Crypto Price Analysis May-02: ETH, XRP, ADA, SOL, and HYPE

This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.

Ethereum (ETH)

This week, Ethereum continued to hover under the key resistance at $1,825 and closed with a 3% price increase. Sellers appear determined to keep ETH under this level after they rejected any attempts at an escape several times.

While momentum appears bullish, the volume is making lower highs. This lack of conviction from buyers allowed bears to have the upper hand and prevent a breakout. Nevertheless, pressure is building up under the key resistance, which may be put to the test again.

Looking ahead, if ETH is able to follow Bitcoin, which has been making higher highs lately, it will only be a matter of time before the current resistance folds and bulls target $2,000 as the next major level on the chart.

Ripple (XRP)

XRP closed the week in a neutral position, with less than a 1% gain compared to seven days ago. This shows some hesitation from buyers, who may be distracted elsewhere.

To regain momentum, this cryptocurrency needs to reclaim the $2.3 level as support and build a strong foundation towards $2.6 next. Failure to do so would create an opening for sellers to take XRP back to the $2 support.

Looking ahead, the asset remains in an uptrend, but the price action and volatility have declined. Buyers need to show their presence on the orderbook to avoid a re-test of the $2 support.

Cardano (ADA)

ADA is consolidating above the $0.64 support and closed the week with a 2% loss. This lack of momentum could encourage sellers to re-test the current support.

To return on the offensive, buyers need to take this cryptocurrency above $0.8. That would establish a higher high and give the price a good chance to touch the $0.9 resistance or even $1.

Looking ahead, ADA appears to be taking its time before considering its next major move. While this consolidation is healthy, buyers need to step up. Otherwise, the lack of momentum could be interpreted as bearish.

Solana (SOL)

Solana fell by 3% this week after it failed to break the key resistance at $152 twice. Buyers tried their best, but they were rejected every time, as sellers returned to stop any advance.

If SOL is unable to turn $152 into a key support, then the price will have no alternative but to fall towards $130 into a pullback. The decreasing volume and a possible bearish cross on the daily MACD support this possibility.

Looking ahead, SOL could experience a short-term corrective move before higher levels. Sellers appear more active at this time, which could see this cryptocurrency fall more in May before new highs.

HYPE closed the week with a 7% price increase, making it the best performer on our list. This comes after the price broke the resistance at $19 and rushed towards $21.

Sellers stopped the advance at the $21 resistance, and HYPE has been unable to break this level so far. Nevertheless, as long as the price remains above $20, buyers have an advantage, and they will likely try again soon.

Looking ahead, this cryptocurrency remains in a strong uptrend that dominated the chart since early April. If $21 falls as well, HYPE could go to $23 next. If the $21 resistance continues to hold back buyers, then a pullback becomes more likely.