ETH, ranked second with a market share of $422 billion behind Bitcoin, had put an end to the downward pressure it experienced with the Fed’s decision not to change its interest rate policy. Trading within a narrow range for the past two days, ETH is attempting to solidify its position above $3500. Starting yesterday at $3516, ETH tested the highest at $3586 before closing the day at $3492 with a 0.65% loss. Currently, ETH is trading at $3523 with a 0.91% increase.
Ethereum Daily Chart Analysis
ETH, which halted its decline at $210 following the Fed’s interest rate decision, regained confidence by settling above $3500 again. Analyzing the ETH chart, we observe its attempts to break above the EMA5 and EMA21 resistances located just above $3500. Although unsuccessful in the past two days, the absence of a retreat in ETH and its strong stance above $3500 indicate an imminent upward movement as long as the market structure remains intact. In case of potential selling pressure, the horizontal support at $3205 could be monitored.
Solana Technical Analysis: Selling Pressure Persists as Solana Falls Below EMA5 Support
SOL, ranked fifth with a market value of $80 billion behind Bitcoin, continues to face selling pressure. Rising to $210 last week, SOL, alongside Bitcoin, made an upward move after the Fed’s interest rate decision but once again succumbed to selling pressure yesterday, closing the day at $179.46 with a 6.42% decrease. Starting today on a downward trend, SOL is currently trading at $179.17 with a 0.16% decrease.
Solana Daily Chart Analysis
Ending its decline from $210 after the Fed’s interest rate decision, SOL once again fell under selling pressure. Having recovered half of its losses, SOL closed yesterday with a 6.42% decrease at $179.46. Analyzing the daily chart, we can say that SOL has turned the EMA5 level of $181.72 into resistance. Below, it strives to stay above the $174.31 support level. For SOL to resume its upward movement, it requires a daily close above the EMA5 level, with support levels at $174.31 and $164.50.
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