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Altcoin performance is closely monitored, especially with the volatility observed in June. The largest cryptocurrency, Bitcoin (BTC), is currently 25% away from reaching a new all-time high (ATH), while altcoins are nearly 100% away from their previous ATHs. This significant gap raises questions about whether altcoins can reach their previous highs soon. Now, let’s look at the price analysis of the largest altcoin, Ethereum (ETH), and one of the leading altcoins, Solana (SOL).
Ethereum Analysis
Crypto World analyst Josh evaluates that Ethereum‘s price is currently facing resistance at a Fibonacci level around $3,480, which previously acted as support. Ethereum recently bounced from the 50% retracement level to around $3,350, which now serves as support. Additional support can be found in the $3,180 to $3,220 range.
In the short term, Ethereum’s trend and momentum continue to show a downward trend similar to Bitcoin, but a downward trend does not mean a continuous decline. There may be temporary bounces and periods of horizontal consolidation. This formation is expected to continue over the next few days. On the 12-hour chart, there is an active bullish divergence, as shown by the lower lows in price and RSI matching the higher lows in RSI. Such divergences usually lead to short-term relief or horizontal movements but need further confirmation, such as breakouts above key resistance levels, to confirm an uptrend.
Currently, Ethereum faces resistance around $3,450, which was previously a supportive level, and also between $3,600 and $3,650, known as the golden pocket resistance. Support is around $3,300. The 8-hour chart shows a slight relief in the short-term downtrend, with the RSI falling into the oversold region, a common indicator of local lows before small bounces or horizontal movements.
ETH/BTC weekly chart shows that although Ethereum has experienced short-term bounces, it has underperformed compared to Bitcoin in recent years. A breakout above the descending resistance line at 0.056 BTC per ETH, confirmed by a weekly candle close above this line and ideally above a previous high, could indicate the end of Ethereum’s downtrend relative to Bitcoin.
Solana Analysis
Looking at another leading altcoin, Solana‘s SOL, technical data shows a new breakout above the resistance at $140-144, which is currently being retested. If Solana holds above $140, it could establish a new support level and potentially lead to a rise towards $160. However, if it fails to stay above $140, it could fall to the $120-128 range.
Overall, while the altcoin market remains far from previous ATHs, monitoring the performance of major altcoins like ETH and SOL in the coming weeks will be crucial. Their ability to surpass resistance levels and establish new supports will determine whether the downward trends will turn into upward trends.
