Crypto Price Analysis March-06: ETH, XRP, ADA, BNB, and SOL

4 hours ago 9

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

Ethereum (ETH)

Ethereum closes another week in red after the price fell by 3%. Buyers tried to keep it above $2,400 after the news that ETH will be included in the upcoming US Crypto Strategic Reserve. However, they could not hold it there for long.

At the time of this post, Ethereum is trying to return to the resistance at $2,400, which has to break if an uptrend is to follow. While momentum on lower timeframes such as the 4h is bullish, on higher timeframes, like weekly, the trend is still bearish.

Looking ahead, ETH has a good shot at a recovery as long as it holds above $2,000. With the White House Crypto Summit expected this Friday, more good news could follow that can bring buyers back.

Ripple (XRP)

XRP rallied hard this week on the news that it will be included in the US Crypto Strategic Reserve. The price closes the week with a 13% gain. This is extremely positive, and for a brief period, the asset nearly touched $3.

To return on an uptrend, buyers will have to break the resistance at $3, which stopped the bullish impulse earlier this week. Considering the strong rally on Monday, the price entered a pullback, which may last a while before the next attempt at a breakout.

Looking ahead, XRP appears to be consolidating between $2 and $3. A breakout from this range will likely see the price move in a significant way. This latest news has also put buyers in an advantage.

Cardano (ADA)

ADA rallied 80% between last Sunday and Monday when Trump made his tweets about the US Crypto Strategic Reserve. The price stood around $1 for a brief period before a pullback took it under this key level. Nevertheless, ADA closes the week with an impressive 41% price increase.

This news has turned the chart bullish, but to confirm this trend can be sustained, ADA’s price has to reach a higher high. That would require a level above $1.32.

Looking ahead, ADA has a real shot at re-igniting its rally from November 2024. If buyers are to take over the price action, the current resistance at $1 and $1.3 will need to break. Support is found at $0.9.

Binance Coin (BNB)

Binance Coin was not mentioned by Trump last Sunday, hence its price did not move much and closed the week with a 2% loss. Nevertheless, BNB is found around $600 at the time of this post which is a great place for buyers to make their presence felt.

In the past week, BNB found excellent support around $550 where the asset always bounced as buyers returned. Right now, they are trying to turn $600 into a key support, but it is still early to confirm it.

Looking ahead, momentum may start to favor bulls in the coming days and volatility could spike on Friday as more news will emerge from US on their latest crypto policy. If BNB can stay above $600, buyers have the upper hand.

Solana (SOL)

Solana spiked to $180 when Trump tweeted about it being included in the US Crypto Strategic Reserve. However, sellers quickly rushed to take the price back to its starting position within 24h. This is why the asset only booked a 5% gain this week.

Even if the pullback on this news was significant, Solana still managed to confirm $134 as a key support that was tested several times and did not fold. This is positive and shows that buyers may soon try to break the current resistance at $164.

Looking ahead, Solana has a good opportunity to reverse the current downtrend which made a lower low recently. To confirm a reversal, bulls will have to bring SOL above $164 in the nearby future.