Have Ethereum (ETH) and Solana (SOL) Found Their Bottom?
The recent decline in the crypto market has led many investors to withdraw. Despite this, there are indications that a bottom might be forming for the two leading layer one cryptocurrencies after Bitcoin, namely Ethereum (ETH) and Solana (SOL).
$ETH Bounces Back from Strong Horizontal Support
Source: TradingView
The weekly chart for $ETH (ETH/USDT) isn't entirely negative. The significant support level at $2,000 has held firm, and the substantial wick below the candle's body indicates strong buying pressure that quickly brought the price back up.
Moreover, the Stochastic RSI at the chart's bottom shows indicators nearing their lowest point. This suggests a potential upward crossover is just a week or two away, which may significantly boost this potential rebound.
Challenging Times for the ETH/BTC Pair
Source: TradingView
Although $ETH might be recovering against the dollar, the ETH/BTC pair presents a different picture. The chart appears rather bleak, and if the current crucial support is lost, it could worsen. For $ETH bulls to turn the situation around, they need to step up significantly, given the precariously balanced state.
The sole glimmer of hope is that the Stochastic RSI is nearing its lowest point. However, looking at past upward crosses, they haven't been strong enough to reverse the downtrend. This might be the last opportunity to change the trajectory.
$SOL Faces Rejection at Key $200 Resistance Level
Source: TradingView
Recently, the $SOL price was turned away at the significant $200 resistance, reinforcing this level as a barrier. Nevertheless, the key horizontal support at $185 is close below. If this support holds strong, it could provide another chance for bulls to challenge the $200 resistance once more.
$SOL Approaches a Critical Decision Point Against Bitcoin
Source: TradingView
The SOL/BTC chart presents a more favorable outlook than its ETH/BTC counterpart. Although $SOL faced rejection at 0.00226 BTC, the strong support at 0.0018 remains intact, further supported by the ascending trendline of the triangle pattern.
The Stochastic RSI suggests that a bottom may be imminent. Should a cross-up occur and the indicators don't linger at the bottom, a breakout above the triangle's top is more probable than a breakdown. With few cryptocurrencies outperforming BTC, keeping an eye on this chart is essential.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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