Crypto Analyzer

Short-term Forecast: Ethereum and Solana Facing Bearish Trends

Both Ethereum and Solana are currently grappling with short-term bearish trends, with key resistance levels proving challenging to break and critical support levels undergoing retesting. Analyst Josh of Crypto World, who accurately predicted the bearish stance so far, provides insights on the current market conditions for these two cryptocurrencies.

For Ethereum, the price is hovering around a short-term support level ranging between $3,470 and $3,480. If this support level is breached, the next level to watch is approximately $3,350. Ethereum has been exhibiting a neutral stance in the very short term, trading sideways within a choppy range. The cryptocurrency faced a substantial rejection from the resistance zone between $3,600 and $3,650, indicating a lack of bullish momentum. A confirmed breakout above $3,650 is crucial for a potential bullish trend, but this is yet to be seen.

On the support front, Ethereum has a strong backing around $3,420 based on previous lows. Maintaining this support could lead to further sideways price actions as predicted by the analyst. While short-term movements may show temporary bullish and bearish trends, the overall trajectory remains bearish.

Meanwhile, Solana is also stuck in a short-term bearish trend, experiencing resistance in the $140 to $144 range. After bouncing back from the $128 support level, Solana continues to face multiple rejections at the resistance level. The short-term momentum leans towards the bearish side, with the need for a breakout above $144 or preferably $160 to signal a potential shift towards a bullish trend. The current outlook remains bearish for Solana in the short term.

Overall, both Ethereum and Solana are navigating challenging market conditions, with bearish trends dominating the short-term scenarios. Traders and investors should closely monitor key support and resistance levels to gauge potential price movements in the near future.