Altcoins Almost 100% Away: Due to their performance, cryptocurrency sentiment has been trending recently, and June was a very turbulent month. Bitcoin’s current all-time high (ATH) is just 25% away. Altcoins, on the other hand, have fallen nearly 100% from their all-time highs. Is a change in the works? Keeping this in mind, let’s examine Ethereum, the cryptocurrency that ranks second in size.
According to analyst Josh of Crypto World, the price of Ethereum Price Analysis is currently rejecting a Fibonacci level, which was previously supported at around $3,480. It currently provides support after bouncing off the $3,350 level, which is the 50% retracement level. The range of $3,180 to $3,220 is another potential support zone.
Short-Term Ethereum Price Analysis
The trend and momentum continue to be bearish in the short run, comparable to Bitcoin’s. A bearish trend in the market does not necessarily mean a continuous decrease; there may be short recoveries and sideways consolidations. Since price and RSI lower and higher lows are not vacant, a 12-hour positive divergence exists.
Since price and RSI lower and higher lows have not been void, a 12-hour positive divergence exists. In most cases, bullish divergences are accompanied by modest relief or movement in the other direction. The confirmation of a bullish reversal, on the other hand, requires additional confirmation indications, such as breakouts over essential resistance levels.
Important Price Levels
Ethereum faces resistance of nearly $3,450, a support level in the past, and golden pocket resistance of between $3,600 and $3,650. The support is approximately $3,300. Looking at the 8-hour timeframe, there is a tiny relief from the short-term bearish trend. The Relative Strength Index (RSI) momentarily entered oversold territory, typically indicating local lows before minor rebounds or sideways consolidation.
Despite experiencing some short-term rebounds, Ethereum Price Analysis has outperformed Bitcoin throughout the previous few years, as shown by the weekly chart of ETH/BTC. A confirmed breakout over the descending resistance line at 0.056 BTC per ETH and a weekly candle close above this level, preferably above a previous high, might indicate that Ethereum’s bearish trend about Bitcoin has ended.
Quick Look at Solana Tech
Retests are underway for Solana (SOL), which recently broke out above resistance at $140-$144. This new support can cause Solana to surge towards $160 if it remains above $140. If the price doesn’t stay above $140 for the time being, it can fall below $120-$128.
Regulatory Environment
The bitcoin market is still quite sensitive to the regulatory climate. Strict rules can have the reverse impact of encouraging adoption and driving up prices, while positive regulatory advances can do the exact opposite. The industry could benefit from more transparent and supportive policies if authorities decide to take a more complete look at the market due to the distance from ATHs.
The Macro View
The macroeconomic climate must also be considered when assessing the current status of Altcoins Almost 100% Away. Investors’ actions across the board, even in cryptocurrency, can be impacted by factors like inflation rates, the health of conventional markets, and geopolitical concerns. If the world economy stabilizes, investors may feel more comfortable putting their money into riskier assets, which might help altcoins recover.
Summary:
Finally, it’s concerning that many altcoins are over 100% off their ATHs. This situation does provide an opportunity to discuss the crypto market’s inherent risks and potential rewards. This scenario necessitates that current and prospective investors thoroughly examine their risk tolerance. Investment objectives and projects in which they participate. Developers and inventors, listen up: the time has come to hone and modify your products to meet. The market’s demands now and prepare for what the future holds. The future of crypto may depend on those who face it. These difficult times require strategic vision and firm answers as the market develops.
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