Crypto Price Analysis February-07: ETH, XRP, ADA, BNB, and SOL

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

Ethereum (ETH)

The Monday crash took crypto by surprise during a historic liquidation event. Ethereum fell to $2,100 before it managed to recover some ground. The price is currently around $2,700 and closed the week with a 16% loss, being unable to go back above $3,000, which acts as a key resistance.

This price action has turned most charts bearish, including Ethereum, which just experienced a bearish cross on the weekly MACD. The selling volume also exploded, which shows fear in the market.

Looking ahead, Ethereum’s strongest support is currently at $2,400. Buyers have to defend this level if they want to avoid a fall below $2,000 later.

Chart by Tradingview

Ripple (XRP)

XRP’s rally ended on Monday when the price fell to $1.8 momentarily until buyers returned. This has put sellers in control, and the price ended the week with a 24% loss. This was a sharp and expensive reversal for those who were bullish and took a position above $3.

While the asset is currently at $2.3, it could easily fall to $2 and $1.6, which are major support levels. Buyers appeared interested in under $2 on Monday, but the sentiment remains bearish, and their conviction could soon be tested again.

Looking ahead, XRP just started a major correction, which may take several weeks to complete before the price decides to go higher again. The market also needs time to digest this week’s drop. Therefore, it is best to be patient here.

Chart by Tradingview

Cardano (ADA)

ADA also had a bad week after its price quickly fell to $0.5 on Monday but recovered somewhat after. Nevertheless, Cardano closes the week with a 21% loss. The momentum is bearish, and the downtrend is expected to continue.

The most important support level is found at $0.64, which could stop this nosedive. However, if the overall market sentiment remains bearish, this level could only be a short stop until a bottom is found at lower levels.

Looking ahead, Cardano is correcting sharply at the time of this post. If the $0.64 support cannot stop sellers, then the asset will likely revisit $0.5.

Chart by Tradingview

BNB’s resilience was put to the test on Monday as the price fell to $500, a price not seen since September 2024. Buyers tried to hold this cryptocurrency above $600, but they were unable to do so, considering the asset closed the week with a 15% loss.

There is good support at $550 and $500, which will likely be revisited if buyers remain shy at this time. The best BNB can hope for is a bounce that could see it test the resistance at $600. A break above this level seems unlikely at this time.

Looking ahead, as long as bulls keep BNB above $500, then it has a good shot at returning on an uptrend later once market conditions improve.

Chart by Tradingview

Solana (SOL)

Solana holders had a difficult time on Monday when the price fell under $200. They tried to bring it back above this key level, but failed after 24h, and closed the week with a 19% loss. At the time of this post, the price is around $190.

During this fall, the $200 level has turned into a key resistance, and the most important support line is now at $164. If bears continue to dominate, then SOL will likely test that support in the future.

Looking ahead, Solana’s momentum on the weekly timeframe is bearish, with the MACD and RSI making lower highs. This shows sellers are in charge, and they may hold the price under their control for quite some time. A possible reversal of this downtrend could happen in the $164 to $134 range.

Chart by Tradingview