Ethereum experienced a bounce from the critical support area. However, according to analyst Josh of Crypto World, additional signals are needed to confirm the bullish trend reversal, which we have observed over the past few days. Despite the bullish momentum, short-term pullbacks are possible, especially around resistance levels.
The technical price target for this pattern is approximately $3,900, marking a potential 14% upside if the pattern completes. This bullish reversal remains valid unless Ethereum breaks back below the breakout point, which has not occurred, keeping the bullish trend active.
Short-Term Resistance and Support
Ethereum faces resistance between $3,480 and $3,520. This area, known as the golden pocket, has acted as strong resistance in the past. If Ethereum faces rejection here, short-term support is expected around $3,340, with stronger support between $3,210 and $3,250.
A confirmed breakout above the golden pocket, with candle closes above $3,520, would shift the next major resistance level to between $3,650 and $3,700, based on previous resistance and Fibonacci levels.
Solana Technical Analysis
Solana’s price recently closed around $160, slightly above this critical level. Although there’s no strong confirmation of a breakout above $160, Solana remains above the $154 support level, which now acts as new support during this short-term pullback. Despite minor pullbacks, Solana’s trend and momentum remain bullish as long as it stays above the $152 to $154 support range.
Holding above $152 to $154 keeps the bullish outlook intact, thanks to a double-bottom pattern. A break below this support could push Solana back to the $140 to $144 range. Resistance remains at $160 to $161, where the price has struggled recently. A clear breakout above $160 would lead to further resistance between $170 and $175, and again between $183 and $187.
Also Read: Are These Ethereum-based Altcoins Ready For A 2X Run?
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