Bitcoin
Bitcoin (BTC) Failed to Hold on, Solana (SOL) Reaches Crucial Support, Ethereum (ETH) Reaches $4,500
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Ethereum is clearly gearing up for a potential surge toward a new annual high as the price of the second-largest cryptocurrency approaches $4,000. Previously, some analysts stated that ETH will reach $4,500 before ETF trading goes live.
Ethereum also continued to rise above the $3,800 level, now trading around $3,906. This bull run is largely supported by considerably high volume, indicating good buying interest. Currently, the level has found strong support from the 50-day EMA around $3,225 and the 100-day EMA around $3,170, supporting ETH.
Ethereum/USD Chart by TradingView
At the moment, Ethereum’s RSI is at 72, indicating that ETH is overbought. Perhaps it signals a pullback, but overall market sentiment remains unchanged. Recent price action has seen a clear breakout of consolidation, with more targets at higher resistance levels for ETH.
But it has to maintain the momentum to continue the journey towards $4,500 and penetrate above the psychological price level of $4,000. If broken, the next crucial resistance we are watching in the $4,200 range could give ETH momentum towards $4,500. The current levels to watch are $3,800 and $3,500 on the downside, which should hold to maintain the uptrend.
Bitcoin’s Path to $70,000
Bitcoin has failed to maintain above or even close to the crucial $70,000 price level and is currently consolidating around $69,000. Unfortunately, this is a sign of decreasing power and may suggest some bearishness in the future.
This implies that the digital asset is unable to sustain levels above $70,000, a level that signals the continuation of massive buying pressure. Looking at the recent price action, Bitcoin has once again failed to sustain itself above the $70,000 level, where the most significant resistance lies.
Consolidation can be visibly seen on the daily chart, where Bitcoin is trading levels just below $69,000. Furthermore, the fight to maintain gains above the psychological level continues to gain momentum as it consolidates at this level with the 50-day moving average.
Failure to break resistance at $70,000, coupled with consolidation in price action, could also signal possible downtrends. If Bitcoin loses the battle to hold above levels beyond the immediate support at $68,000, it could test lower support levels around $65,000 and $62,000, as represented by the moving averages. Increasing selling pressure under these moving averages will likely lead to larger losses towards the $60,000 level.
Solana reaches support
Solana is approaching a strong support level in the form of the EMA 26. This is not the first time that SOL price has tested this resistance level, as in the past, SOL reached around $160 and successfully emerged to up.
Solana is testing such a strong support level in the form of the 26 EMA. It would not be the first time that SOL price has touched this resistance level. This was the case in the past when SOL reached around $160 in price and rose successfully. Solana is currently trading around $164, which is close to a major support zone expanded by the 26-day EMA.
This has acted strongly in the past, particularly around the $160 zone, from which SUN managed to find strength and climb. One of the very important technical indicators closely monitored by traders, therefore, is the EMA 26, as it often provides a cushion during a bull run and resistance when in a downtrend.
Solana has been quite volatile in terms of price but has remained bullish over the past few weeks of trading. Furthermore, the price retraced to levels around $190, testing the 26 EMA support. Not far away, the 50-day EMA is located at $153, and in case the 26-day EMA fails, this is the next line of defense.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently, it focuses on news, articles with in-depth analysis of cryptocurrency projects, and technical analysis of cryptocurrency trading pairs.