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Altcoins Key Levels to Watch : Ethereum, Solana, and Binance Coin Price Analysis

Explore the latest price analysis for Ethereum, Solana, and Binance Coin. Discover key support and resistance levels and market trends.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has struggled to maintain its support at $3,350 and risks sliding to the next support level at $3,000. On Sunday, ETH dropped by 2.16%, falling below the 50-day SMA and settling at $3,420. Monday saw intensified selling pressure, pushing ETH to $3,241. However, buyers stepped in, driving the price back above $3,300, with ETH eventually settling just above $3,350. On Tuesday, ETH saw a marginal increase to $3,395, just shy of $3,400. By Wednesday, sellers regained control, dropping ETH to $3,369. Currently, ETH trades at $3,383, with buyers and sellers in a tug-of-war.

Challenges Ahead for Ethereum

ETH faces significant hurdles, with bears active above $3,400, making it difficult for buyers to push the price to the 20-day SMA at $3,500. If ETH can surpass this level, it may climb to $3,700. However, failure to reclaim $3,400 could see ETH drop below $3,300, potentially sliding to $3,000, where strong support is expected.

Solana (SOL) Price Analysis

Solana (SOL) has recovered well after hitting a low of $122 on Monday. Last week, SOL faced heavy selling pressure, dropping nearly 4% on Sunday to settle at $128.63. On Monday, bears pushed SOL down to $122, but buyers countered, pushing SOL back above $130 to $132. Despite this, SOL couldn’t surpass the 200-day SMA. On Tuesday, buyers retained control, pushing SOL above the 200-day SMA to $136.59, a 3.22% increase. Wednesday saw volatility, with SOL reaching $140 before sellers pushed it back to $136. Currently, buyers and sellers are battling for control.

Future Prospects for Solana

SOL’s first major resistance lies between $140 and $142. Failure to surpass this level could see SOL drop to $134, with the 200-day SMA providing support. If sellers push SOL below $130, the next support is at $116. However, if SOL maintains its bullish trend, it could surge towards $150.

Binance Coin (BNB) Price Analysis

Binance Coin (BNB) dropped to $551 on Monday, starting the week on a bearish note. However, buyers couldn’t sustain the pressure, and BNB recovered to close at $568. The week saw some consolidation, with BNB rising by 1.78% on Tuesday to settle at $578. On Wednesday, buyers attempted to push BNB above $600, but sellers defended this level, lowering the price to $572. Currently, BNB is down marginally, with buyers and sellers vying for control.

Key Levels for Binance Coin

For a recovery, BNB must break above the $600 resistance level. If buyers succeed, BNB could rally towards $650. A downturn from here could push the price back to the $560 support level. If this level is breached, BNB could drop below $500 to $471, where the 200-day SMA might offer support. The Awesome Indicator (AO) turning red indicates significant bearish momentum.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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