What’s Next For Ethereum And Solana? Consolidation and Key Levels Explained
The post What’s Next For Ethereum And Solana? Consolidation and Key Levels Explained appeared first on Coinpedia Fintech News
The current price action of Ethereum is similar to what was observed during the bottom of the March 2020 crash. Analyst Josh of Crypto World said that both periods experienced an initial sharp drop, followed by a low, a quick rebound, and then a secondary pullback that formed a higher low. This pattern has continued with Ethereum forming higher lows, followed by brief bounces, and some sideways consolidation.
He said that Ethereum continues to see a significant bounce from a major area of support, located between $2,000 and $2,150. This has been a consistent zone of interest, and not much has changed on the weekly timeframe, indicating a sustained hold at this level.
The second largest cryptocurrency recently faced rejection near the $2,800 mark. This level is acting as a strong resistance, which the analyst has stressed multiple times over the past week. The $2,800 resistance is a critical barrier for Ethereum, and if the price manages to break above it, the next resistance would be around $3,200.
Support Levels:
On the downside, Ethereum has immediate support around $2,500. Should this level fail, stronger support lies within the “golden pocket” between approximately $2,150 and $2,200. This zone is crucial, as it represents a historically strong area of buying interest.
What About Solana?
Solana is testing a critical support zone between $140 and $144. If this level holds, Solana could see some neutral price action in the near term. However, a confirmed break below $140, especially with a daily candle close below this level, would likely signal a move down to the next major support area between $120 and $128.
Resistance Levels:
On the upside, before Solana can challenge its broader resistance between $183 and $187, it must first overcome resistance levels around $159 to $162 and then $170 to $175. These levels are key for any bullish attempts to break out of the current range.
