Ethereum
What’s next for these top cryptos?
Analyst Josh from Crypto World said Bitcoin price is now issuing a new short-term signal that requires attention and Ethereum is rejecting key resistance after bouncing off key support. As soon as the new CPI figures were released, showing inflation of 3.3% year-on-year, the price of Bitcoin quickly rose.
This was followed by the Federal Reserve Meeting, where they decided to keep interest rates unchanged. However, the Fed has hinted it will cut rates by the end of the year, potentially just one instead of the two or three cuts many expected. This led to a “buy the rumor, sell the information” scenario: bullish CPI numbers caused an initial surge, but the Fed’s more cautious stance on rate cuts led to a retracement of these gains.
What’s next for Bitcoin?
The analyst noted that recent events have had a negative impact The price of Bitcoin. Currently, Bitcoin charts are showing a period of consolidation in the short term, while maintaining a broader uptrend over longer time frames.
Additionally, Bitcoin forms an inverse head and shoulders pattern, a bullish indicator, conditional on surpassing the resistance levels of $71.7k to $74k. The potential target for this breakout is around $86,000 to $87,000.
Support for Bitcoin currently lies between $67,000 and $68,000, with resistance between $72,000 and $74,000, leading to a neutral outlook as long as the price remains within this range.
What’s next for Ethereum?
The analyst then said that in the short term, Ethereum recently bounced off the 38.2% Fibonacci support level around $3,480 on logarithmic settings. Below this level, the 50% retracement support lies at around $3,340 and the golden pocket support lies between $3,170 and $3,220.
On the ETH/USD 8-hour chart, The price of Ethereum has mirrored Bitcoin action by rebounding from around $3,450, but now finds itself facing resistance in the golden pocket area, between $3,600 and $3,650. If ETH rises above $3,650 with a confirmed close of the candle, further resistance is expected between $3,800 and $3,900.
What’s next for Solana?
Moving on to Solana, he said the coin showed similar price action to Ethereum. Solana bounced almost perfectly from the support zone between $140 and $144, more precisely around $145. It is now encountering strong resistance at $160, which has been an important support and resistance level in the past. If Solana Price breaking and closing above $160, the next resistance zone lies between $170 and $175. However, as long as Solana remains between this support and resistance, it is likely to continue trading in an unstable sideways range in the near term.