Ethereum and Solana ready for eruption? Newsbit analyst shares crucial levels

Lately, the crypto market has been patiently waiting for Bitcoin (BTC) to make a big move. This makes it a bit quiet, but it is certainly worth looking at how altcoins are developing in the meantime.

Technical analyst Erik Juffermans from Newsbit looked carefully at the volatility of Ripple (XRP) last week, but Ethereum (ETH) and Solana (SOL) also showed interesting price developments.

ETH is waiting for the green light

ETH was rejected for the second time earlier this week at the resistance level between $3,300 and $3,400, hitting a lower high. So no break of structure yet. We want to see this for confirmation of a new upward trend.

However, the price has since found support at the center of the channel at $ 3,050 and now appears to be forming a bottom. We would now prefer to see a new increase to the aforementioned resistance zone.

The price is now moving in an increasingly narrowing triangle pattern similar to the price of Bitcoin. The ETH price therefore currently appears to be strongly correlated with BTC.

A conquest of the purple resistance zone between $3,300 and $3,400 could lead to a rapid rise to the $3,800 level. This level acted as support up to five times in September and October.

Solana can rise further

Then we add the price of Solana (SOL), which has risen by 3 percent in the past day. Because Solana has lost a bit of popularity in recent weeks, we take the weekly chart to take stock.

We see that SOL has made a sharp decline since last September from the top of the channel at $250 to the bottom of the channel around $130 and is now settling down there.

Although the price recorded a lower high in September, we can expect a relief rally, provided Bitcoin can also rally towards $100,000. In this case, the $160 level is an initial target. A second target in this bullish scenario is the psychological level of $200.