Crypto analysts, announcing the support of $ 40 thousand in Bitcoin, determine the critical levels that Solana and ETH prices can react to.
Bitcoin, Solana and ETH analysis
Crypto analyst Justin Bennett said in his latest Youtube update that it is possible to reach $50,000 as long as Bitcoin can hold the $40,000 support level. The analyst adds that a daily close above $46,000 is required for the BTC price to reach this level. This level is critical as it is Bitcoin’s 2021 closing price. Bennet mentions that pessimistic scenarios are unnecessary as long as the price stays above $40,000.
Bennett then moves to Ethereum (ETH) and shares the chart below showing ETH’s descending trajectory from November last year. According to the crypto guru, ETH needs to break past two key resistance lines to convince him it can reclaim $3,600, a price he last saw in the midst of a catastrophic drop to $3,400 on Jan. Bennet wraps up his analysis with:
A convincing close above $3,120 will likely resume ETH’s bullish trend. That said, I would like to see buyers take $3,280 to hit the first high that exposed $3,600.
This Bitcoin pattern could herald the rise
Another YouTube analyst, InvestAnswers, is showing his 411,000 viewers a Bitcoin chart highlighting the recent head-and-shoulders pattern. According to the expert, the model heralds a dramatic market turnaround.
The analyst adds that while technical analysis is not necessarily a hard science, he is optimistic about the future price action of BTC.
Typically, price drops again after the second bottom and then bounces back. We are in this leap phase and we will see where we go. This is another bullish TA sign. But we all know that TA is astrology for grown men. We don’t know if it will amount, but there is a very, very bullish trend.
Solana (SOL) technical analysis
Switching to Ethereum (ETH) competitor Solana, the InvestAnswers server analyzes the relative strength index (RSI) of SOL. The metric analyzes the candlestick swing of a cryptocurrency over 14 periods and examines the SOL on the current chart on a week-by-week basis. Analyst interprets RSI data:
If we look at Solana’s weekly chart, the RSI is at its lowest point. It’s only been obtained twice a week in history, which tells us that Solana was oversold even at this $100 level. We will be watching this carefully. The trend has dropped a bit but may reverse very soon.
At the time of writing, Ethereum and Solana are down 5%, accompanied by Bitcoin, which smashed $40,000. As Cryptokoin.com reported, the reason for the decline is based on macroeconomic factors such as the Russia-Ukraine tension.
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