Ethereum Signals Major Bullish Reversal; Solana will see a 21% price increase.

Analyst Josh of Crypto World analyzes the trend in Solana Ethereum price movements, uncovering current technical patterns that suggest market directions. Despite running into critical resistance, Ethereum is showing a significant bullish reversal.

Ethereum daily chart signals bullish reversal

A bullish reversal signal is flashing on Ethereum's daily chart, showing a “hump and run reversal pattern,” which consists of three phases: the leading phase, the bust phase, and the run phase. This pattern shows a bullish reversal based on the daily candle closing around $3270 from the resistance line below the $3.3k mark. Confirmation of this crash could push the price of Ethereum above its technical target of around $3.4k.

Short-term resistance levels

Currently, Ethereum is facing resistance in the golden pocket between $3520 and $3570. These steps are critical to the continued momentum of bullying. Additionally, a price rise from the support zone at $2.8k to $2.9k indicates an upward move or at least a sideways consolidation.

Technical analysis of Solana

Solana broke above $144, continuing to rise to the next resistance above $154. Based on the previous support and resistance levels, the next resistance level is around $160. A potential double bottom pattern, also known as a W pattern, confirms a breakout above $154 on the daily chart. This could lead to a technical price target of around $187, representing a 21% potential move.

Monitoring resistance and support levels

Key resistance levels to watch include $160, $170 to $175, and $183 to $187. Support levels to watch for rejection are between $140 and $144 and, more bearishly, between $120 and $128. A break above $154 and $160 could signal the start of a bullish trend in the short term.