Ethereum faces continued resistance near $2,400, with a breakdown below $2,200 potentially leading to a drop toward $2,000. In contrast, Ripple and Binance Coin posted weekly gains of 6%, with XRP eyeing a test of the $1.6 resistance and BNB challenging $690. Cardano rose 3% but met selling pressure at $0.28, while Hyperliquid’s HYPE token surged 20% following news of increased buyback mechanisms tied to its new USDC integration.
Ethereum has been trading below the $2,400 resistance for over four weeks, entering a correction phase. The price, currently around $2,270, has shown bearish momentum on the daily timeframe since late April.
If ETH loses the $2,200 support level from its large bearish channel, the cryptocurrency could fall to $2,000 next. This comes amid a pattern of clear lower highs for the asset.
Ripple’s XRP closed the week 6% higher after breaking out of a technical pennant formation. The price rushed toward $1.5, putting the key $1.6 resistance within reach.
As long as the price holds above the pennant, the bias remains bullish, with the $1.4 level noted as important support. The token has been making higher lows and higher highs since April, with increasing buy volume.
Cardano gained 3% this week but faced seller rejection at the $0.28 resistance. This prompted a pullback despite the attempted rally signaling a potential desire to move higher.
The recent action suggests ADA may have bottomed around $0.24, though a failure could see a test of the $0.25 support. Key resistance levels remain at $0.28 and $0.30.
Binance Coin also rose 6% for the week, arriving at the key $690 resistance where bulls and bears are contesting. Momentum currently favors buyers but requires higher buying volume to succeed.
The price has been in a steady uptrend since finding support at $580, marked by daily gains. Breaking above $690 is needed to end a long consolidation phase that began in February.
Hyperliquid’s HYPE token rallied 20% in 24 hours on specific platform news. This followed Coinbase, Circle, and Hyperliquid agreeing to make USDC the exchange’s native stablecoin.
The agreement means USDC sitting on Hyperliquid will use a majority of its native yield to purchase HYPE, increasing buyback size. Despite the rally, the price failed to re-enter a technical wedge, which could be interpreted as a bearish re-test.
