Altcoin
Altcoins almost 100% away from previous historical highs: what does this indicate?
Recently, altcoin sentiment has become a hot topic due to their performance, with June being particularly volatile. Bitcoin is currently at 25% from reaching a new all-time high (ATH). In contrast, altcoins are almost 100% away from their previous ATH. Will it change soon? With this in mind, let’s take a look at the second largest cryptocurrency, Ethereum.
Second Crypto World analyst Josh, currently, Ethereum price is rejecting a Fibonacci level, previously a support, around $3,480. It recently bounced from the 50% retracement level to around $3,350, now acting as support. Another support area lies between $3,180 and $3,220.
Short-Term Price Analysis for Ethereum:
In the short term, the trend and momentum remains bearish, similar to Bitcoin. A bearish trend does not imply a constant decline; there may be temporary rebounds and lateral consolidations. This pattern is expected to continue for a few more days.
In the 12-hour timeframe, a bullish divergence is active because the lower lows in the price and RSI, and the higher lows in the RSI, have not been invalidated. Bullish divergences typically result in a slight relief or sideways movement. However, more confirmatory signals, such as breakouts above key resistance levels, are needed to confirm a bullish reversal.
Important price levels:
Ethereum faces resistance around $3,450, previously a support level, and gold 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 bounces or sideways 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), the recent breakout of the resistance between $140 and $144 is being retested. If Solana holds above $140, this new support could lead to a rally towards $160. Failure to hold above $140 could lead to a drop to $120-$128.