Ethereum Short Squeeze Eyes $4,000 Target — Will Solana Hit New ATHs Before Summer End?
Ethereum's potential for a price surge is catching attention, with speculation on whether it can approach the $4,000 mark. Meanwhile, Solana enthusiasts are eager to see if it can hit new all-time highs before the summer concludes. This article explores the factors driving growth in these cryptocurrencies and what might be on the horizon for investors.
Ethereum Market Surge: Bullish Momentum Meets Key Support and Resistance Levels
Ethereum recorded a notable surge in the past month with a 41.61% increase and a remarkable 20.97% gain over the last week. The six‐month performance showed a more modest 11.72% climb, indicating that short‐term gains outpaced longer‐term growth. Price action demonstrated strong upward momentum combined with gradual consolidation, reflecting renewed interest and active trading among market participants.
Under present conditions, Ethereum is trading within a price range of $2110.94 to $2870.47. Immediate support is identified at $1735.29, while the nearest resistance appears at $3254.36, with a secondary support level around $975.77. A strong upward trend is noted, with recent bullish action; however, the Relative Strength Index at 85.08 signals overbought conditions, indicating a potential correction. A breakthrough above $3254.36 may lead to further gains, while a drop below $1735.29 could see bears taking control. Traders should consider buying near support and watching for a confirmed breakout to capitalize on bullish sentiment.
Solana Market: Recent Trends and Key Levels Unfolding
SOL experienced a one-month gain of 20.90% while suffering a six-month decline of 29.54%. The price moved between a low of $131 and a high of $173.35 during recent weeks, indicating periods of short-term recovery amid longer-term weakness. Price movements over the past month exhibited positive momentum that temporarily countered the earlier steep drop seen over six months. The range between recent lows and highs reflects a market in transition, with sellers exerting pressure during the extended downturn while buyers stepped in to drive a recent rally.
Current prices remain confined between $131 and $173.35 with a clear resistance level at $191.79 and a strong support level around $107.89. A further boundary is seen with a second resistance at $233.74 and a second support at $65.94, defining the broader trading range. Bulls have managed to push prices upward recently. However, technical indicators reveal that the momentum may be overextended. No distinct trend dominates as short-term buying contests the recent downtrend, leaving the market in a state of adjustment. Trading within these key levels may require caution, with potential entries on small retracements and tight stops near support levels.
Conclusion
ETH is aiming for a significant milestone as it sets its sights on $4,000. Meanwhile, SOL is also showing strong potential and could achieve new highs by the end of summer. Both coins are generating a lot of interest and may present lucrative opportunities for investors. The coming weeks will be crucial for observing their performance.
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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