As the cryptocurrency market experiences volatility, ethereum (ETH) and Solana (SOL) have faced notable declines throughout August. With ethereum down by 2.60% and Solana down by 4.34% in the last 24 hours, investors are eager to see if September will offer any potential for recovery.
ethereum (ETH/USD) Technical Analysis: Bearish Momentum Persists
Currently, ethereum is priced at $2,459.81 with a 24-hour trading volume of $8.39 billion. Despite holding the second position in market cap at $295.93 billion, ethereum saw a decline of over 20% during August.
The cryptocurrency is struggling to maintain its position above a crucial upward trendline established since mid-August, hovering around the $2,458 level. ethereum's price trades below the 50-period Exponential Moving Average (EMA) at $2,560, signaling a bearish trend.
If ethereum fails to hold above the current trendline support, the next key level to watch is $2,395, with a further drop potentially pushing the price towards $2,272. On the upside, breaking above the $2,531 resistance level could spark bullish momentum, targeting the next resistance at $2,669.
Key Levels to Watch:
- Support: $2,395 and $2,272
- Resistance: $2,531 and $2,669
Solana (SOL/USD) Technical Analysis: Bearish Channel in Focus
Solana is currently trading at $130.90 with a 24-hour trading volume of $1.25 billion. Ranking fifth in market cap at $61.08 billion, Solana also experienced a significant drop in August, reflecting ethereum's bearish trend.
On the 2-hour chart, the price movement indicates a descending channel with resistance near $136 and support around $116. The 50-period EMA, currently at $139, is capping any upward movements. Failure to break above the $136 resistance could lead to further declines towards $123.95 and $116.55 support levels.
Breaking below the descending channel could accelerate the sell-off towards $110, while surpassing $136 could target the levels of $143.83 and $152.18.
Key Levels to Watch:
- Support: $123.95, $116.55, and $110
- Resistance: $136, $143.83, and $152.18
Both ethereum and Solana currently exhibit strong bearish tendencies with critical support levels under pressure. Traders should exercise caution and monitor these levels closely for potential breakdowns that could lead to further declines in both cryptocurrencies. While September may offer recovery opportunities, prudence is advised given the current technical indicators.
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