Ethereum Signals Major Bullish Reversal; Solana Targets 21% Price Increase
The post Ethereum Signals Major Bullish Reversal; Solana Targets 21% Price Increase appeared first on Coinpedia Fintech News
Analyst Josh of Crypto World has analyzed trends in the price movements of Solana Ethereum, opening up about the current technical patterns that suggest potential market directions. Despite running into a critical resistance area, he said that Ethereum is signaling a massive bullish reversal.
Ethereum’s Daily Chart Signals Bullish Reversal
A bullish reversal signal is flashing on Ethereum’s daily chart, showing a “bump and run reversal pattern,” which includes three phases: the leading phase, the bump phase, and the run phase. This pattern suggests a bullish reversal, contingent on the daily candle closing above the resistance line around $3270, just below the $3.3k mark. Confirmation of this breakout could push Ethereum’s price towards and above the technical target of approximately $3.4k.
Short-Term Resistance Levels
Currently, Ethereum is facing resistance in the golden pocket between $3520 to $3570. These levels are crucial for further bullish momentum. Additionally, the price bounce from the support zone between $2.8k to $2.9k indicates potential upward movement or at least sideways consolidation.
Solana Technical Analysis
Solana has broken out above $144, continuing to rise towards the next resistance above $154. The next resistance level is around $160, based on previous support and resistance levels. A potential double bottom pattern, also known as a W pattern, is forming, which would confirm upon a breakout above $154, ideally on the daily chart. This could lead to a technical price target of around $187, representing a 21% potential move.
Monitoring Resistance and Support Levels
Key resistance levels to watch include $160, $170 to $175, and $183 to $187. Support levels to monitor in case of rejection are between $140 to $144 and, in a more bearish scenario, between $120 to $128. A breakout above $154 and $160 could signal the start of a bullish trend in the short term.
