Altcoins
What is the future of Bitcoin, Ethereum and Solana?
Analyst Josh, in his latest analysis video, he underlined it BiteCoin witnessed minimal price movement over the weekend, with only a slight rise observed. However, historical data from the past month reveals a pattern where volatility tends to increase as the weekend comes to an end and the new week begins.
Analyzing the current Bitcoin chart, the analyst noted that Bitcoin may be forming an inverse head and shoulders pattern, which is a bullish indicator. To confirm this pattern, Bitcoin must move above $71,700, ideally with a 3-day candle closing above $73,000 to $74,000. Although Bitcoin has experienced a temporary pause in its broader uptrend, short-term fluctuations are expected even in a bull market.
Currently, Bitcoin appears neutral in the short term, consolidating between the support at $67,000-$68,000 and the resistance at $72,000-$74,000. Overall, Bitcoin remains in a broader uptrend, with neutral near-term behavior and potential for future gains if key resistance levels are broken above.
Will Ethereum Break Above $4,000 Levels?
Analyzing Ethereum on the daily time horizon, the analyst said that ETH currently lacks short-term momentum. However, the breakout of the descending wedge pattern remains valid as long as ETH remains above the $3.2K level. This breakout suggests a potential price target of around $4,070.
On the 8-hour time frame, ETH is finding strong support in the golden pocket between $3.6K and $3,650, a previous support and resistance zone. If ETH falls below $3.6k, the next major support levels are $3,450 and $3.3k. However, if ETH rebounds from this support, it will face resistance at $3,820, $3,870, and $3,950. On the ETH/BTC weekly chart, Ethereum continues to trend down against Bitcoin, maintaining a pattern that has persisted for years.
Solana does not have strong momentum
Solana it briefly dipped below $160, but quickly recovered to this level. This indicates that $160 remains a critical level to watch. The decline and rapid recovery suggest that Solana lacks momentum in the immediate near term and was likely to move towards the next major support area between $140 and $144. Therefore, it is expected that Solana may experience choppy and sideways price action in the coming days.