Solana
Ethereum Price Repeats Bearish Pattern; Solana Structure Turns Bullish
The second-largest cryptocurrency by market cap, Ethereum, is stuck in a sideways move similar to BitcoinThere has been no confirmed bullish trend reversal and according to Josh from Crypto World, this could simply be a short-term pause in the ongoing bearish trend as seen in previous patterns.
Ethereum price is moving sideways on the daily time frame and Josh said it is fluctuating between the 50% retracement level, which sits around $3,350 and acts as support, and the previous Fibonacci level at around $3,480, which acts as resistance.
The analyst said that an active bullish divergence is playing out, offering some slight relief from the short-term downtrend. However, The price of Ethereum continues to struggle with the critical resistance level around $3,450.
Recently, it faced another rejection at this level, mirroring a previous rejection. Even if Ethereum manages to break above $3,450 and $3,480 with confirmed candle closes, it will still face strong resistance between $3,600 and $3,650. This situation is similar to a previous period where a short-term bullish divergence did not lead to a trend reversal.
To confirm a bullish trend reversal, further signals such as breaks above important resistance levels like $3,650 are needed, which has not happened yet. While the bullish divergence is playing out, the trend remains bearish, leading to choppy sideways price action in the short term.
And Solana?
A few days ago, Solana confirmed a break above the critical resistance zone between $140 and $144. After retesting and holding this zone as new support, Solana formed an inverse head and shoulders pattern.
To confirm this pattern, Solana needs to break above the neckline around $151-152 with candlestick closes. If confirmed, this pattern sets a bullish price target near $180, which represents an 18-19% upside from the breakout point.
However, there are resistance levels between the current price and the target. These include resistances around $160, between $170 and $175, and between $183 and $187. Despite this, The price of Solana the structure becomes bullish, transforming the previous resistance into a new support.