The cryptocurrency market has taken another hit, with the overall market cap dipping by 2%. Bitcoin is currently trading around $59,150, raising concerns about whether it can recover in the coming week.
Analyst Josh of Crypto World said that Ethereum’s price remains within a larger bearish trend. However, in the short term, the price is moving sideways within a range of $2,450 to $2,500 as support and $2,800 as resistance.
The analyst said that while this sideways movement might seem like a break from the bearish trend, it’s not an indication of a bullish reversal. The RSI (Relative Strength Index) is also resetting from oversold conditions, which suggests that there might be more room for downward movement in the future. The likely scenario in the short term is continued sideways or slightly bullish price action, followed by a potential continuation of the bearish trend.
Ethereum is forming a rising wedge pattern, a bearish indicator, with a price target around $2,300. Before reaching this target, the analyst expects a brief break from the bearish trend, with short-term support around $2,450 to $2,500 and resistance between $2,550 and $2,600.
What’s Next For Solana?
For Solana, the price is on the verge of breaking down from its current support level of $139. If Solana breaks below this level, especially with daily closes, the price could drop further to the $120 to $128 support range, which has been a significant demand zone for the past several months.
If $139 support is lost, it could turn into resistance, and the price could face further declines. However, the analyst noted that Solana is still within a larger sideways price range, meaning the overall trend remains neutral despite short-term bearish signals.