Markets
Short-term scenarios look shaky for Ethereum and Solana
Ethereum remains in a short-term downtrend, with strong resistance levels yet to be broken and critical support levels being retested. Amid this broader downtrend, with no bullish reversal confirmed yet, the analyst Josh from the crypto world remains more pessimistic than optimistic in the short term, a stance that has proven correct so far.
In his latest analysis video, he said that Ethereum Price is retesting a near-term support level between $3,470 and $3,480. If this support breaks, the next level to watch will be around $3,350. Recently, Ethereum has been trading in an unstable sideways range, looking neutral in the very short term.
Ethereum faced a strong rejection from the gold pocket resistance area between $3,600 and $3,650. For an uptrend and momentum to establish, a confirmed breakout above $3,650 is needed, which has not yet occurred.
In terms of short-term support, Ethereum has strong support around $3,420 based on previous lows. If this support holds, more choppy sideways price action is expected, in line with previous analyst forecasts. This sideways action consists of short-term upward and downward movements, but is occurring within a broader downtrend.
The analyst also noted that Solana is still in a short-term downtrend despite experiencing a brief pause due to a short-term bullish divergence. As predicted, Solana bounced from the $128 support level and then encountered resistance, facing multiple rejections in the $140 to $144 range. This area continues to act as strong resistance, while support remains between $120 and $128.
Despite some choppy sideways price action, Solana’s short-term trend and momentum remains bearish. To move into an uptrend, the analyst explained the need for a confirmed breakout above approximately $144, and ideally above $160, to instill confidence in a bullish reversal. For now, the outlook remains pessimistic in the short term.
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