Ethereum
What’s next for Ethereum now that Bitcoin has made a bullish statement?
Bitcoin surged from its low of $60,000, surprising everyone with a gain of nearly 4% on July 1. Other altcoins, including Ethereum, also saw gains, bringing fresh hope to investors and analysts. Josh, Analyst at Crypto World said that ETH price is currently holding above the 50% retracement level, which serves as support around $3,350.
This indicates a pause in the downtrend, but no confirmation of a short-term bullish trend reversal. On a 12-hour time frame, ETH is showing bullish divergence, leading to some bullish relief and some sideways price action. However, ETH is still struggling with resistance around $3,450 and another major resistance zone between $3,600 and $3,650.
Potential bullish reversal
For ETH to become significantly more bullish in the near term, it needs to break above $3,650 with confirmation. Additionally, bullish reversal signals for Bitcoin would further support a positive trend for ETH, as the cryptocurrency market often follows Bitcoin’s movements. The 8-hour chart shows an oversold signal in Ethereum’s RSI, suggesting a potential pause or relief of the short-term downtrend, although it does not necessarily indicate the end of the downtrend.
Solana Price Analysis
Looking at Solana on a 12-hour time frame, the price is holding above the critical area between $140 and $144, which has been a major resistance recently and a support before. If Solana can hold this area as a new support and confirm a bounce with green candles, it would indicate a bullish price structure. The next resistance levels to watch are $151 and $160. A confirmed break above these levels would indicate a bullish trend reversal. However, a break below $140 would invalidate the bullish breakout.