Summary

In Wednesday’s trading session, Ethereum faced resistance around the $2,250 and $2,300 levels, struggling to break through. Bitcoin’s surge above $43,600 raised concerns for Ethereum bulls. Meanwhile, Solana (SOL) revisited $84 for the first time since May 2022, indicating a continued upward trend and suggesting it could potentially outshine Ethereum in the future.

Introduction

Ethereum encountered hurdles in its attempt to break the $2,250 resistance and find a foothold above that level. At the same time, Bitcoin’s price surge raised concerns among Ethereum bulls. Additionally, Solana’s recent performance has led to speculation that it could outperform Ethereum in the near future.

Main Points

According to the daily price chart, Ethereum’s recent low settled near $2,162, and it is currently consolidating above $2,200. On the hourly ETH/USD chart, a bullish trend line has formed, offering support around $2,180. However, Ethereum is currently trading above $2,200 but below the 100-hourly simple moving average.

Ethereum faces immediate resistance near $2,210, with crucial resistance levels at $2,250 and $2,280. A decisive move beyond $2,280 could lead to further gains and potentially push the price towards $2,350 and even $2,400. If sustained, Ethereum could test the $3,000 zone. Conversely, a failure to overcome the $2,250 resistance could trigger a downward spiral, with support levels at $2,170 and $2,120. Breaking below $2,120 may lead to further bearish movements and a potential revisit of the $2,000 support level.

In the altcoins market, Solana has emerged as a front-runner, outperforming notable altcoins such as Cardano and Ripple’s XRP. This has led experts to speculate that Solana could potentially outshine Ethereum in the near future, marking a significant development in the crypto market.

Conclusion

Ethereum faced resistance at the $2,250 level and struggled to find a footing above that price. Bitcoin’s surge and Solana’s strong performance have raised concerns among Ethereum bulls and sparked speculation about the potential outperformance of Solana in the crypto market. Traders and investors will be closely watching for Ethereum’s ability to break through resistance levels and maintain its upward momentum.