Altcoin
Altcoins almost 100% away from previous ATHs; What does this indicate?
Altcoin sentiment has been a hot topic recently due to their performance, with June being particularly volatile. Bitcoin is currently at 25% away from reaching a new all-time high (ATH). In contrast, altcoins are almost 100% away from their previous ATHs. Will this change anytime soon? With that in mind, let’s take a look at the second largest cryptocurrency, Ethereum.
Second Crypto World analyst Josh, Ethereum price is currently rejecting a Fibonacci level, which was previously a support, around $3,480. It recently bounced off the 50% retracement level around $3,350, which is now acting as a support. Another support area is found between $3,180 and $3,220.
Short-term price analysis for Ethereum:
In the short term, the trend and momentum remain bearish, similar to Bitcoin. A bearish trend does not imply a steady decline; there can be temporary bounces and sideways consolidations. This pattern is expected to continue for a few more days.
On the 12-hour time frame, a bullish divergence is active as the lower lows of the price and RSI, and the higher lows of the RSI, have not been invalidated. Bullish divergences typically result in a slight relief or a sideways move. However, further confirmatory signals, such as a breakout of key resistance levels, are needed to confirm a bullish reversal.
Important price levels:
Ethereum faces resistance around $3,450, previously a support level, and golden pocket resistance between $3,600 and $3,650. Support is around $3,300. The 8-hour time frame shows slight relief from the short-term downtrend, with the RSI briefly entering oversold territory, often indicating local lows before small sideways bounces or consolidations.
On the ETH/BTC weekly chart, Ethereum has underperformed Bitcoin in recent years despite short-term rebounds. A confirmed breakout above the descending resistance line at 0.056 BTC per ETH, with a weekly candle close above this line and ideally above a previous high, could signal the end of Ethereum’s downtrend versus Bitcoin.
A quick look at Solana’s technical data:
For Solana (SOL), a recent breakout above resistance at $140-$144 is being retested. If Solana holds above $140, this new support could lead to a rise towards $160. Failure to hold above $140 could result in a drop to $120-$128.