Ethereum Shows Signs of Bullish Reversal 🚀
If you’ve been following Ethereum, you may have noticed a bounce from a critical support area. Analyst Josh of Crypto World suggests that while there are signs of a bullish trend reversal, additional signals are needed to confirm the trend we’ve seen in the past few days. Despite this positive momentum, be prepared for possible short-term pullbacks, especially around resistance levels.
Short-Term Resistance and Support for Ethereum 💪
- Ethereum is currently facing resistance between $3,480 and $3,520, known as the golden pocket, which has historically been a strong resistance area.
- If Ethereum is rejected at this level, short-term support is likely around $3,340, with more robust support expected between $3,210 and $3,250.
- A breakout above the golden pocket, with candle closes above $3,520, would shift the next major resistance level to between $3,650 and $3,700 based on previous resistance and Fibonacci levels.
Solana Technical Analysis 📈
- Solana’s price recently closed around $160, just above a critical level. While there is no strong confirmation of a breakout above $160 yet, Solana remains above the $154 support level, which now serves as a new support during this short-term pullback.
- Maintaining a position above $152 to $154 is crucial for the bullish outlook as it indicates a double-bottom pattern. A drop below this support could see Solana retreat back to the $140 to $144 range.
- Resistance is currently at $160 to $161, where the price has faced hurdles in the recent past. A clear breakout above $160 could lead to further resistance levels between $170 and $175, and then between $183 and $187.
Hot Take: Stay Informed and Keep an Eye on the Trends 📊
As you navigate the crypto market, remember to stay updated on the latest trends and technical analysis. Keeping an eye on key support and resistance levels can help you make informed decisions about your investments. Stay vigilant and be prepared for potential fluctuations in the market. Happy trading! 🌟
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