Ethereum

Solana

Rekt

Coin

<p>Top crypto analyst Rekt Capital, in his latest <a href="https://x.com/rektcapital/status/1771231114478383483?s=20" target="_blank" rel="noopener noreferrer nofollow">newsletter</a>, has scrutinized the current state of Ethereum and Solana, two prominent cryptocurrencies. His insights shed light on their intricate market dynamics and potential trajectories.</p>
<h2 class="wp-block-heading" id="strong-ethereum-a-complicated-landscape-strong"><strong>Ethereum: A Complicated Landscape</strong></h2>
<p>According to Rekt Capital, Ethereum finds itself in a complex situation. The cryptocurrency has rejected the green $3956 resistance level, mirroring past instances (red circles). However, Rekt Capital doesn’t anticipate a crash akin to early 2021, when prices plummeted to $1681. The current pullback is attributed to the delay in approving an Ethereum ETF, yet the potential for future approval makes a steeper correction unlikely.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="686" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-1024x686.png" alt="" class="wp-image-458318" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-1024x686.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-767x514.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-1536x1029.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-2048x1372.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-224x150.png 224w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-522x350.png 522w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048-788x527.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1048.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Rekt Capital outlines a more probable scenario. In the second half of 2021, when Ethereum rejected the green $3956 resistance, prices dropped as low as $2791 (orange circle) before rebounding. Subsequently, the orange-boxed area became a support zone (blue circle), enabling Ethereum to rally and breach the $3956 resistance (green circle).</p>
<p>Consequently, if Ethereum cannot maintain the current orange area as support, the next level to tag would be the $2791 support (orange circle). Regardless of the scenario, Ethereum needs to reclaim the orange-boxed area as support to continue its uptrend.</p>
<p>Rekt Capital emphasizes that whether Ethereum achieves this now or after a dip into the $2700s doesn’t significantly impact the long-term bullish macro trend. However, it does present dollar-cost-averaging opportunities in the short term. A weekly close below the orange box could trigger a breakdown, while consistent support within this range should build momentum for the next leg up.</p>
<h2 class="wp-block-heading" id="strong-solana-breaching-resistance-and-retesting-support-strong"><strong>Solana: Breaching Resistance and Retesting Support</strong></h2>
<p>Last week, Solana broke through the blue resistance of $173 and is currently retesting this level to establish it as new support. Rekt Capital revisits an earlier move – Solana’s breakout from the green Ascending Triangle.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="686" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-1024x686.png" alt="" class="wp-image-458310" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-1024x686.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-767x514.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-1536x1029.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-2048x1372.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-224x150.png 224w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-522x350.png 522w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047-788x527.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-1047.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>When Solana broke out from this pattern, prices had a weekly close above the black $123 level and retested it as support the following week. This confirmed the $123 level as a new Range Low, enabling a move across the range towards the Range High of $173 (blue).</p>
<p>Solana successfully breached the $173 resistance on its first attempt, unlike 2021 when it initially rejected from this level (green circle). Currently, Solana is attempting to retest the $173 blue level as new support, positioning itself for another move across the $173-$208 range.</p>
<p>Rekt Capital notes that a weekly close above $173 would bring Solana one step closer to a successful retest. This development could potentially pave the way for further upward momentum.</p>
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<p>Rekt Capital’s analysis underscores the intricate dynamics at play in the cryptocurrency market. While Ethereum navigates a complex landscape, Solana continues to break through resistance levels, setting the stage for potential future growth.</p>
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<p>The post <a href="https://captainaltcoin.com/ethereums-uncertain-path-and-solanas-rising-potential-analyst-highlights-these-key-metrics-for-sol-and-eth/" rel="noopener noreferrer nofollow">Ethereum’s Uncertain Path and Solana’s Rising Potential: Analyst Highlights These Key Metrics for SOL and ETH</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Ethereum’s Uncertain Path and Solana’s Rising Potential: Analyst Highlights These Key Metrics for SOL and ETH

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