Markets
Short-term scenarios look shaky for Ethereum and Solana
Ethereum remains in a short-term downtrend, with strong resistance levels yet to overcome and critical support levels being retested. Amid this broader downtrend, with no confirmed bullish reversal yet, analyst Josh from Crypto World remains more bearish than bullish in the near term, a position that has so far proven correct.
In his latest analysis video, he said so The price of Ethereum is 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. Recently, Ethereum has been trading in a choppy sideways range, appearing neutral in the very short term.
Ethereum faced a strong rejection from the golden pocket resistance area between $3,600 and $3,650. For a bullish trend and momentum to take hold, a confirmed breakout above $3,650 is needed, which has not yet occurred.
In terms of short-term support, Ethereum has strong support around $3,420, based on previous lows. If this support holds, more choppy sideways price action is expected, in line with the analyst’s previous predictions. This sideways action consists of short-term bullish and bearish moves, but occurs within a broader downtrend.
The analyst also noticed this Solana is still in a short-term bearish trend, despite experiencing a brief pause due to a short-term bullish divergence. As expected, Solana bounced off the $128 support level and then ran into resistance, facing multiple rejections in the $140 to $144 range. This area continues to act as strong resistance, while support remains between $120 and $128.
Despite some expected sideways price swings, Solana’s near-term trend and momentum remains bearish. To move towards an uptrend, the analyst explained the need for a confirmed breakout above around $144, and ideally above $160, to instill confidence in a bullish reversal. For now, the outlook remains bearish in the near term.
Read also: Bitcoin Price Prediction: Price Breaks Below $65,000, Can Downtrend Reverse Today?