Bitcoin has recently rebounded, trading just below $57,000 as of press time, marking a 4% increase over the past 24 hours. This bounce follows a tough start to September. Despite this recovery, Bitcoin remains over 20%down from its all-time high of over $73,000 touched in March. However, even altcoins have taken a hit, shaking hands with the broader crypto market sentiment.
Analyst Josh of Crypto World said that Ethereum is currently holding above a major area, which is the golden pocket between $2,150 and $2,200. This support zone is crucial and is expected to remain intact for the next few days or weeks.
For any bullish trend reversal, Ethereum needs to break above key resistance levels. According to the analyst, the first hurdle is at $2,500, but the most important level is $2,800, which is considered a critical resistance point. Until Ethereum breaks these levels, the larger bearish trend will likely stay.
Ethereum’s price action is closely tied to Bitcoin’s movements. If Bitcoin starts to lose its short-term bullish momentum and encounters resistance, Ethereum is likely to follow suit. The analyst suggests that if Bitcoin stalls, Ethereum’s upward momentum could also slow down, leading to more neutral price action.
The analyst said that Solana is bouncing off a strong support zone between $120 and $128, where many buyers are positioned to accumulate. This level is crucial, as it has provided stability in recent days and weeks.
If Solana continues its upward movement, the next resistance level lies between $138 and $143. The price has already approached this range, but a confirmed breakout above $143 is needed to signal a stronger bullish trend. If Solana manages to break above $143 and turn it into support, the next major resistance zone would be between $159 and $163.
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