Ethereum Indicates Significant Bullish Reversal as Solana Aims for 21% Price Surge

Crypto analyst Josh from the Crypto World has delved into the price movements of Solana Ethereum, shedding light on the current technical patterns that could indicate potential market directions. Despite encountering a significant resistance area, Ethereum is showing strong signals of a bullish reversal.

On Ethereum’s daily chart, a bullish reversal signal has emerged, displaying a “bump and run reversal pattern” consisting of three phases: the leading phase, the bump phase, and the run phase. This pattern implies a bullish reversal, with the condition that the daily candle closes above the resistance line at approximately $3270, just below the $3.3k threshold. Confirmation of this breakout has the potential to drive Ethereum’s price towards and beyond the technical target of around $3.4k.

Presently, Ethereum is met with resistance within the golden pocket range spanning from $3520 to $3570, which holds significance for further bullish momentum. Moreover, a price rebound from the support zone ranging from $2.8k to $2.9k indicates a possible upward trajectory or at least sideways consolidation.

Turning to Solana, the cryptocurrency has surged above $144 and is on an upward trajectory towards the subsequent resistance level above $154. The following resistance barrier is situated around $160, based on historical support and resistance levels. A potential double bottom pattern, also referred to as a W pattern, is taking shape, with confirmation anticipated upon a breakout above $154, ideally on the daily chart. This breakout could pave the way for a technical price target of roughly $187, indicating a potential 21% move.

It is crucial to monitor key resistance levels such as $160, $170 to $175, and $183 to $187, alongside support levels ranging between $140 to $144. In a more bearish scenario, support levels may extend from $120 to $128. A breakout above $154 and $160 could signify the initiation of a bullish trend in the short term.

For further insights, you can explore the article “It’s Time for Spot ETH ETF: Here’s What to Expect from Ethereum Price Rally.”