Altcoins
Can Ethereum Kickstart an Altcoin Season by Hitting the $4,000 Mark?
The cryptocurrency market currently presents a mixed outlook, with Bitcoin trading below the $70,000 mark. Most major altcoins, including Ethereum, have seen declines and are in the red zone. Analyst Josh from Crypto World provided details on what lies ahead for Ethereum, focusing on analysis and technical factors.
The analyst stated that Ethereum on the daily period still lacks short-term bullish momentum. However, the bullish breakout from the descending wedge pattern remains technically intact. To completely invalidate this breakout and its associated price target, the price would need to fall back below the breakout point, which is around $3,200. Despite this, in the short term, the price appears to be struggling to gain momentum.
On an 8-hour time frame, Ethereum once again encounters a crucial support zone, marked by previous support and resistance levels and reinforced by Fibonacci levels, particularly the golden pocket between $3,600 and $3,650. This remains an important level of support at this time.
If price confirms a breakout with a candle closing below $3,600, the next support level to watch would be around $3,450, followed by a larger support area around $3,300. If the price bounces off the golden pocket, the resistance levels at $3,820, $3,870, and $3,950 would be the ones to watch.
Looking at Ethereum versus Bitcoin on the weekly time frame, the trend remains more bearish than bullish, characterized by lower highs and lower lows. In recent weeks, we have seen a further rejection of resistance, indicating Ethereum’s underperformance relative to Bitcoin.
What does Solana have in store?
Josh discussed the technical analysis of Solana in more detail. During the last day, Solana showed mostly unstable sideways price action. This move stems from a recent break below the critical $160 level. However, despite this bearish signal, there has been a lack of follow-through to the downside, indicating a scarcity of bearish momentum.
He said there has also been no notable increase in bullish momentum. Therefore, overall market sentiment for Solana currently suggests a lack of momentum, pointing towards sideways consolidation or unstable price action in the near term.
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