Solana & Ethereum Lose Nearly 50% of Day’s Gains—Is There Something to Worry About?
The post Solana & Ethereum Lose Nearly 50% of Day’s Gains—Is There Something to Worry About? appeared first on Coinpedia Fintech News
The crypto markets witnessed huge volatility in the past couple of days, which increased the global market capitalization to above $3 trillion. Bitcoin’s price surged above $95,000, which prevented the price from falling from an extended bearish trend. While Solana’s price failed to rise above $180, the Ethereum price faced rejection and entered back into the crucial support zone around $2300. The prices of both the tokens have dropped by nearly 50% during the past weekend; hence, this raises huge concern over the upcoming price rally.
Is Ethereum (ETH) Price Heading Back to $2000?
The Ethereum price triggered a strong recovery after plunging below the pivotal support range of $2300. This was considered a strong bullish indicator as the price surpassed $2500, and hence, it was believed to rise and enter the resistance zone above $2,800. Meanwhile, the market sentiments flipped, dragging the ETH price back to the support zone. Moreover, the price has lost more than half of the gains that it incurred in recent times, which raised concern over the next price action.
The ETH price recently faced a death cross as the 50-day & 200-day MAs have undergone a bearish crossover. On the other hand, the MACD is constantly trading within a negative range but experiencing a bullish & bearish crossover while the volume remained pretty low. Previously, in November 2024, the MACD surged heavily within the positive range and underwent both crossovers when the prices maintained higher highs. This suggests the ETH price is heavily under bearish influence, and as long as MACD does not rise above the average, the fear of a pullback may prevail.
Solana (SOL) Price Breaks the Crucial Support
Solana price faced a huge upswing of nearly 30% during the past trading day, which elevated the levels close to $180. Unfortunately, the bulls failed to surpass the crucial resistance, which triggered a notable pullback. Currently, the SOL price has broken down from the crucial support at $160, which flashes massive bearish signals for the crypto.
The Solana price was under bearish influence throughout the month of February as the supertrend remained bearish. The recent bullish push helped the price test the supertrend, and a level breach could have flipped it into bullish. This may have kept the RSI levels elevated, which has now displayed a bearish divergence. Therefore, the Solana price carries the fear of retesting the lows close to $140 or below until the buying pressure does not supersede the bearish interference.
Therefore, the Ethereum price is still feared to drop to $2000 and mark the lows not visited since November 2023. Besides, the Solana price failed to surpass the resistance zone and also broke down the support. Although the possibility of a rebound persist, currently the bears are have a huge dominance.
