Ethereum

Short-term scenarios look fragile for Ethereum and Solana

Published

5 months ago

on

Ethereum remains in a short-term downtrend, with strong resistance levels yet to be breached and critical support levels being retested. Amid this broader downtrend, with no bullish reversal confirmed yet, the analyst Josh from Crypto World remains more bearish than bullish in the short term, a stance that has proven accurate so far.

In his latest analysis video, he stated that The price of Ethereum retests a near-term support level between $3,470 and $3,480. If this support breaks, the next level to watch is around $3,350. Recently, Ethereum has been trading in an unstable sideways range, looking neutral in the very short term.

Ethereum faced a strong rejection from the golden pocket resistance zone between $3,600 and $3,650. For a bullish trend and momentum to take hold, a confirmed breakout above $3,650 is required, which has not happened yet.

In terms of short-term support, Ethereum has strong support around $3,420, based on previous lows. If this support holds, more unstable sideways price action is expected, consistent with the analyst’s previous predictions. This sideways action consists of both short-term bullish and bearish movements, but occurs as part of a broader downtrend.

The analyst also noted that Solana is still in a short-term downtrend, despite a brief pause due to short-term bullish divergence. As expected, Solana bounced from the $128 support level and then encountered resistance, facing multiple rejections in the $140-$144 range. This area continues to act as strong resistance, while support remains between $120 and $128.

Despite expected unstable sideways price action, Solana’s short-term trend and momentum remains bearish. To move into an uptrend, the analyst explained the need for a confirmed breakout above around $144, and ideally above $160, to inspire confidence in a bullish reversal. For now, the outlook remains bearish in the short term.

Read also: Bitcoin Price Prediction: Price Drops Below $65,000, Can Downtrend Reverse Today?

Source

Related Topics:

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Trending

Exit mobile version