Could Ethereum spark an altcoin rally by pushing towards the 4000 threshold

The current state of the cryptocurrency market is a bit uncertain, as Bitcoin is trading below the $70,000 mark. Many top altcoins, including Ethereum, have seen declines and are in the red zone.

An analyst named Josh from Crypto World has shared insights on what to expect for Ethereum, focusing on analysis and technical factors. According to him, Ethereum is still lacking bullish momentum in the short term on the daily timeframe. However, the bullish breakout for the falling wedge pattern remains intact. To completely invalidate this breakout, the price would need to drop below $3,200. Despite this, the price seems to be struggling for momentum in the near future.

On the 8-hour timeframe, Ethereum is facing a crucial support zone, marked by previous support and resistance levels, along with Fibonacci levels. The golden pocket between $3,600 to $3,650 is an important support level for now. If the price breaks below $3,600, the next support levels to watch would be around $3,450 and $3,300. If the price bounces off the golden pocket, resistance levels at $3,820, $3,870, and $3,950 should be monitored.

When looking at Ethereum against Bitcoin on the weekly timeframe, the trend appears more bearish than bullish with lower highs and lower lows. Recent weeks have seen a rejection from resistance, indicating Ethereum’s underperformance compared to Bitcoin.

In terms of Solana, Josh discussed its technical analysis. Despite a recent break below $160, Solana has shown choppy sideways price action with a lack of follow-through to the downside. There hasn’t been a significant surge in bullish momentum either, suggesting a lack of momentum for Solana and pointing towards sideways consolidation or choppy price action in the short term.

Tags: Bitcoin, Crypto news, Ethereum, Price Analysis.