Ethereum stays composed
Ethereum has been actively trading at around the $3,400 price threshold, but it has also been showing some worrying signs, while the 100 EMA is not considered the most reliable technical level for an asset. However, things may turn out better than expected.
Because it closely resembles the 100-day exponential moving average (EMA) (orange line), the chart indicates that Ethereum has been able to maintain above the $3,370 mark. With the recent market turbulence, this level has served as a support zone, stabilizing the price of ETH. Volume analysis shows inconsistent signals.
Even though trading volume has not increased significantly, the consistency shows that interest in Ethereum at these prices is stable. It is important to monitor this metric, because a spike in volume may indicate a more forceful move in either direction.
Solana struggles on way up
Solana has been actively fighting for the $150 threshold for the last few weeks. However, despite positive fundamental developments that include the introduction of Blockchain links (or blinks), which are a specification that allows a user to complete an on-chain transaction on any website capable of displaying a URL, the price of the asset has not been moving actively.
In order to verify a bullish reversal and pursue the $150 target, Solana must close above numerous moving averages. Solana has recently found support at the 200-day EMA or roughly $130. Numerous tests of this support level show that there is significant buying interest at this price.
Mixed signals can be seen in the volume profile. Although there has been some trading activity, not much to indicate strong bullish momentum has emerged. The market’s growing confidence in Solana’s price action would be indicated by an increase in volume. For bulls, a move in the RSI above 50 would be positive.
