Ethereum
Crypto Market Watch: Bitcoin, Ethereum, Solana Price Trends and Analysis
Bitcoin, Ethereum, and Solana are all in the spotlight as Crypto World analysts delve into the details of the current trend. The analyst noted that recent data shows a substantial inflow of approximately $217 million into spot Bitcoin ETFs on Monday, signaling continued institutional interest in the crypto market. Grayscale, in particular, has seen significant inflows over the past few trading days, indicating positive sentiment among investors.
Over the course of three days, Bitcoin remained in a broader uptrend, forming higher lows and higher highs. Although short-term fluctuations are expected, daily RSI and MACD indicators suggest a more bullish outlook, with further upside potential.
Key levels to watch:
Bitcoin is currently retesting a critical support-turned-resistance level around $62.8k. A bounce from this level could confirm a bullish breakout, with price targets around $72,000 to $74,000. However, failure to sustain the price above this level could result in a further decline towards $61,000.
The analyst pointed out that over the past week, DXY has declined noticeably, leading to an expected rise in the price of Bitcoin. However, the DXY has now rebounded slightly, causing the Bitcoin price to decline slightly in the short term. If DXY continues its upward trend, this pullback could indicate a temporary rebound in Bitcoin price during a broader pullback.
Ethereum Lateral Consolidation:
Ethereum is trading in a tight range between support at $2,870 and resistance at $3,340. Despite the recent volatility, the overall trend remains neutral, with a break above resistance required to confirm a bullish reversal.
Solana faces resistance:
Solana encounters significant resistance between $150 and $160, with additional resistance between $167 and $172. Although the bullish divergence on the 8-hour time frame suggests upside potential, a clear break above resistance is necessary to validate this bullish scenario.