Current market conditions continue to be challenging for investors, with BTC still below $65,000. Despite a jump from $60,000, buyers have not been able to exert significant pressure. Out of the last seven candles, only one has closed green, and this week may also close green if the trend continues. Rapid sales create long wicks, but sellers are losing strength at lower levels, which is a positive sign.
Ethereum (ETH)
Unless Gensler wakes up one morning soon as a completely different person, he is likely to announce a rejection of two spot Ether ETFs around May 23-24, possibly earlier. The final decision dates for VanEck and Ark&21Shares are just days away. The lawsuits already initiated by the SEC have likely priced in the potential rejection.
Ether is lingering within a descending channel formation, and the bears have not yet relinquished control. The anticipated major bounce at $2,850 did not occur, adding to the pessimism for ETH. If a downward break occurs while expecting a bounce from a key level, continued selling towards the channel’s support line is possible. On the other hand, a surprise rise could target closures above resistance at $3,357 and $3,730.
BNB Coin Price Forecast
BNB Coin is not in a bad position compared to the market average and could quickly return to testing new all-time highs (ATH) with a potential BTC turnaround. If the price falls below the moving averages, it could drop to $536, with $495 as the next level. This support level is the last stop for extreme sales.
If the downtrend line is reclaimed, the levels of $635 and $692 could be followed by testing new ATH targets above $700.
Solana (SOL)
BNB and SOL might have reached new ATH levels by now if not for the March drop. Both have emphasized their belief in reaching new historical highs with prolonged attempts above $600 and $200, respectively. However, the topsy-turvy nature of the BTC chart has complicated matters.
Although the $140 support was tested, the bulls could not continue selling down to $126. If the price sees closures above the 20-day EMA at $146, it could return to the $162 resistance. Conversely, targets of $137 and $126 could be aimed for.
