This week, we examine Ethereum, Ripple, Cardano, Binance Coin, and Solana in greater detail.
Ethereum (ETH)
Ethereum’s rally was cut short in December when sellers quickly returned as soon as the price moved above $4,000. Soon after, the cryptocurrency entered a deep correction that saw it drop to $3,100. Since then, good support was found around $3,300 which held well to date.
At the time of this article, buyers are trying to push the price higher, but the volume is low. Nevertheless, should this trend continue, ETH could aim to hit $3,700 next. The question is if that level will bring back sellers. If not, the most likely candidate is the resistance at $4,000.
Looking ahead, ETH needs to turn $4,000 into a key support if it hopes to make a new price record in 2025. To do so, it needs to move above $4,868, which is the current ATH.
Ripple (XRP)
After a brief correction under $2, XRP is now back on the offensive and is hovering around $2.4 at the time of this article. Buyers seem keen to re-enter and they are currently aiming for $3 as the major target of any future rally.
With the support at $2 confirmed, the bullish momentum is again picking up which could see the price make a higher high later on. That would only embolden buyers more as they seek to reach the ATH from January 2018 at $3.3.
Looking ahead, if this cryptocurrency manages to move above $3.3, then it will enter price discovery and higher targets such as $4 and above become realistic. However, until then, XRP needs to turn $3 into a key support.
Cardano (ADA)
After the price was rejected by the resistance at $1.3, ADA entered a correction which found good support at 85 cents. Since touching that level, buyers have returned and managed to push the price above $1, at the time of this post.
The most important resistance on the current chart is found at $1.3. This level stopped the previous rally, but could soon be tested again. If broken, buyers will aim for $2 as the next major target.
Looking ahead, Cardano performed extremely well in November 2024 when the price increased by 300%. A new rally could happen in early 2025 which may see this cryptocurrency make new highs.
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Binance Coin (BNB)
Binance Coin continues to impress after it made a new record price in early December at $794. Momentum remains bullish and buyers are currently confirming the $691 level as support. If it holds, then BNB could make another ATH in 2025.
The most important resistance on the chart is the current price record at $794 which will likely attract sellers again. However, if the overall market continues to trend higher, BNB has a good chance to break that key resistance and rally again.
Looking ahead, Binance Coin has a real chance to reach $1,000 in 2025. The price needs to increase by 40% to reach that level. This appears possible if the market remains bullish in the months to come.
Solana (SOL)
After a quick drop to $175 in late December 2024, Solana buyers returned and they managed to push its price above $200 this week. While it is still early to call it, the price is currently testing the $206 level as a key support. If it holds, SOL has the path open to higher price levels.
The next major resistance levels will be found at $240 and $260. In the past, SOL failed to hold around these price levels and sellers quickly returned there. A decisive breakout above $260 is needed if this cryptocurrency is to make new price records.
Looking ahead, Solana’s correction appears over and buyers are returning. However, their conviction will soon be put to the test if the price approaches $240.
The post Crypto Price Analysis January-03: ETH, XRP, ADA, BNB, and SOL appeared first on CryptoPotato.
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