total-news-1024x279-1__1_-removebg-preview.png

LANGUAGE

Ethereum (ETH) $3,000 Mark Confirmed, Solana (SOL) Fails Unexpectedly, Dogecoin (DOGE) Reaches Nemesis Resistance – U.Today

Read U.TODAY

google news

Ethereum’s recent price movements suggest that the $3,000 mark is within reach. This level is not only a psychological barrier, but also an important milestone that reflects investors’ growing confidence in the asset’s long-term value proposition.

Looking at the latest price chart, Ethereum is on an amazing upward trajectory. This digital asset has consistently outperformed its 50-day and 200-day exponential moving averages, and when the price moves above them, it is often seen as an indicator of bullish sentiment. In particular, the 50-day EMA has provided strong support during the recent rally and is currently hovering around $2,500.

Ethereum’s surge above the $2,800 level was accompanied by an increase in trading volume, indicating strong interest in sustaining higher price levels. Resistance is expected as ETH approaches an important threshold of $3,000. This is because profit taking is expected by traders who see this round number as an opportunity to realize profits. However, the strength of the current trend suggests that any pullback may be short-lived.

ETH/USD chart by TradingView

If Ethereum faces selling pressure at $3,000, the $2,800 level could be the first line of defense against a significant retracement. In the event of further decline, the $2,500 zone, which coincides with the 50-day EMA, could serve as a more substantial support level.

Conversely, if Ethereum breaks through the $3,000 resistance level, the bullish run could be extended as potential targets move into uncharted territory. Such a move would confirm the bullish stance on Ethereum and could spark a new wave of speculative interest in the asset.

Solana loses momentum

Solana experienced an unexpected stall in price momentum. The asset, which has been the main option for bulls during this bull market, has struggled to break above the $120 resistance level, which has proven to be a significant challenge.

A close analysis of price trends reveals that SOL’s movements are subdued, with the $120 mark acting as an upper limit for growth. This level is not just a technical resistance, but a psychological resistance, and each approach is under selling pressure to push the price down. The inability to break above this point led to a consolidation period in which the price fluctuated between this upper limit and the support level below it.

The immediate support for Solana is observed around the $100 zone, this level has been tested several times and has remained solid so far. A break below this could open the door to further losses, with the next key support level being around $90, where the 200-day exponential moving average is located.

The lack of upward momentum in Solana’s price is partially due to broader market conditions, where increased transaction fees on the Ethereum network have led investors to seek alternative platforms. There is a possibility. While this could benefit Solana, the network itself has yet to show any substantial growth factors that could spark a new wave of adoption and investment.

Solana’s recent outages and network instability have dampened sentiment towards the project and raised concerns about its reliability among potential users and investors. Solana must address these technical challenges if it is to regain its footing and once again become a viable competitor to Ethereum.

Dogecoin faces stiff resistance

Dogecoin encountered what could be considered nemesis resistance at the $0.08 level. This price range turned out to be a strong barrier and served as a reversal point in the previous run.

Dogecoin’s price chart shows that although the asset is encountering resistance at $0.08, it has shown a commendable ability to break above previous resistance levels. The resilience of Dogecoin’s price can be seen in its recent approach to this threshold, which is approaching a potential breakout. The momentum behind Dogecoin is supported by increased volume, suggesting that the asset may indeed have the strength to break through this key resistance level.

Support for Dogecoin is currently established at the $0.075 level, where the cryptocurrency has previously attracted buying interest. If a reversal occurs, this support zone could be the first to be tested. A break below this could see further support at lower levels, near the 50-day moving average at $0.07.

The Dogecoin network and community is experiencing a resurgence of activity, in part because Dogecoin celebrated its 14th birthday. Dogecoin has historically sparked growing interest and speculative trading. Additionally, the potential implementation of his Dogecoin on various payment platforms, including XP ayments (previously known as Twitter), could be a strong growth factor.

About the author

Armand Sirignan

Facebook
Twitter
LinkedIn
Reddit
Telegram
WhatsApp