- Ethereum price still nurtures the V-shaped recovery aiming for $2,650.
- Solana stays in the green despite the mundane sluggish trading in the crypto market.
The cryptocurrency market is mainly in consolidation, but bears seem to have the upper hand. Realize that Bitcoin was recently rejected from above $36,000 and is currently seeking support above $34,000. Similarly, Ripple failed to sustain the uptrend above $0.7 and is now trading at $0.67. The rest of the crypto assets post minor single-digit losses.
Ethereum seems to have settled above $2,100 following a rejection slightly below $2,300. The V-shaped recovery started in the wake of losses to $1,800 appears to be standing tall despite the hovering bearish pressure.
On the upside, Ether must overcome the resistance at the 200 Simple Moving Average (SMA) to pave the way for gains above $2,400 (former support in June). Note that bulls have their eyes on the barrier at $2,650 in the near term.
The Moving Average Convergence Divergence (MACD) has a bullish impulse, although a small one. However, the uptrend was validated by the trend momentum indicator crossing into the positive region. Support at $2,100 remains crucial to the impending uptrend.
ETH/USD four-hour chart
Solana is among the few crypto assets in the green on Thursday as the European session is ushered in. Data by CoinGecko shows SOL trading 5% higher at $34 while on the brink of a massive technical breakout.
Looking at the four-hour chart, an ascending triangle pattern hints at a 39% potential upswing to $50. This pattern is highly bullish wherever it forms in the trend of an asset. However, traders must hold on to confirm the uptrend, which will take place when the price cracks through the horizontal line (x-axis) resistance.
The breakout will be accompanied by a surge in trading volume and marks the beginning of a formidable uptrend.
SOL/USD four-hour chart
Meanwhile, Solana’s immediate upside is capped by the 200 Simple Moving Average (SMA). Trading above this may bolster the token above the triangle resistance. On the downside, the 100 SMA provides immediate support, but if it breaks, other anchor levels lie at the 50 SMA and $26.5.
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