Ethereum (ETH) and Solana (SOL) Hit Resistance: Price analysis
The post Ethereum (ETH) and Solana (SOL) Hit Resistance: Price analysis appeared on BitcoinEthereumNews.com. As Bitcoin (BTC) makes another all-time high and could go even higher, the top layer 1s, Ethereum ($ETH), and Solana ($SOL) have also made hay. However, they have hit strong resistance, and are in overbought territory. What’s next for both? $BTC breaking down? Will altcoins do the same? Bitcoin is the daddy of the cryptocurrencies and of that there is absolutely no doubt. For the altcoins to run, Bitcoin will need to run first. Currently, things are on a knife edge for Bitcoin as to whether Wednesday’s $3,000 surge to a new all-time high will continue, or whether this move is about to break down, given the oversold nature of the king of the cryptocurrencies right now. $ETH meets with solid rejection at $2,800 Source: TradingView Looking on the short-term time frame for the $ETH price it can be seen that the price is now nicely above the major 2,500 horizontal level. However, the recent attempt to surpass the $2,800 horizontal resistance has been met with a solid rejection by the bears. Given how overbought $ETH is on practically every time frame, even up to the weekly, a continuation of this rejection is probably the only game in town right now. A period of sideways and down price action for $ETH? Source: TradingView The weekly view for $ETH shows how important the current horizontal resistance level is. The price structure above this level builds on the firm structure underneath. Once the price gets above and confirms, this would turn into very strong support, enabling the $ETH price to be let loose. All this said, it does not look like it will happen this time. In order for the Stochastic RSIs to reset, the price will need to go sideways and down for a period of time. The bulls will hope…
The post Ethereum (ETH) and Solana (SOL) Hit Resistance: Price analysis appeared on BitcoinEthereumNews.com.
As Bitcoin (BTC) makes another all-time high and could go even higher, the top layer 1s, Ethereum ($ETH), and Solana ($SOL) have also made hay. However, they have hit strong resistance, and are in overbought territory. What’s next for both? $BTC breaking down? Will altcoins do the same? Bitcoin is the daddy of the cryptocurrencies and of that there is absolutely no doubt. For the altcoins to run, Bitcoin will need to run first. Currently, things are on a knife edge for Bitcoin as to whether Wednesday’s $3,000 surge to a new all-time high will continue, or whether this move is about to break down, given the oversold nature of the king of the cryptocurrencies right now. $ETH meets with solid rejection at $2,800 Source: TradingView Looking on the short-term time frame for the $ETH price it can be seen that the price is now nicely above the major 2,500 horizontal level. However, the recent attempt to surpass the $2,800 horizontal resistance has been met with a solid rejection by the bears. Given how overbought $ETH is on practically every time frame, even up to the weekly, a continuation of this rejection is probably the only game in town right now. A period of sideways and down price action for $ETH? Source: TradingView The weekly view for $ETH shows how important the current horizontal resistance level is. The price structure above this level builds on the firm structure underneath. Once the price gets above and confirms, this would turn into very strong support, enabling the $ETH price to be let loose. All this said, it does not look like it will happen this time. In order for the Stochastic RSIs to reset, the price will need to go sideways and down for a period of time. The bulls will hope…
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