Bitcoin surged from its lows of $60k, surprising everyone with nearly a 4 percent gain on July 1st. Other altcoins, including Ethereum, also saw gains, bringing renewed hopes to investors and analysts alike. Analyst Josh of Crypto World said that the price of ETH is currently holding above the 50% retracement level, which is acting as support around $3,350.
This indicates a pause in the bearish trend, but no confirmation of a bullish trend reversal in the short term. On the 12-hour time frame, ETH is showing a bullish divergence, leading to a slight bullish relief and some sideways price action. However, ETH is still struggling with resistance around $3,450, and another significant resistance area between $3,600 and $3,650.
Potential Bullish Reversal
For ETH to flip much more bullish in the short term, it needs to break out above $3,650 with confirmation. Additionally, bullish reversal signals for Bitcoin would further support a positive trend for ETH, as the crypto market often follows Bitcoin’s movements. The 8-hour time frame shows an oversold signal in the Ethereum RSI, suggesting a potential pause or relief from the short-term bearish trend, though it doesn’t necessarily indicate the end of the bearish trend.
Solana Price Analysis
Looking at Solana on the 12-hour time frame, the price is holding above the critical area between $140 and $144, which has been significant resistance recently and support previously. If Solana can maintain this area as new support and confirm a bounce with green candles, it would indicate a bullish price structure. The next resistance levels to watch are $151 and $160. A confirmed breakout above these levels would indicate a bullish trend reversal. However, a break below $140 would invalidate the bullish breakout.
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