Analyst Josh of Crypto World has analyzed trends in the price movements of Solana Ethereum, opening up about the current technical patterns that suggest potential market directions. Despite running into a critical resistance area, he said that Ethereum is signaling a massive bullish reversal.
A bullish reversal signal is flashing on Ethereum’s daily chart, showing a “bump and run reversal pattern,” which includes three phases: the leading phase, the bump phase, and the run phase. This pattern suggests a bullish reversal, contingent on the daily candle closing above the resistance line around $3270, just below the $3.3k mark. Confirmation of this breakout could push Ethereum’s price towards and above the technical target of approximately $3.4k.
Currently, Ethereum is facing resistance in the golden pocket between $3520 to $3570. These levels are crucial for further bullish momentum. Additionally, the price bounce from the support zone between $2.8k to $2.9k indicates potential upward movement or at least sideways consolidation.
Solana has broken out above $144, continuing to rise towards the next resistance above $154. The next resistance level is around $160, based on previous support and resistance levels. A potential double bottom pattern, also known as a W pattern, is forming, which would confirm upon a breakout above $154, ideally on the daily chart. This could lead to a technical price target of around $187, representing a 21% potential move.
Key resistance levels to watch include $160, $170 to $175, and $183 to $187. Support levels to monitor in case of rejection are between $140 to $144 and, in a more bearish scenario, between $120 to $128. A breakout above $154 and $160 could signal the start of a bullish trend in the short term.
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