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Ethereum, Solana and THORChain Price Forecast: Bullish Waves in the Crypto Tide

By:
Arslan Ali

Ethereum's ascent above the pivotal $1,800 mark is more than just numbers; it's a testament to its resilience and potential in an ever-evolving crypto landscape.

Crypto Recap

In this article:

Key Insights

  • Nayib Bukele seeks reelection, with Bitcoin adoption reshaping the nation’s economy.
  • Celebrating the anniversary of acquiring Twitter, now named X, with hints at Dogecoin integration.
  • Binance CEO, Changpeng Zhao, faces a $12 billion loss amidst falling crypto volumes.
  • Ethereum (ETH/USD) exhibit’s bullish sentiment with the price above the key $1,800 trendline.
  • Solana’s marking an impressive 6.18% growth, Solana targets the $35.56 resistance level.

Quick Fundamental Outlook

El Salvador’s pro-Bitcoin president, Nayib Bukele, is seeking reelection in February 2024, despite constitutional debates about consecutive terms. The nation’s Bitcoin adoption and tech-friendly regulations have reshaped its economy, with Bukele’s party, Nuevas Ideas, enjoying substantial support.

This political move, coupled with El Salvador’s Bitcoin endorsement, has likely uplifted Bitcoin’s price. Simultaneously, Elon Musk commemorated the anniversary of his Twitter acquisition, now named X, with significant platform modifications. The Bitcoin community expressed gratitude, tying Bitcoin to financial autonomy, and speculating about Dogecoin’s potential integration into X.

Musk’s crypto engagements might be driving Bitcoin’s recent price rise. Meanwhile, Binance CEO Changpeng Zhao (CZ) has reportedly lost around $12 billion due to falling crypto trading volumes. Despite regulatory challenges in the U.S., Bitcoin’s price remains unaffected.

These developments might influence Ethereum, Solana, and Thorchain’s trajectories due to interconnected market dynamics.

Ethereum Price Prediction

Ethereum Chart
Ethereum Chart

Ethereum (ETH/USD) is showing signs of renewed vigor. With a current trading price of $1,817.7, ETH/USD has registered an uptick of 1.41% over the past 24 hours. This cryptocurrency, with its significant market cap running into billions, has established a pivot point at $1,802.

As Ethereum surges, immediate resistance looms at $1,850, followed by subsequent barriers at $1,886 and $1,923. On the downside, support is fortified at $1,762, with further cushions at $1,727 and $1,672. The RSI, standing at 63, hints at a bullish sentiment, reinforced by the asset’s price being above the 50 EMA, currently at $1,758.

Chart patterns reveal Ethereum’s bullish momentum, as it pierced through the pivot and established a bullish engulfing stance above the crucial $1,800 trendline. In conclusion, the trend is bullish as long as Ethereum remains above $1,800.

Investors might anticipate Ethereum challenging the $1,850 resistance in the near term.

Solana Price Prediction

Solana Chart
Solana Chart

Solana (SOL/USD) has been garnering attention in the crypto space, especially with its recent surge. Priced at $34.82, SOL/USD has experienced an impressive 6.18% growth within the last 24 hours. The asset’s pivot point stands firm at $32.25.

On the ascent, Solana faces immediate resistance at $35.56, with subsequent hurdles at $38.87 and a more formidable $43.26. Conversely, support levels are identified at $28.78, $25.60, and the more distant $22.02.

The RSI, currently at 77, unmistakably indicates overbought conditions, suggesting potential price corrections. However, with the price towering above the 50 EMA, set at $25.19, a short-term bullish trend is evident.

Given these indicators, the overall sentiment leans bullish, especially above the $32.25 mark. The immediate horizon might see Solana targeting the $35.56 resistance level.

THORChain Price Prediction

THORChain Chart
THORChain Chart

THORChain is making waves in the cryptocurrency market with its recent bullish rally. The asset, currently priced at $2.70, witnessed a remarkable 10.84% surge over the past 24 hours.

Defining its trajectory, THORChain has a pivot point set at $2.41. As it ascends, immediate resistance is positioned at $2.72, followed by $3.02 and a tougher barrier at $3.27.

Conversely, support levels are mapped out at $2.20, followed by $1.99 and then at $1.79. The RSI, soaring at 78, is in the overbought territory, hinting at a potential pullback. However, with the asset’s price comfortably above the 50 EMA, currently at $2.27, a bullish trend is in place.

In conclusion, THORChain’s momentum is clearly bullish, especially when above the $2.40 threshold. Investors might anticipate the asset making moves towards the $2.72 resistance in the near term.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.

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