Ethereum to break $4000 levels?
Analyzing Ethereum on the daily time frame, the analyst said that ETH is currently lacking short-term momentum. However, the breakout from the falling wedge pattern remains valid as long as ETH stays above the $3.2K level. This breakout suggests a potential price target of around $4,070.
On the 8-hour time frame, ETH is finding strong support in the golden pocket between $3.6K and $3,650, a previous support and resistance zone. If ETH drops below $3.6K, the next major support levels are $3,450 and $3.3K. However, if ETH bounces from this support, it will face resistance at $3,820, $3,870, and $3,950. On the ETH/BTC weekly chart, Ethereum continues to trend bearishly against Bitcoin, maintaining a pattern that has persisted for years.
Solana lacks strong momentum
Solana experienced a brief dip below $160 but quickly reclaimed this level. This indicates that $160 remains a critical level to watch. The dip and quick recovery suggest that Solana lacks momentum in the immediate short term and moving towards the next major support area between $140 and $144 would have been likely. Therefore, it’s anticipated that Solana may experience choppy, sideways price action over the next few days.
