Analyst Sounds Grave Warning as Altcoins Brace for Impending 30 Crash

Crypto World analyst Josh recently highlighted a concerning signal on the Bitcoin chart, indicating a continued decline in price from a crucial resistance level. In contrast, a new trading setup has emerged on an altcoin chart. With ongoing net outflows, the market is expected to see some short-term bearish price action, mirroring recent trends.

Turning to Ethereum, Josh observed that the cryptocurrency is currently trading below the 38.2% Fibonacci support level at $3480. A recent drop to the 50% retracement level at $3350 has provided strong short-term support. A potential further decline to the golden pocket support area between $3180 and $3220 could occur if the price closes below $3350, though this level remains a key support for now.

In terms of resistance, Ethereum faces a significant hurdle at $3650, with a bounce from the golden pocket resistance area between $3600 and $3650. Closing above $3450 could provide some support for Ethereum moving forward.

When examining Solana’s price, Josh noted a continued short-term bearish trend following a break below the critical support range of $140-$144. The price fell further after breaking $160, reaching the next support level as anticipated. Moving forward, $140-$144 is expected to act as new resistance, with additional resistance at $160. A breakout above $160 would be necessary to shift the trend back to a bullish direction.

As for Chainlink, the cryptocurrency is currently forming a bearish head and shoulders pattern on the 3-day timeframe. Confirmation of this pattern would require a break below the neckline at $13, potentially leading to a price target of $8.20, representing a 36% decline from the breakdown point.

Tags: Altcoins, Crypto News, Cryptocurrency, Ethereum, Price Analysis.