The recent volatility in Ethereum and Solana prices is attracting the attention of crypto investors. Although Ethereum’s price has fallen slightly, it has been exhibiting bullish trends. Solana, on the other hand, is moving between critical support and resistance levels and is in an ascending triangle pattern.
Ethereum Price Analysis and Bullish Expectation
In the last 24 hours, Ethereum price has traded around $3,084, down 0.6%. Despite this decline, uptrends in Ethereum price are noteworthy. Ethereum’s price action is below the 21-day, 50-day and 200-day simple moving averages (SMA), while the relative strength index (RSI) is at 39 and rising. This suggests that bullish momentum is building on the Ethereum asset. The RSI’s bullishness is also in line with the Chaikin money flow (CMF), which is at -0.05 and moving upwards. These two oscillator indicators point to further bullish potential in ETH price.
The Ethereum price forecast suggests that the asset’s price action has returned to the falling channel. There is a resistance barrier at $3,300 and if this level is broken, ETH price could rise to $3,950. Moreover, Ethereum price has formed a double bottom formation against Solana and has a potential gain of 5.16% until the market structure is completed.
Solana’s Price Struggle and ETF Rumors
On the other hand, Solana price is moving within an ascending triangle on the 4-hour timeframe and is currently at the lower trendline. The asset is hovering below the 21-day, 50-day and 200-day SMAs, which is not a positive outlook. The 200-day SMA currently offers resistance at around $143, which coincides with the horizontal resistance line of the ascending triangle.
If the SOL price breaks above the ascending triangle, it could rise as high as $172, an 18% increase. However, if the bears dominate, the asset could find a lower support around $121. SOL’s RSI is at 41.61, showing a bearish bias, suggesting increasing bearish momentum.
ETF Impact and Future Prospects
ETF Store President Nate Geraci shared Roxanna Islam’s prediction that there could be more Solana ETF filings if the ETH ETF is approved. Cboe’s 21b-19 filings for VanEck and 4Shares indicate that the industry is ready. This could have a positive impact for Solana in the future and play an important role in price movements.
Ethereum’s price action shows upside potential towards $3,950 if it breaks through the $3,300 resistance level. Solana is moving in an ascending triangle pattern, with a bearish RSI and increasing bearish momentum. SOL price could rise as high as $172 if it breaks the upper boundary of the triangle, otherwise it could find support around $121. As we reported on Kriptokoin.com, these dynamics in the crypto market are critical developments that traders should follow carefully.
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