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Everything looks good for Ethereum, Solana and Binance Coin; Altcoin Rally Soon?
Jason Pizzino recently explained in detail that the market is in a stealth zone, showing signs of a significant bearish move. During these stealth periods, he said fear rises and market interest falls, leading to smaller range bars after the initial scares. Despite possible future scares, key levels such as the 50% mark are holding, with lows remaining slightly higher. This suggests that the market may be ready for a big upward move. Jason added that the market appears poised to gradually recover in the coming months. He examined the major currencies by diving into the technical aspects.
He noted that altcoins like ETH/USD are showing relative strength, remaining above key 50% levels. Ethereum, for example, maintained its position above the 50% mark of its range, which was established during the May low, coinciding with Bitcoin’s peak following the ETF news excitement. Recent news, such as the abandonment of SEC cases, has also contributed to Ethereum Price stability despite broader market declines.
Although most of the market has seen significant declines in recent days, Ethereum has managed to hold its ground. If Ethereum falls to around $3,400, he would consider $3,200 a safe level, but if it falls below $2,829, it could signal that the ETF news is not as positive as it seems.
Solana is in a similar position, sitting above the 50% mark of the entire bear market range. It is currently above $138, with negative support around $109. This positioning suggests a bullish structure, with Solana placing higher lows, maintaining strength within its cycle. Previous corrections on Solana have ranged between 37% and 52%, indicating that a correction below 50% would be consistent with previous patterns.
Binance Coin made a premature move higher and if it drops around $540, it could have been a false exit. A retest of the $420 to $520 zone could occur if this breakdown occurs. Currently, despite reaching new historic highs, it is crucial for BNB maintain their price levels to confirm their bullish momentum.
Read too: Bitcoin, Ethereum and XRP price prediction: Is the bull rally over?