Ethereum, Cardano, Ripple, Binance Coin and Solana

In today’s overview, we take a closer look at Ethereum, Cardano, Ripple, Binance Coin and Solana.

Ethereum

Ethereum may be down 9.1% this week, but it is recovering well from its recent collapse. The cryptocurrency fell from above $1,800 last Friday and continued to decline over the weekend until it found support at the 50-day MA level.

It rebounded from the 50-day MA and began to climb throughout the week. Yesterday it found resistance at the 20-day MA and July 2021 low around $1,700. Today, it continues to struggle with this resistance.

If ETH breaks $1700, resistance is expected at $1800, $2000 and $2200 (200-day MA).

On the other side, support is first placed at $1,600 (50-day MA). This is followed by $1,510 (March 2021 lows), $1,400 (rising trend line) and $1,280 (February 2021 lows).

Cardano

ADA is down 7.8% this week as it trades around $0.475. Last week’s price drop caused ADA to fall below a rising trendline and break below the 100-day MA. It continued to decline until support was found at $0.436 over the weekend.

Since then, ADA has traded in a range between $0.436 and $0.47 throughout the week. However, today’s 3% price increase allowed it to breach this range as it trades above $0.47.

Looking ahead, the first resistance lies at $0.5 (50/100-day MA levels). This is followed by resistance at $0.55, $0.6 (bearish .382 Fib) and $0.64.

On the other side, the first support is at $0.47. This is followed by $0.45, $0.436 and $0.4.

Ripple

XRP is down a slight 4% for the week as it trades around $0.36. The cryptocurrency fell as low as $0.33 last Friday, but quickly found support at a rising trendline. From there, it started grinding higher throughout the week as it broke back above $0.34.

Today, XRP witnessed a 3% increase which made it reach $0.36. In fact, XRP pushed as high as $0.371 today, but pulled back as it struggled with the 50/100-day MA levels of $0.36.

Looking ahead, if the bulls can produce a daily closing candle above $0.36, the first resistance is expected at $0.38. This is followed by $0.4, $0.42 and $0.44 (bearish .236 Fib).

On the other side, support is first placed at $0.35. This is followed by $0.34, the rising trend line, $0.33 and $0.31.

Binance coin

BNB is flat for the week as it trades just below $300. BNB rallied in the first week of August to reach resistance at $330 (bearish 0.5 Fib). From there it rolled over and started to go lower last week.

Last Friday, the price collapse saw BNB drop below $300, falling as low as $278 (0.382 Fib & a rising trend line). It found support there and started rallying over the weekend, but found resistance at the 20-day MA around $300 on Monday and has still failed to produce a daily closing candle above the level.

Looking ahead, if the bulls break $300, the first resistance lies at $330 (bearish .5 Fib & 200-day MA). This is followed by $338, $350 and $360.

On the other side, the first support is at $290. This is followed by the ascending trend line, $278 (.382 Fib) and $272 (100-day MA).

Solana

SOL is down a strong 11% on the week and is fighting to stay above support around $35. SOL managed to set a new 2-month high in early August, reaching as high as $48. However, it quickly rolled over from this resistance and began to fall.

Last week’s cryptocurrency plunge saw SOL fall below its 50-day MA and fall below $36. It continued lower until support was found at $34.35, provided by a .618 Fib Retracement. SOL held this support all week but struggled to overcome $36.

Looking ahead, if the bears push below $34.35, the first support lies at $32.50 (August 2021 low). This is followed by $30, $28 and $25.75.

On the other side, the first resistance is at $36. This is followed by $37.55 (July 2021 resistance), $40 (50/100-day MA), $44 and $48.