Altcoins Just Short of Previous AllTime Highs What Does This Suggest
Lately, the discussion on altcoin sentiment has been ablaze as a result of their market performance, especially amid the volatile month of June.
Bitcoin is currently positioned 25% away from achieving a fresh all-time high (ATH). Conversely, altcoins are nearly 100% distant from their preceding ATHs. Will there be a shift in this scenario soon? Keeping this notion in view, let’s delve into the realm of the second most significant cryptocurrency, Ethereum.
As per the insights of analyst Josh from Crypto World, Ethereum’s current valuation is rebuffing a Fibonacci level, previously a stronghold, situated at $3,480. It has recently rebounded from the 50% retracement level at about $3,350, now functioning as a support level. Another key support zone is marked between $3,180 and $3,220.
Ethereum’s Short-Term Price Evaluation:
In the immediate future, the trend and momentum continue to lean bearish, mirroring Bitcoin’s trajectory. A bearish trend does not necessarily assure a continual descent; there can be interim rebounds and periods of sideways consolidation. This trend pattern is anticipated to endure for a few additional days.
Across the 12-hour timeframe, a bullish divergence has been in play since the lower lows in price and RSI, alongside the higher RSI lows, remain unconfirmed. Typically, bullish divergences culminate in slight alleviation or lateral movement. Nonetheless, further validation signals, such as breakthroughs above pivotal resistance thresholds, are requisite to authenticate a bullish reversal.
Key Price Levels:
Ethereum encounters resistance near $3,450, previously a support barrier, and the golden pocket resistance bracket spanning from $3,600 to $3,650. A support level is observed around $3,300. The 8-hour timeframe displays a marginal respite from the short-term bearish trend, with the RSI fleetingly slipping into oversold territory, often indicating local lows preceding minor rebounds or sideways consolidation.
Inspecting the ETH/BTC weekly chart, Ethereum has displayed inferior performance compared to Bitcoin over the preceding years, despite temporary rebounds. A confirmed breakthrough beyond the descending resistance line at 0.056 BTC per ETH, accompanied by a weekly closure surpassing this threshold and ideally surpassing a prior peak, could signify the conclusion of Ethereum’s bearish trend in relation to Bitcoin.
Concise Scan of Solana’s Technical Aspects:
Regarding Solana (SOL), a recent breakout above the resistance band at $140-$144 is currently undergoing retesting. If Solana maintains above $140, this fresh support could propel an upward surge towards $160. Conversely, a failure to sustain above $140 might entail a descent towards $120-$128.