereum (ETH)

After a significant rally, Ethereum seems to have found a local top above $1700, which has so far acted as strong resistance. This level was not reached and the price fell 3.4% over the last seven days. The key support is found at $1,400.

Despite the continued pullback, Ethereum maintained a strong performance since June’s bottom. Even if the price falls to the key support, the expectation is that buyers will return to the market and attempt a breakout beyond $1,700. The key support at $1,400 can act as a reversal point to trigger the next leg up for the cryptocurrency.

The indicators are showing some weakness in the daily timeframe but sellers aren’t convincing. This shows that buyers may return in force again to take ETH above the current resistance and even towards $2,000.

Ripple (XRP)

Ripple is still stuck at $0. 38 despite several attempts. There was a massive wick on July 30th that went above this critical level, but the bears quickly pushed it back down. The price action for XRP is relatively stable over the past seven days, with only a 1.4% rise.

While the indicators are bullish, volume doesn’t give enough confidence that buyers can break out of this range. Unless the market leaders (BTC/ETH) attempt a major rally, it is unlikely that we will see a breakout.

XRP supporters will have to take more sideways action until there is a clear breakout that turns the key resistance at $0. 38 into support. Until then, XRP will continue to trade within this channel of $0. 38 and $0.30.

Cardano (ADA)

Cardano continues struggling below the $0. 55 resistance. Multiple attempts to break the resistance failed, which has led to the price remaining relatively flat below the critical level for the past seven days. Support levels are $0. 50 and $0.45.

Looking at the price action we can see that ADA managed to make higher highs than lows, which indicates that the price is in an uptrend. It seems that another battle between bears and bulls is likely to take place at the key resistance in the days ahead.

While volume isn’t high right now, buyers might attempt a breakout next week. Despite the recent pullback, indicators like the MACD or RSI are still bullish. If buyers are interested, this could lead to a strong upward momentum.

Solana (SOL)

There is some good news for Solana. After suffering a market downturn due to the most recent exploit of some Solana-based wallets, the price managed to find support at $40 and avoid a breakdown below the ascending triangle. SOL lost 6% in the last seven days.

It is crucial for the cryptocurrency to break out of this ascending triangle, as it has only a few days to do so. If it does, its price will likely rally to attract buyers and attention. Any breakdown from the key support of $44 will likely take Solana back to the support at $35.

Looking ahead, we can expect Solana to experience more volatility as it nears the apex. We can see that SOL still has about a week before a major breakout occurs by counting the days remaining in the triangle.

Ethereum Classic ETC )

With Ethereum expected to transition to Proof of Stake in September, there is a lot of speculation about what will happen to all those miners currently mining ETH. Vitalik, the founder of Ethereum, recently stated (July 21st) that one option could well be for them to move to Ethereum Classic.

After Vitalik’s statement, ETC’s price shot up from $25 and topped at $45. Soon after that, the cryptocurrency entered a pullback, and in the past seven days, ETC lost 10% of its valuation. Nevertheless, the price found good support at $34, which could act as a pivot towards the key resistance at $48.

Looking ahead, ETC and other proof-of-work networks like ETC will perform well in the merger for Ethereum. Moreover, ETC broke its massive downtrend set in May 2021. This is a significant change in price action and gives rise to a strong bullish bias.