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<p>The post <a href="https://coinpedia.org/news/solana-and-ethereum-poised-for-new-victories-as-market-rebounds-from-red-to-green/">Solana and Ethereum Poised for New Victories as Market Rebounds from Red to Green</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The global financial landscape is currently in turmoil, with the <a href="https://coinpedia.org/news/why-did-japans-stock-market-crash-and-its-impact-on-crypto-market/" target="_blank" rel="noreferrer noopener">Bank of Japan’s interest rate hike</a> serving as the catalyst for a massive sell-off across all markets. Cryptocurrencies like Bitcoin and Ethereum are not immune to these broader macroeconomic forces, and investors should brace for potential further declines.</p> 
<h2 class="wp-block-heading" id="h-ethereum-s-critical-support-levels-and-short-term-outlook"><strong>Ethereum’s Critical Support Levels and Short-Term Outlook</strong></h2> 
<p>The situation with <a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>, the second-largest cryptocurrency, also presents concerns. Ethereum is currently testing a multi-year line of support, bouncing off this crucial level as it faces immense selling pressure.&nbsp;</p> 
<p><a href="https://www.youtube.com/watch?v=H-Xp8yLTGMk" target="_blank" rel="noreferrer noopener nofollow">Analyst Josh of Crypto World</a> said that when examining Ethereum on the 3-day time frame, it’s clear that the recent drop followed a bearish signal. The critical moment came when Ethereum fell below the $2,800 level, triggering a substantial sell-off across the market. Currently, Ethereum is holding near the 50% retracement level around $2,200, providing short-term support after the sharp decline. However, despite the bounce from the “golden pocket” support zone between $2,100 and $2,200, the overall trend remains bearish.&nbsp;</p> 
<p>Looking at the 3-day RSI for Ethereum, it’s approaching oversold territory, a situation not seen since September of last year, which coincided with a local low. On a weekly time frame, Ethereum is showing resilience, bouncing from multiple key support areas, including a long-term ascending trendline around $2,100. This confluence of support suggests it’s unlikely for Ethereum to drop further in the short term, potentially marking a local bottom.</p> 
<h2 class="wp-block-heading" id="h-solana-s-support-and-resistance-dynamics"><strong>Solana’s Support and Resistance Dynamics</strong></h2> 
<p>For <a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">Solana</a>, the analyst observed a similar pattern, with the price holding above a crucial support zone between $120 and $128. Although there was a brief dip below this support, the daily RSI suggests that Solana, like Ethereum and Bitcoin, might have found a local low. However, there is still considerable resistance above, particularly around $153, $159, $170, and $183, making any short-term recovery challenging.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/whats-next-for-ripple-xrp-and-cardano-ada-as-crypto-market-crash/" target="_blank" rel="noreferrer noopener">What’s Next For Ripple (XRP) And Cardano (ADA) As Crypto Market Crash!</a></p>

Solana and Ethereum Poised for New Victories as Market Rebounds from Red to Green

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