The cryptocurrency market has been turbulent recently, with Ethereum (ETH) and Solana (SOL) both experiencing significant declines in August. With Ethereum down 2.60% and Solana down 4.34% over the past 24 hours, investors are closely watching to see if September offers any recovery opportunities.
This article delves into the current technical outlook for both cryptocurrencies and explores potential trading strategies.
Ethereum (ETH/USD) Technical Analysis: Bearish Momentum Persists
As of today, Ethereum is trading at $2,459.81, with a 24-hour trading volume of $8.39 billion. Despite holding the second with a market cap of $295.93 billion, Ethereum has seen a decline of over 20% in August.
Ethereum Price Prediction – Source: Tradingview
The cryptocurrency is struggling to maintain its position above a crucial upward trendline that has been in place since mid-August, hovering around the $2,458 level.
Current Price: $2,459.81
24-Hour Trading Volume: $8.39 billion
Market Cap: $295.93 billion
RSI: 35 (indicating bearish momentum)
Ethereum’s price trades below the 50-period Exponential Moving Average (EMA) at $2,560, reinforcing the bearish sentiment.
If Ethereum fails to hold above the current trendline support, the next key level to watch is $2,395. A further drop could push the price toward $2,272.
On the upside, breaking above the $2,531 resistance level could reignite bullish momentum, with the next target set at $2,669.
Key Levels to Watch:
Support: $2,395 and $2,272
Resistance: $2,531 and $2,669
Solana (SOL/USD) Technical Analysis: Bearish Channel in Focus
Solana is trading at $130.90, with a 24-hour trading volume of $1.25 billion. Ranking fifth with a market cap of $61.08 billion, Solana has also suffered a significant drop in August, mirroring Ethereum’s bearish trend.
Solana Price Prediction – Source: Tradingview
On the 2-hour chart, the price moves within a descending channel, with resistance near $136 and support around $116.
Current Price: $130.90
24-Hour Trading Volume: $1.25 billion
Market Cap: $61.08 billion
RSI: 36.25 (suggesting bearish momentum)
The 50-period EMA, currently at $139, continues to cap any attempts at upward movement. If Solana fails to break above the $136 resistance, further declines could be seen toward the $123.95 and $116.55 support levels.
A break below the descending channel could accelerate the sell-off, pushing the price toward $110. Conversely, a break above $136 could target the $143.83 and $152.18 levels.
Key Levels to Watch:
Support: $123.95, $116.55, and $110
Resistance: $136, $143.83, and $152.18
Both Ethereum and Solana are currently showing strong bearish tendencies, with crucial support levels being tested.
Traders should exercise caution and closely monitor these levels for potential breakdowns, which could lead to further declines in both cryptocurrencies. September may offer opportunities for recovery, but the current technical indicators suggest that a cautious approach is warranted.
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