NewsEthereum Braces for 7% Upswing as Solana Eyes Bullish Target Above $163
Anjali Belgaumkar14 Oct 20242 min read
Ethereum (ETH) is experiencing a period of consolidation and over the last day, there hasn’t been major movement in its price. Ethereum’s price movements are also likely to align with Bitcoin’s trends. According to analyst Josh of Crypto World, ETH is facing resistance between $2,440 and $2,475, based on previous support and resistance levels.
For a bullish outlook, a confirmed breakout above this range, with candle closes sustaining above it, is crucial. If ETH can break through and hold above this resistance, we may see a rally toward the next resistance level, which lies between $2,550 and $2,580.
Short-Term Price Patterns
In the short term, the price action resembles the structure seen in early September. The analyst said that ETH appears to be forming a double bottom pattern, also known as a W pattern. For this pattern to be confirmed, ETH must break above the local high at around $2,495 (approximately $2,500).
Price Targets
Once the breakout above $2,500 is confirmed, the first target would be around $2,630, representing a potential 5.2% upside. The second target would be around $2,660, translating to just under a 7% move. A drop back below $2,500 would invalidate the breakout and could indicate a false move.
Solana’s Market Movements
Taking a look at Solana (SOL), the daily timeframe reveals a similar trend. Solana is currently bouncing off major support levels between $137 and $142. However, it faces important resistance in the $152 to $154 range and further resistance between $158 and $163. Solana is also forming a potential double bottom pattern. Like Ethereum, Solana needs to break above $149 for confirmation.
Price Targets
If Solana successfully breaks out above $149, it sets up a bullish target at around $163, which will result in nearly a 10% potential increase. For those using leverage, this could yield substantial profits.
