The recent crypto market volatility has left traders on edge, particularly those invested in Ethereum (ETH) and Solana (SOL). As the short-term outlook remains uncertain, let’s explore the key factors impacting these two major cryptocurrencies.
Ethereum’s Short-Term Bearish Trend
Ethereum remains in a short-term bearish trend, with strong resistance levels yet to be broken and critical support levels being retested. Analyst Josh of Crypto World has maintained a more bearish stance than bullish in the short term, and so far, his predictions have proven accurate.
Ethereum’s Current Situation
Ethereum’s price is currently retesting a short-term support level between $3,470 and $3,480. If this support breaks, the next level to watch is around $3,350. The recent trading activity has been choppy, with Ethereum facing a strong rejection from the golden pocket area of resistance between $3,600 and $3,650. For a bullish trend to take hold, a confirmed breakout above $3,650 is necessary, which has not yet occurred.
Solana’s Bearish Trend
Solana, too, remains in a short-term bearish trend. Despite a brief pause due to a short-term bullish divergence, Solana bounced from the $128 support level and then encountered resistance. Multiple rejections occurred in the $140 to $144 range, which continues to act as strong resistance. Support remains between $120 and $128.
Both Ethereum and Solana face challenges in the short term. While Ethereum’s support levels are crucial for maintaining stability, Solana needs a confirmed breakout above approximately $144 (ideally above $160) to shift toward a bullish trend. For now, the outlook remains bearish for both cryptocurrencies.
Finn Wells is a proficient news writer at Crypto Quill, specializing in delivering the latest updates on Bitcoin and altcoins to readers worldwide. With a keen interest in the ever-changing landscape of digital currencies, Finn’s articles provide insightful analysis and up-to-the-minute news on the cryptocurrency market. Known for his meticulous research and commitment to accuracy, Finn brings a fresh perspective to the world of blockchain technology. Stay informed with Finn’s comprehensive coverage of Bitcoin and altcoins, as he continues to illuminate the crypto space with his expertise and dedication at Crypto Quill.