Altcoins
Can Ethereum Kick Off an Altcoin Season by Riding towards the $4000 Mark?
The cryptocurrency market currently presents mixed prospects Bitcoin trading below the $70,000 mark. Most major altcoins, including Ethereum, have suffered declines and are in the red zone. Crypto World Analyst Josh provided details on what lies ahead for Ethereum, focusing on analysis and technical factors.
The analyst said so Ethereum on the daily time horizon there is still a lack of upward momentum in the short term. However, the bullish breakdown of the falling wedge pattern remains technically intact. To completely invalidate this breakout and its associated price target, the price would need to drop below the breakout point, which is approximately $3,200. Despite this, in the short term, the price seems to have difficulty finding momentum.
On the 8-hour time frame, Ethereum is once again encountering a crucial support zone, marked by previous support and resistance levels and strengthened by Fibonacci levels, especially the golden pocket between $3,600 and $3,650. This remains a major support level for now.
If the price were to confirm a breakout with the candle closing below $3,600, the next support level to watch would be around $3,450, followed by a more substantial support zone around $3,300. If the price rebounds from the golden pocket, the resistance levels at $3,820, $3,870, and $3,950 are the ones to watch.
Looking at Ethereum versus Bitcoin over the weekly time frame, the trend remains more bearish than bullish, characterized by decreasing highs and lows. Recent weeks have seen another pushback from resistance, indicating Ethereum’s underperformance relative to Bitcoin.
What’s in store for Solana?
Josh further discussed Solana’s technical analysis. On the last day, Solana showed mostly choppy and sideways price action. This move comes from a recent break below the critical $160 level. However, despite this bearish signal, there was no downward rally, indicating a paucity of bearish momentum.
He said there wasn’t even a noticeable increase in bullish momentum. Therefore, overall market sentiment for Solana currently suggests a lack of momentum, indicating sideways consolidation or choppy near-term price action.
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