Altcoins Almost 100% Away From Previous ATHs; What Does This Indicate?
Zameer Attar29 Jun 20242 min read
Recently, altcoin sentiment has been a hot topic due to their performance, with June being particularly volatile. Bitcoin is currently 25% away from reaching a new all-time high (ATH). In contrast, altcoins are almost 100% away from their previous ATHs. Will this change anytime soon? With this in mind, let’s look at the second-largest cryptocurrency, Ethereum.
According to analyst Josh of Crypto World, currently, Ethereum’s price is rejecting a Fibonacci level, previously a support, around $3,480. It recently bounced from the 50% retracement level at approximately $3,350, now acting as support. Another support area lies between $3,180 and $3,220.
Short-Term Price Analysis For Ethereum:
In the short term, the trend and momentum remain bearish, similar to Bitcoin. A bearish trend doesn’t imply constant decline; there can be temporary bounces and sideways consolidations. This pattern is expected to continue for a few more days.
On the 12-hour timeframe, a bullish divergence is active since lower lows in price and RSI, and higher lows in RSI, haven’t been invalidated. Bullish divergences typically result in slight relief or sideways movement. However, more confirmation signals, like breakouts above key resistance levels, are needed to confirm a bullish reversal.
Important Price Levels:
Ethereum faces resistance around $3,450, previously a support level, and the golden pocket resistance between $3,600 and $3,650. Support is around $3,300. The 8-hour timeframe shows a slight relief from the short-term bearish trend, with the RSI briefly entering oversold territory, often indicating local lows before minor bounces or sideways consolidation.
On the ETH/BTC weekly chart, Ethereum has underperformed Bitcoin over the past few years despite short-term bounces. A confirmed breakout above the descending resistance line at 0.056 BTC per ETH, with a weekly candle close above this line and ideally above a previous high, could signal the end of Ethereum’s bearish trend relative to Bitcoin.
A Quick Look At Solana’s Technicals:
For Solana (SOL), a recent breakout above the resistance at $140-$144 is under retest. If Solana holds above $140, this new support could lead to a rise towards $160. Failure to hold above $140 might result in a drop to $120-$128.
Read Also: Why is Bitcoin Price Continuing To Fall? Is Bear Taking Over The Market
