ETH/SOL Price Prediction: Ethereum Shows Bullish Signs as Solana Struggles

Ethereum price decreased by 2.7% in the last 24 hours to trade around $3,067 during American hours hours on Friday. On the other hand, the Solana price dropped by 5.4% in the last 24 hours to trade at $135.39. ETH price gained 4.52% against Solana on Thursday, going into the wee hours of Friday morning before retracing back a little bit.

Ethereum Price Eyes 7% More Gains Amid Fearful Markets

The Ethereum price action is trending below the 21-day, 50-day, and 200-day simple moving averages (SMA), while the relative strength index (RSI) is at 39 and rising. This indicates that bullish momentum is building on the Ethereum asset. The RSI also aligns with the chaikin money flow (CMF), which is at -0.05 and headed upwards. These two oscillating indicators signal that ETH price may be inbound for more upside.

Ethereum price prediction shows the asset has bullish tendencies as the price action trailed back into the falling channel. A resistance barrier exists around the $3,300 level that, if broken, may catapult the price of ETH to $3,950.

Ethereum price has formed a double bottom against Solana, with 5.16% gains remaining until the market structure is completed.

SOL Competes with Ethereum Price Amidst ETF Rumors

On the other hand, Solana price is trending inside an ascending triangle in the 4-hour time frame and is currently at the bottom trendline. The asset is also trending below the 21-day, 50-day, and 200-day SMAs, which is not bullish. The 200-day SMA currently offers a resistance of around $143, which coincides with the horizontal resistance line of the ascending triangle. 

If the price of SOL breaks above the ascending triangle, it may surge 18% to $172. On the flip side, if bears prevail, the asset may find lower support around $121. The SOL RSI is trending at 41.61 and headed down, which shows increasing bearish momentum. 

Nevertheless, the asset is at a crucial point against ETH price, where a bounce back could result in 15.74% gains.

Nate Geraci, president of ETF Store, shared Roxanna Islam’s prediction that more Solana ETF applications may be filed if the ETH ETF is confirmed. Cboe’s 19b-4 filings for VanEck & 21Shares already hint at the industry’s readiness.

“I believe more issuers will submit spot Solana ETF filings after the spot ether ETFs are finalized.” –@roxannaswan

Agree. My $$$ is on Bitwise first. pic.twitter.com/FoR84Fy9If

— Nate Geraci (@NateGeraci) July 12, 2024

Bottom Line

Ethereum price action suggests a potential increase, targeting $3,950 if it can break through the $3,300 resistance level. Meanwhile Solana price prediction shows positive momentum in the short term against Ethereum, bucking the trend in a market where many crypto investors remain cautious. It trades within an ascending triangle pattern but shows increasing bearish momentum with its downward RSI. The price of Solana could either surge to $172 if it breaks above the pattern or find support around $121 if bearish trends continue.

Frequently Asked Questions (FAQs)

1. What is the current price action for Ethereum?

Ethereum's price has decreased slightly but shows potential for bullish momentum. If it can break through the $3,300 resistance, it could reach a target of $3,950.

2. What are the critical support and resistance levels for Solana?

Solana is currently navigating critical support and resistance levels within an ascending triangle pattern. It could potentially surge to $172 if it breaks above the pattern or drop to $121 if bearish trends continue.

3. What are the potential impacts of ETF rumors on Solana and Ethereum?

ETF rumors have a significant influence on the market. More Solana ETF applications may be filed if an ETH ETF is confirmed, potentially impacting both cryptocurrencies' market dynamics and price movements.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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