Crypto Price Analysis February-20: ETH, XRP, ADA, BNB, and HYPE

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Summarize with AI

Summarize with AI

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

Ethereum (ETH)

Ethereum had a mostly flat week, closing up only 1%. This means buyers managed to defend the key support at $1,800. The sell momentum is also fading, which could hint at a possible reversal soon.

The current resistance levels are found at $2,000 and $2,400. Given the price closed in the red over the last four weeks, a relief rally appears likely and could test these key levels.

Looking ahead, Ethereum may be completing its second leg down in an ABC correction. If so, bulls may soon make their presence known on the order book. That starts once the $2,000 level is reclaimed.

Soource: TradingView

Ripple (XRP)

XRP closes the week up 5%. However, this was not sufficient to turn the chart bullish. That’s because the attempt to break the resistance at $1.6 was rejected sharply by sellers.

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Such a rejection is a bearish signal that the downtrend may still continue for some time. If so, a retest of support at $1.4 and even $1 is likely in the future.

Looking ahead, the sell momentum continues to dominate, which can lead to lower price levels. Watch closely how the price reacts at $1.4 for a good indication of where XRP will go next.

Source: TradingView

Cardano (ADA)

ADA is hanging close to the support at $0.28, but appears to struggle and may lose this level again. If so, expect lower prices in the future, with key support at $0.24. This comes after a 6% gain to close the week.

Cardano’s price action mirrors somewhat the one from XRP. The momentum remains bearish, but sellers and buyers are still fighting for dominance at the key support. Either way, a decisive move can be expected soon.

Looking ahead, ADA had a very disappointing year so far and this will not change until it reclaims a price above 50 cents. That’s the moment when bulls could hope for sustained gains.

Source: TradingView

Binance Coin (BNB)

Binance Coin has been hugging the $580 support level over the past week and closed with a 3% gain. Sellers also appear to be taking a break, but that does not mean the selloff is over.

The current resistance is at $690 and has not tested to date. This shows buyers are still hesitant to return here, but the signs are promising since the selling volume has decreased substantially lately.

Looking ahead, if BNB can hold here, then buyers may gather enough courage to push higher and challenge the resistance at $690. If, however, sellers return in force, the price could fall to $500 next.

Source: TradingView

Hype (HYPE)

HYPE closed the week in the red with a 5% loss. This comes after a sharp rejection at the $36 and $30 resistance levels. Buyers are on the defensive, which could see the price fall lower up to the key support at $26.

If $26 is lost later as well, that will be an extremely bearish signal, which could see HYPE make new lows this year. On the other hand, if that level holds, then it could be interpreted as a higher lo,w which will encourage buyers to return once more.

Looking ahead, this cryptocurrency is found in a pullback that may last a while. Best to be patient here and wait for bulls and bears to show their intention around $26 first.

Source: TradingView

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