After a promising rally, Ethereum price failed to break through expected resistance levels, leaving investors pondering its future trajectory. So have Ethereum's recovery attempts failed? The chart suggests a pause.
A closer look at the price movement reveals ETH's resilience. After surging to around $3,500, Ethereum appeared poised to break out and make new highs. However, it seems to be stuck around $3,491. Ethereum/USD chart by TradingView
On the other hand, the price of Ethereum has not fallen significantly either. It remains above $3,317, an important support level to maintain recovery expectations.
If ETH remains stable and rebounds from the current support level, there could be another chance to break out of the resistance. If it breaks out, the next target will be around the $3,900 zone. On the other hand, if the support fails, the price could fall towards the next support at around $2,869.
Despite the current pause, Ethereum's recovery has not failed. It is simply in a state of integration. We may soon expect a spike in volatility and a corresponding move.
Cardano is in good condition
Cardano has almost reached a real support level, which could be an “adamantium” ground (a point so strong that it is difficult for the price to fall below it) and should bounce back. ADA price is currently approaching the $0.54 level, which is a notable level.
ADA has been declining since its peak around $0.69. However, it is approaching a price where the trend has reversed from down to up in the past. This is what some traders call the “adamantium” level.
If ADA begins to rise above this support, we could see a potential growth scenario. The first target would be to tackle the immediate resistance level around $0.60. If it gets through this, ADA could be in a better position for growth, perhaps even reaching higher levels like $0.67.
Solana's hidden potential
Charts give you hints about where to go next. There is a pattern in which SOL does not make new highs or lows. It feels like it's moving sideways. This could mean that we are preparing to continue a trend that was already occurring.
Currently, SOL is trading around $169.27. It soared above $200 a while ago, but it couldn't stay there. Now, if you're looking for a SOL bounce floor, keep an eye out for the $129.35 mark. This is a place where prices have not fallen much in the past. It's like a strong line of defense.
In terms of growth, if SOL can catch wind again and start rising, the first big test will be to break the $200 level again. That's something I struggled with before. If it can exceed that, there is a possibility that it will start rising again.
But what's next for SOL? If the price continues to rise above the support level and the market conditions are favorable, there is a possibility that the price will start rising again. However, if it breaks below the $129.35 level, it may need to find a new bottom before trying again.
So, what is the hidden signal in SOL's price chart? It is that this trend is likely to continue. SOL has not made any big jumps or declines, so it is likely to stick to its current path. That means you'll need more lateral movement until you break out or go down.
