Ethereum Classic Price Analysis: ETC Surges 25% Higher, Will the Rally Continue?
- 王林Original
- 2024-07-02 06:46:40258browse
Bitcoin surged from its lows of $60k, surprising everyone with nearly a 4 percent gain on July 1st. Other altcoins, including Ethereum, also saw gains, bringing renewed hopes to investors and analysts alike.
Bitcoin price showed surprising strength on July 1st, surging from lows of $60k and surprising everyone with nearly a 4 percent gain. Other altcoins, including Ethereum, also saw gains, bringing renewed hopes to investors and analysts.
As Bitcoin price saw a surprising surge from its lows of $60k, other altcoins also showed impressive gains. Ethereum price showed a slight gain of 3.4 percent, while Solana price surged by an astonishing 11 percent.
However, despite the promising start of July, it’s crucial to note that the crypto market is highly volatile and subject to rapid shifts. Therefore, investors are advised to proceed with caution and conduct thorough research before making any decisions.
Now, let’s analyze the price action of ETH, SOL, and ADA in more detail.
Ethereum Price Analysis
On the 12-hour time frame, the price of ETH is seen trading above the 50% retracement level, which is acting as support around $3,350. This indicates a pause in the bearish trend, but there is no confirmation yet of a bullish trend reversal in the short term.
However, ETH is showing a bullish divergence on the 12-hour time frame, which is leading to a slight bullish relief and some sideways price action. But ETH is still facing resistance around $3,450, and another major resistance zone is between $3,600 and $3,650.
If ETH can break out above $3,650 with confirmation, it will turn much more bullish in the short term. Moreover, bullish reversal signals for Bitcoin will further support a positive trend for ETH, as the crypto market usually follows Bitcoin’s movements.
The 8-hour time frame shows an oversold signal in the Ethereum RSI, which is suggesting a potential pause or relief from the short-term bearish trend, although it doesn’t necessarily indicate the end of the bearish trend.
Solana Price Analysis
On the 12-hour time frame, the price of Solana is seen holding above the critical area between $140 and $144, which was recently a major resistance and earlier acted as support.
If Solana can maintain this area as new support and confirm a bounce with green candles, it will indicate a bullish price structure. The next resistance levels to watch are $151 and $160, and a confirmed breakout above these levels will indicate a bullish trend reversal.
However, a break below $140 will invalidate the bullish breakout.
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