What Comes Next for Ethereum Following Bitcoins Bullish Move

Bitcoin rebounded sharply from its $60k lows, surprising observers with a nearly 4 percent gain on July 1st. Ethereum and other alternative cryptocurrencies also experienced upward movement, renewing optimism among investors and analysts.

According to Crypto World analyst Josh, Ethereum’s price has held steady above the crucial 50% retracement level, acting as a solid support around $3,350. While this suggests a temporary halt to the bearish trend, there is no definitive indication of an immediate reversal to a bullish trend. On the 12-hour chart, Ethereum displays a bullish divergence, leading to slight relief and sideways trading. Yet, challenges persist as Ethereum encounters resistance around $3,450 and faces a formidable barrier between $3,600 and $3,650.

To establish a more robust bullish outlook, Ethereum must breach the $3,650 mark with confirmation. Moreover, positive signals for Bitcoin would bolster Ethereum’s prospects, given the market’s tendency to mirror Bitcoin’s movements. Meanwhile, Ethereum’s RSI on the 8-hour chart indicates oversold conditions, suggesting a possible pause in the short-term bearish trend, although it does not definitively signal its end.

Turning to Solana’s analysis over the 12-hour period, its price has held above the critical range of $140 to $144, previously significant as resistance and now as support. A sustained hold and confirmation with bullish candles could signal a bullish market structure. Key resistance levels to monitor include $151 and $160, with a breakout above these levels indicating a reversal to a bullish trend. Conversely, a drop below $140 would invalidate the breakout.

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