After rising to $1,687 earlier this week, the Ethereum price has pulled back to $1,575 as traders start taking profit. It has also retreated as the bearish sentiment among investors remain. Still, some crypto analysts expect ETH price to bounce back soon, citing its encouraging technicals and some fundamental data.
This article examines whether Ethereum will bounce back to $3,000 before Solana (SOL) surges to $200.
Will Ethereum Price Surge to $3,000?
Some crypto analysts believe that ETH price has become a bargain and that it will eventually surge to $3,000 and above in the coming weeks. One of the top-cited fundamentals is that some of Ethereum’s fundamentals are still solid despite its ongoing weakness.
For example, DeFi Llama data shows that DEX protocols on Ethereum handled about $15 billion in volume in the last seven days and $57 billion in the last 30 days. It remains the most preferred chain for DEX transactions.
Further, there are signs that ETH price has formed a falling wedge pattern on the daily chart. This is a popular bullish reversal pattern comprising of two falling and converging trendlines. An asset often experiences a bullish breakout when these two lines are nearing their confluence levels.
The widest point of Ethereum’s falling wedge pattern is about 30%. Measuring the same distance from the potential breakout zone brings the initial ETH price forecast at $2,092. This notable level coincides with the highest swing on March 25. It was also the lowest level in August and September last year. Also, it was near the lowest swing on February 3.
Therefore, at this stage, it is hard to predict when Ethereum price will rise and hit $3,000. For this to happen, it needs to rise by almost 80% from the current level.
Will Solana Price Surge to $200?
Solana price has bounced back from the year-to-date low of $95 to the current $125. It now needs to surge by about 60% to get to the target level of $200.
Some analysts expect that SOL price will eventually jump to $200, especially if meme coins in its ecosystem soar. One of the analysts bullish on SOL price was quoted in this CoinGape article, who cited the potential SOL ETF approval as a potential catalyst.
The daily chart shows that Solana price has already moved above the crucial resistance level at $120, where it has failed to move below several times since last year. The analyst cited in that report estimated that a clear breakout above that resistance would lead to more gains to $200.
However, the chart does not show a clear trend that will push the coin up by 60% to $200. Also, it remains below the 50-day moving average. Odds of a rally to $200 will become clear if the coin rises above the 50-day and 100-day moving averages, and the psychological point at $150.
Will ETH Price Hit $3,000 Before SOL Hits $200?
Therefore, based on this analysis, it is unclear whether Ethereum price will surge to $3,000 soon. It is also not clear whether Solana will surge to $200. The odds of their breakouts to these target levels will be confirmed if they surge above key resistance levels. SOL needs to rise above $200, while Ethereum needs to flip the resistance at $2,500.
The post Will Ethereum Price Hit $3K before Solana (SOL) Reaches $200? appeared first on CoinGape.
