Ethereum (ETH) and Solana (SOL) Form Double Bottom Patterns, Rally Incoming?

Ethereum (ETH) is experiencing a period of consolidation and over the last day, there hasn’t been major movement in its price. Ethereum’s price movements are also likely to align with Bitcoin’s trends.

Crypto World analyst Josh analyzes ETH's price movements, highlighting resistance at $2,440-$2,475 and potential breakout points.

Ethereum (ETH) price has been largely stagnant over the last 24 hours, with minimal price movement. However, the second-largest cryptocurrency by market capitalization is showing signs of preparing for a breakout.

According to Crypto World analyst Josh, ETH’s price faces resistance at $2,440 to $2,475 based on prior support and resistance levels. For a bullish outlook, a confirmed breakout from this range, with candle closes remaining above it, is key. If ETH can break through and sustain above this resistance, we may see a rally toward the next resistance level, which lies between $2,550 and $2,580.

ETH Short-Term Price Patterns

In the shorter timeframe, the price action is likened to the structure seen in early September. The analyst notes that ETH seems to be forming a double bottom pattern, also known as a W pattern. For this pattern to be confirmed, ETH must break above the local high at around $2,495 (approximately $2,500).

ETH Price Targets

Once the breakout above $2,500 is confirmed, the first target would be around $2,630, presenting a potential 5.2% upside. The second target would be at around $2,660, translating to just under a 7% move. A drop back below $2,500 would invalidate the breakout and could indicate a false move.

Solana Market Movements

Shifting our attention to Solana (SOL), the daily timeframe reveals a similar trend. Solana is currently bouncing off major support levels between $137 and $142. However, it faces important resistance in the $152 to $154 range and further resistance between $158 and $163. Solana is also forming a potential double bottom pattern. Like Ethereum, Solana needs to break above $149 for confirmation.

Solana Price Targets

If Solana breaks out successfully above $149, it sets up a bullish target at around $163, which will result in a nearly 10% potential increase. For those using leverage, this could yield substantial profits.

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