Crypto Market Crash: Short-term Scenarios Look Shaky For Ethereum And Solana
Anjali Belgaumkar22 Jun 20242 min read
Ethereum remains in a short-term bearish trend, with strong resistance levels yet to be broken and critical support levels being retested. Amidst this broader bearish trend, with no confirmed bullish reversal yet, analyst Josh of Crypto World remains more bearish than bullish in the short term, a stance that has proven accurate so far.
In his latest analysis video, he said that Ethereum’s price is retesting a short-term support level between $3,470 and $3,480. If this support breaks, the next level to watch is around $3,350. Recently, Ethereum has been trading in a choppy sideways range, appearing neutral in the very short term.
Ethereum faced a strong rejection from the golden pocket area of resistance between $3,600 and $3,650. For a bullish trend and momentum to take hold, a confirmed breakout above $3,650 is necessary, which has not yet occurred.
In terms of short-term support, Ethereum has strong support around $3,420, based on previous lows. If this support holds, more choppy sideways price action is expected, aligning with the analyst’s previous predictions. This sideways action consists of both short-term bullish and bearish movements but is occurring within a larger bearish trend.
The analyst also noted that Solana is still in a short-term bearish trend, despite experiencing a brief pause due to a short-term bullish divergence. As anticipated, Solana bounced from the $128 support level and then encountered resistance, facing multiple rejections in the $140 to $144 range. This area continues to act as strong resistance, while support remains between $120 and $128.
Despite some expected choppy sideways price action, Solana’s short-term trend and momentum remain bearish. To shift towards a bullish trend, the analyst explained the need for a confirmed breakout above approximately $144, and ideally above $160, to instill confidence in a bullish reversal. For now, the outlook remains bearish in the short term.
Also Read: Bitcoin Price Prediction: Price Dips Below $65k, Can the Bearish Trend Flip Today?
