Analysis of Ethereum and Solana Price Trends: Short-Term Bearish Outlook with Strong Resistance Levels
In the world of cryptocurrency, Ethereum and Solana are two major players that have been experiencing a short-term bearish trend, according to analyst Josh of Crypto World. Despite some brief pauses and choppy sideways price action, both cryptocurrencies have yet to see a confirmed bullish reversal.
Ethereum, currently retesting a short-term support level between $3,470 and $3,480, faces strong resistance levels that have not been broken. The golden pocket area of resistance between $3,600 and $3,650 has proven to be a tough barrier to overcome. In order for a bullish trend to take hold, a breakout above $3,650 is necessary, which has not yet occurred. With strong support around $3,420, Ethereum is expected to continue trading in a choppy sideways range within a larger bearish trend.
On the other hand, Solana has also been struggling to break out of its short-term bearish trend, despite a brief pause due to a bullish divergence. The cryptocurrency bounced from the $128 support level but faced multiple rejections in the $140 to $144 range. To shift towards a bullish trend, a confirmed breakout above approximately $144, and ideally above $160, is needed. For now, Solana’s outlook remains bearish in the short term.
As both Ethereum and Solana navigate through these challenging market conditions, investors and traders are eagerly watching for any signs of a potential bullish reversal. Analyst Josh’s predictions have been accurate so far, and his insights continue to guide market participants in navigating the volatile cryptocurrency landscape.
