Crypto Price Analysis Oct-23: ETH, XRP, ADA, BNB, and HYPE

Today, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail. This week, the correction that started in early October continued, and ETH closed 2% lower. While this is a modest drop, the price has arrived at the $2,400 support, which appears to be holding at the time of this post. There is fear in the market, and if the key support cracks, that would send prices crashing yet again. Such a scenario would see Ethereum quickly fall to the $2,000 level, which has not been tested as support during the previous rally. Looking ahead, ETH is showing weakness, and the current correction has only intensified with each passing week. The only hope for bulls is to defend the price at $2,400 since the alternative is lower lows. XRP has crashed by almost 25% since it was rejected at the $1.6 resistance, with the price now found at the $1.3 critical support. This level has been tested repeatedly. While buyers managed to hold here, the outlook remains bearish. The price closed this week 1% lower and shows that market participants are taking their time before their next major move. That’s because a break below $1.3 would likely see this cryptocurrency quickly fall towards $1 next. Bulls have to avoid that. Looking ahead, with the $1.6 resistance well defended, buyers had no other option but to retreat lower. At the time of this post, the support at $1.3 remains intact, but this could be just a matter of time before sellers make another attempt to break it. ADA fell by 6% this week after the price lost its key support at $0.23. This means that buyers have most likely retreated to the $0.20 level where they will make their next stand to defend the price. Sellers have the upper hand, and they will likely push until the key support is tested. Only if they become exhausted will ADA get a window to enter into a relief rally. However, in such a scenario, the $0.23 level may be re-tested as resistance. Looking ahead, the outlook for Cardano remains bearish, and lower levels should be expected based on the current price action. Wait for $0.20 to be tested and gauge the market reaction there before making any moves. Surprisingly, Binance Coin has closed the week in green with a modest 2% gain. That comes after buyers managed to defend the support at $690 well before sellers had a chance to seriously challenge it. This makes it the only coin to close in green on our list. While this is promising, it could also be a temporary bounce before sellers make another attempt at the $690 support. This becomes quite likely if the overall market remains bearish in the coming week. Looking ahead, BNB may be consolidating by moving sideways above the key support at $690. Current resistance is at $800, but it’s unlikely to be tested unless buyers strengthen their conviction. Hyperliquid closed its fourth consecutive week in red, albeit with a 3% loss, which is not that concerning. However, what is concerning is the fact that the price has lande