Crypto Price Analysis May-5: ETH, XRP, ADA, PEPE, TRX
- This week we take a closer look at Ethereum (ETH), Ripple (XRP), Cardano (ADA), Pepe (PEPE) and Tron (TRX).
- Ethereum has retested support at $1,800 and buyers showed strength. The current target for this cryptocurrency is $2,000.
- Ripple is in red and has closed the past seven days with a 1.5% loss. The key resistance is 48 cents.
Ethereum has retested the support at $1,800 this week. Buyers showed strength and did not allow the price to fall lower. The target for this cryptocurrency is currently set at $2,000 which is also a key psychological level. In April Ethereum was able to break above it but quickly lost ground once sellers took over the price action. If buyers return to the market then another break above $2,000 appears imminent as Ethereum has found a good foundation to gather strength from in the coming week.
Ripple’s price appears on its way to test the key support at 43 cents after closing the past seven days with a 1.5% loss. This would be the second time that XRP tests this support which could turn out to be bearish if buyers don’t return. The key resistance for XRP lies quite some distance away at 48 cents while both MACD and RSI indicators are bearish with RSI falling under 50 points. XRP’s failure to sustain its price above 50 cents in April was already seen as a bearish signal by traders which led to an immediate reaction in the market. Currently bears appear have dominance in terms of price action so break of key support could see this cryptocurrency continue its downward trend further ahead into next week’s trading sessions.
Cardano is currently trading near its all-time high of around $1.75 after breaking above it earlier last month only to later pullback below again due to lack of momentum from buyers side giving sellers opportunity regain control over market sentiment once more . Next key resistance level for ADA lies well beyond previous ATH and stands around 2 dollars making it significant milestone for bulls should they manage push prices higher there however given current momentum it does not seem likely that such feat will be achieved any time soon despite being within reach technically speaking . On downside there are multiple supports lined up starting right away near current levels extending down towards 1$ mark where next major strategic point lies .