Ethereum
What’s next for Ethereum now that Bitcoin has made a bullish statement?
Bitcoin surged from its low of $60,000, surprising everyone with a gain of nearly 4% on July 1. Other altcoins, including Ethereum, also saw gains, giving hope to investors and analysts. Josh, analyst at Crypto World said that ETH price is currently holding above the 50% retracement level, which serves as support around $3,350.
This indicates a pause in the downtrend, but no confirmation of a short-term bullish trend reversal. On a 12-hour time frame, ETH is showing bullish divergence, leading to some bullish relief and some sideways price action. However, ETH is still struggling with resistance around $3,450 and another major resistance zone between $3,600 and $3,650.
Potential bullish reversal
For ETH to become much more bullish in the near term, it needs to break above $3,650 with confirmation. Additionally, bullish reversal signals for Bitcoin would further support a positive trend for ETH as the cryptocurrency market often follows Bitcoin’s movements. The 8-hour chart shows an oversold signal in Ethereum’s RSI, suggesting a break or potential relief from the downtrend in the short term, although it does not necessarily indicate an end to the downtrend.
Solana Price Analysis
Looking at Solana on a 12-hour time frame, the price is holding above the critical zone between $140 and $144, which has been significant resistance recently and support previously. If Solana can hold this area as new support and confirm a bounce with green candles, it would indicate a bullish price structure. The next resistance levels to watch are $151 and $160. A confirmed breakout above these levels would indicate a reversal of the bullish trend. However, a break below $140 would invalidate the bullish breakout.