From Ethereum to Hyper… Major Altcoins Entering a Correction Phase, What is Your Investment Strategy?

Ethereum (ETH), Ripple (XRP), Cardano (ADA), Solana (SOL), and Hype (HYPE) have shown significant volatility and correction in the cryptocurrency market over the past week, demanding investors' attention. Based on technical indicator analysis, most coins have experienced a correction after reaching short-term peaks, with some entering a phase of testing key support levels.

Ethereum (ETH) has seen a temporary pause in its upward momentum after surging from around $2,000 to $3,800 in the past month. Currently hovering around $3,300, it may potentially adjust to $3,000 if the support level is breached. After a short-term correction, if buying pressure returns, there is an expectation of attempting to break the psychological resistance of $4,000.

Ripple (XRP) failed to overcome the resistance at $3.6 and declined 14% on a weekly basis. Currently testing the $3 support level, it may retreat to $2.6 if this level is broken. While technical indicators suggest a bearish market in the short term, there is still a possibility of a rebound targeting $4 in the second half of the year.

Cardano (ADA) also encountered resistance at $0.90 and is currently trading at $0.80. It experienced an 8% decline this week and may face additional downside risk to $0.70 or potentially as low as $0.64. The July rise was largely supported by overall market optimism, and it currently lacks independent momentum for a rebound.

Solana (SOL) briefly surpassed $200 but soon retreated, showing a 2% decline. Key rebound points are identified at $165 and $150. Fortunately, both the high and low points are higher than previous levels, technically still suggesting part of an upward trend.

Hype (HYPE) has been experiencing continuous decline after rapidly rising to $50. This week, it dropped 8% to around $42, with a key support level at $37. Despite strong fundamentals and token buyback, the excessive rise in expectations suggests that this correction is a process of aligning market price with reality.

Overall, this week's cryptocurrency market is seen as a correction of overheated investor sentiment, with major coins reaccumulating energy at key support levels. For investors, a strategy of carefully observing reactions at key technical levels before entering seems most prudent.

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