Ethereum
ETH Reboud at $3,400, SOL and WIF reach new highs
Cryptocurrency Price Prediction: The cryptocurrency market started the new week in more stable water as Bitcoin and Ethereum showed neutral candles in their daily chart. However, other altcoins exhibited more directional movement as Solana(SOL) and (Avalanche)AVAX surged from $8 to $12, while XRP and Binance Coin(BNB) showed a decline of 1-2%.
The short-term market trend is currently bearish, projecting a further correction trend that will drive altcoins to lower levels. However, with the overall trend intact, potential buyers may look for stable sports to bounce higher.
Read also: Bitcoin Cements Its Dominance Over Gold, Sees Net Inflows of $23.6 Billion
1)Ethereum(ETH)
Ethereum(ETH)| Commercial view
Ethereum (ETH) is the pioneer of blockchain-based smart contracts and decentralized applications (dApps). Its unique selling point is its robust and versatile platform, which allows developers to create a wide range of decentralized applications.
ETH, the Ethereum ecosystem cryptocurrency entered a new correction in early March when the price returned from a high of $4,087. This bearish reversal caused the coin’s price to plummet to its current price of $3,607, registering a weekly loss of 11.84%.
Amid this decline, sellers crossed the 23.6% Fibonacci retracement level, indicating that the asset is poised for further decline. At press time, the market capitalization of the Ether coin stands at $432.9 billion while the trading volume is $17.63.
If the downward dynamic persists, the Ethereum Price could look for support at $3,350 and $3,125, which closely matches the 38.21% and 50% FIB levels.
Alternatively, buyers can provide overhead costs of $4,087 and $4,220.
Read also: Solana overtakes Ethereum: SOL price exceeds $200, what’s on the horizon?
2) Solana (SOL)
Solana(SOL)| Commercial view
Solana (SOL) is a high-performance blockchain known for its exceptional throughput and low transaction costs, making it an attractive platform for building decentralized applications, particularly in the DeFi and NFT sectors.
Defying the current market correction, the SOL Price predicts a high-momentum rally that sent its value soaring from $141 to $207 in a week, registering a growth of 46%. Amid this rally, buyers broke through another key resistance at $205, providing buyers with another springboard to extend the recovery trend.
With a market capitalization of $92.5 billion, Solana coin is the fourth largest cryptocurrency. With sustained buying, the post-breakout rally may encounter resistance at $242, followed by $260.
However, if the prolonged rebound in overhead required a withdrawal, the Solana Price can get proper support at $178 and $154.
Read also: Solana (SOL) DEX Volume Hits $3.5 Billion Amid Memecoin Boom
3) Dog Hat (WIF)
Dog Hat (WIF) | Commercial view
Dog Hat (WIF) is a unique addition to the Solana blockchain, attracting attention with its playful appeal. This is a dog-themed memecoin that fits into the popular culture of dog cryptocurrencies. Supported by the recent Meme rally in the crypto market, Dogwifhat’s market cap reached $3.2 billion, entering the list of top 50 coins.
With an intraday gain of 7.35%, the WIF Price marches north to challenge the all-time high resistance of $3.53. A successful breakout will signal the resumption of the recovery trendline and help buyers pursue the next psychological barrier of $4.
If the recovery trend enters an occasional correction, the ascending support trendline has acted as dynamic support for buyers to reaccumulate this asset.
Take away
The current Bitcoin price correction trend seeks support at previously breached resistance levels and key Fibonacci retracement levels. The altcoin market, following the same movement, is showing a constructive pullback to replenish the exhausted bullish momentum.
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