Solana & Ethereum Lose Nearly 50% of Day’s Gains—Is There Something to Worry About?
The cryptocurrency market has witnessed huge volatility over the past few days, which has increased the global market value to more than $3 trillion. Bitcoin’s price surged above $95,000, preventing the price from falling from an extended bearish trend. Although Solana’s price failed to rise by $180, Ethereum’s price faced a rejection and returned to a key support zone of around $2,300. The price of both tokens has dropped by nearly 50% over the past weekend. So, this has attracted great attention from the upcoming price rally.
Will the Ethereum (ETH) price return $2,000?
this Ethereum Price A strong recovery triggered after a critical support range of $2300 below the critical support range. Since the price is over $2500, it is considered a strong bullish indicator, so it is believed to rise and enter the resistance zone above $2,800. At the same time, market sentiment has changed, dragging ETH prices back to the support area. Furthermore, the price has lost more than half of the gains generated recently, which has attracted attention to the next price action.
ETH prices have recently faced a death cross as 50-day and 200-day MAS experience bearish crossovers. On the other hand, MACD keeps trading in the negative range, but has experienced a bullish and bearish crossover while the volume remains low. Previously, in November 2024, MACD soared in the positive range and conducted two crossovers as prices remained at high highs. This shows that ETH price is very bearish under the influence of bearishness, and fear of a pullback may prevail as long as the MACD does not exceed the average.
Solana (Sol) price breaks key support
Solana Price In the past trading days, facing a huge rise of nearly 30%, which brought the level close to $180. Unfortunately, the Bulls failed to outperform the key resistance, which triggered a significant callback. Currently, SOL prices have fallen from key support to $160, flashing a huge bearish signal for cryptocurrencies.
As the super trend remains bearish, Solana prices throughout February were affected by bearishness throughout February. Recent bullish driving forces have helped price test super trends, and level violations could turn them into bullish. This could have raised RSI levels and now shows bearish divergence. Solana Price is concerned about retesting the low near $140 or below until buying pressure can’t replace bearish interference.
As a result, Ethereum prices remain fearful of falling to $2,000 and mark a low that has not been visited since November 2023. In addition, Solana’s price failed to exceed the resistance zone, breaking the support. Although the possibility of a rebound persists, the Bears are in a huge dominance at the moment.
