When purchasing power sharply declines, the candlestick structure typically appears, suggesting that Ethereum's bullish momentum may be losing steam. The graph shows that before giving in to selling pressure, Ethereum recently struggled to break through significant resistance levels, especially around the $2,500 mark.
ETH/USDT Chart by TradingViewEthereum looks susceptible to a retracement as fewer buyers seem to be supporting current price levels. Furthermore, the general attitude of the market is still hazy, with a lot of traders taking a cautious stance because of macroeconomic issues and possible changes in investor sentiment.
Solana whales not ready
The recent on-chain data indicates that Solana whales, who are frequently seen as a major force behind price momentum, appear to be losing their bullish outlook. Based on what the market has demonstrated, Solana whales lack long-term confidence as they quickly sell their holdings whenever the price reaches local highs.
This selling activity implies that not even significant holders are inclined to wager on long-term gains in Solana prices. The fact that SOL is unable to sustain any significant upward momentum is supported by the price chart. Currently trading at $133, it is still significantly below its important moving averages following a brief upswing. Resistance has been provided by the 50-day and 100-day EMAs, and the 200-day EMA at $149 has proven to be an even bigger obstacle.
The likelihood of a bullish breakout is further diminished by the ongoing rejection from these levels. Furthermore, SOL is nearing the bearish zone but remains in neutral territory, according to the Relative Strength Index (RSI), which is currently hovering around 46.
Bitcoin aims for $60,000
According to the chart, Bitcoin is currently trading at $56,960 after a brief rally that has not yet fully recovered key resistance levels. Bitcoin's price is encountering resistance from the 200-day EMA and the trendline that is performing as support. These elements imply that although reaching the $60,000 mark is feasible, it might take some time to overcome these obstacles.