Altcoins
Altcoins at Nearly 100% of Previous ATHs; What Does This Indicate?
Recently, altcoin sentiment has been a hot topic due to their performance, with June being particularly volatile. Bitcoin is currently at 25% far from reaching a new all-time high (ATH). In contrast, altcoins are almost 100% away from their previous ATHs. Will this change soon? With this in mind, let’s look at the second largest cryptocurrency, Ethereum.
According to analyst Josh from Crypto World, Currently, Ethereum price rejects a Fibonacci level, previously support, around $3,480. It recently rebounded from the 50% retracement level at around $3,350, now acting as support. Another support zone lies between $3,180 and $3,220.
Short Term Price Analysis for Ethereum:
In the short term, the trend and momentum remain bearish, like Bitcoin. A downtrend does not imply a steady decline; there may be temporary rebounds and sideways consolidations. This pattern is expected to continue for a few more days.
On the 12-hour time frame, a bullish divergence is active as the lower lows of the price and RSI, and the higher lows of the RSI, have not been invalidated. Bullish divergences usually result in a slight relief or sideways movement. However, more confirmation signals, such as breakouts above key resistance levels, are needed to confirm a bullish reversal.
Important price points:
Ethereum faces resistance around $3,450, previously a support level, and golden pocket resistance between $3,600 and $3,650. Support is around $3,300. The 8-hour chart shows slight relief from the short-term downtrend, with the RSI briefly entering oversold territory, often indicating local lows before minor bounces or sideways consolidation.
On the weekly ETH/BTC chart, Ethereum has underperformed Bitcoin over the past few years despite short-term rebounds. A confirmed break above the descending resistance line at 0.056 BTC per ETH, with a weekly close above this line and ideally above a previous high, could signal the end of Ethereum’s downtrend compared to Bitcoin.
A quick overview of Solana’s technical features:
For Solana (SOL), a recent break above the $140-144 resistance is being retested. If Solana holds above $140, this new support could lead to a rise towards $160. Failure to hold above $140 could lead to a drop to $120-128.