Ethereum struggled to break the $2,250 resistance, facing multiple rejections between $2,200 and $2,270.
Bitcoin surges to past $43,600 raised concerns for Ethereum bulls.
SOL revisited $84 for the first time since May 2022, signaling a continued upward trend.
In Wednesday’s trading session, Ethereum experienced a modest rally, displaying sustained upward momentum from the lower boundary of a significant consolidation range. However, the cryptocurrency faced hurdles around the $2,250 and $2,300 resistance levels, struggling to find a foothold above $2,250. Also, Ethereum encountered multiple rejections in the $2,200 to $2,270 range.
While Ethereum grappled with resistance, Bitcoin managed to surge over 2% within the last 24 hours, reaching $43,542. This rise in Bitcoin’s price, surpassing the $43,600 resistance, serves as a potential warning signal for Ethereum bulls. Despite Ethereum’s attempt to breach the $2,300 barrier, it failed to settle above $2,250, leading to concerns about a significant downturn.
Ethereum’s Momentum Halts at $2200
According to the daily price chart, Ethereum’s recent low settled near $2,162, and the current trend indicates consolidation above $2,200. A critical bullish trend line, offering support around $2,180, has formed on the hourly ETH/USD chart. However, Ethereum is currently trading above $2,200 but below the 100-hourly simple moving average.
Ethereum (ETH) Price Chart (Source: TradingView)
On the upside, ETH is facing immediate resistance near $2,210. Ethereum’s next crucial resistance levels lie at $2,250 and $2,280. A decisive move beyond $2,280 could propel the price toward $2,350, with further gains opening the door to the $2,400 level. Subsequent breakthroughs might trigger a rally towards $2,600, and if sustained, Ethereum could test the $3,000 zone.
Conversely, if Ethereum fails to overcome the $2,250 resistance, it might initiate a downward spiral. Initial support is evident at $2,170, followed by a more critical level at $2,120. A close below $2,120 could trigger more bearish movements, possibly revisiting the $2,000 support. Extended losses might lead Ethereum toward the $1,800 level.
Meanwhile, in the altcoins arena, Solana (SOL) has emerged as a surprise front-runner in the 2023 market. Outperforming significant altcoins such as Cardano (ADA) and Ripple’s XRP. Following this, experts are now speculating that Solana could potentially outshine Ethereum in the near future, marking a significant development in the crypto market.