Everything Looks Well for Ethereum, Solana and Binance Coin; Altcoin Rally Soon?
Anjali Belgaumkar21 Jun 20242 min read
Jason Pizzino recently explained in detail that the market is in a stealth zone, showing signs of a significant low. During these stealth periods, he said that fear increases, and market interest drops, leading to smaller range bars after initial scares. Despite possible future scares, key levels like the 50% mark are holding, with lows staying slightly higher. This suggests the market might be ready for a major upward move. Jason added that the market looks poised to gradually recover over the coming months. He examined top coins by diving into the technicals.
He noted that altcoins like ETH/USD are showing relative strength, staying above key 50% levels. Ethereum, for instance, has maintained its position above the 50% mark of its range, which was established during the May low, coinciding with Bitcoin’s peak following ETF news excitement. Recent news, such as the SEC dropping cases, has also contributed to Ethereum’s price stability, despite broader market declines.
While the majority of the market has experienced significant drops in recent days, Ethereum has managed to hold its ground. If Ethereum breaks down to around $3,400, he would look towards $3,200 as a safe level, but if it falls below $2,829, it might signal that the ETF news isn’t as positive as it appears.
Solana is in a similar position, staying above the 50% mark of the entire bear market range. It is currently above $138, with a downside support around $109. This positioning suggests a bullish structure, with Solana putting in higher lows, maintaining strength within its cycle. Previous corrections in Solana ranged from 37% to 52%, indicating that a correction down to 50% would be consistent with past patterns.
Binance Coin made a premature move to the upside, and if it breaks down from around $540, it might have been a fake out. A retest of the $420 to $520 zone could occur if this breakdown happens. Currently, despite hitting new all-time highs, it is crucial for BNB to maintain its price levels to confirm its bullish momentum.
