Ethereum
Ethereum Signals Major Bullish Reversal; Solana Targets 21% Price Surge
Josh, Analyst at Crypto World analyzed the Solana Ethereum price action trends, opening up about current technical patterns that suggest potential market directions. Despite a critical resistance zone, he said Ethereum is signaling a massive bullish reversal.
Ethereum Daily Chart Signals Bullish Reversal
A bullish reversal signal is flashing on the Ethereum daily chart, showing a “bump and run reversal pattern,” which consists of three phases: the spike phase, the bump phase, and the run phase. This pattern suggests a bullish reversal, subject to the daily candle closing above the resistance line around $3,270, just below the $3,300 mark. Confirmation of this breakout could push Ethereum price towards and above the technical target of around $3,400.
Short term resistance levels
Currently, Ethereum Bitcoin price is facing resistance in the golden pocket between $3,520 and $3,570. These levels are crucial for further bullish momentum. Moreover, the price rebound from the support zone between $2,800 and $2,900 indicates a potential upward move or at least a sideways consolidation.
Solana Technical Analysis
Solana Gold prices have broken above $144 and are 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 be confirmed on a break above $154, ideally on the daily chart. This could lead to a technical price target of around $187, representing a potential move of 21%.
Monitoring resistance and support levels
The key resistance levels to watch are $160, $170-175, and $183-187. Support levels to watch in case of rejection are between $140-144, and in a more bearish scenario, $120-128. A break above $154 and $160 could signal the start of a short-term bullish trend.
Read also: It’s Time to Buy an ETH Spot ETF: Here’s What to Expect from the Ethereum Price Rally