This week we take a closer look at Ethereum, Ripple, Cardano, Solana and Binance Coin.
Ethereum (ETH)
This week, Ethereum broke the resistance at $2,500 and in doing so rose 14.7%. This is a spectacular performance, given that it occurred against the backdrop of the approval of the Bitcoin ETF listing.
This means that Ethereum appears undervalued in the eyes of investors and perhaps the next big cryptocurrency to list later this year.
Looking ahead, ETH is in a rally and may not stop until it hits the current target of $3,000. Support is now at $2,500.
Chart by TradingView Ripple (XRP)
XRP struggled this week and only saw a 3% price increase, while many Ethereum-based tokens rose by double digits.
Buyers do not seem very interested at the moment since most of the actions have been taken by the two market leaders, BTC and ETH.
Looking ahead, XRP remains in a channel with key support at 54 cents and key resistance at 68 cents. Until one of these two levels breaks, major moves seem less likely.
TradingView Cardano (ADA) Chart
Cardano's correction ended this week and buyers managed to retest key resistance at 60 cents. However, they failed to break it. Nonetheless, ADA recorded a 4% price increase.
Support at 46 cents remained strong, and if buyers persist, it may not be tested again as they attempt key resistance again.
Looking ahead, ADA remains competitive and appears eager to overtake. Watch for key resistance, as it will be decisive for the next price action.
Chart by TradingView
Solana (SOLEIL)
Solana failed to break the resistance at $104 and lost 3% of its valuation this week. This is a display of weakness, when other altcoins have performed much better.
It looks like SOL had its moment in late 2023 and is now struggling to regain the same momentum. Support is found at $78.
Looking ahead, until buyers can break above $104, Solana will struggle to reach new highs.
Chart by TradingView
Binance Coin (BNB)
Binance Coin continues to hold on to its recent gains but closes the week with a 3% loss. Despite this decline, its price is still above $300 at the time of writing.
The closest support lies at $260, and BNB could test it if sellers resume the price action.
Looking ahead, Binance Coin is in an uptrend, with the most important target found at $360. If buyers persist, they could eventually reach this level once this pullback is over.
Chart by TradingView
The article January 12 Crypto Price Analysis: ETH, XRP, ADA, SOL and BNB appeared first on Crypto123maestro.
