Bitcoin (BTC) was ideally tasked with sustaining the ongoing momentum. It was closer to surpassing the milestone of $70,000. Now, it has decided to retrace the tracks to $67,000. The target of $84,000 is still in sight, but it could be delayed comparatively.
Meanwhile, Ethereum (ETH) and Solana (SOL) have picked up their respective paces by banking some gains. All this has happened in the last 24-48 hours. Interestingly, Bitcoin losing momentum is gaining less attention simply because it has a better chance to rebound.
Ether continues to be driven by speculation around the approval of ETF applications. It is currently listed at $3,843.33, with a decline of 1.18% in the last 24 hours. The bullish run is backed by a 50-day EMA of around $3,225 and a 100-day EMA of approximately $3,170. This has triggered a series of optimistic hopes that ETH could soon touch $4,500. A definitive timeline is hard to predict; however, it could happen by the end of July 2024 or the year.
The Relative Strength Index of Ethereum is hovering around 72, signaling that it is overbought. There could be pullbacks, but sentiments are largely bullish. At the most, there would be higher lows. There are three crucial levels to watch out for—$3,800, $3,500, and $4,200. The mark of $4,000 does fit, but only as an obvious landmark.
Solana (SOL) hit $160 and has not been looked back on since then. It has a strong support level in the form of 26 EMA. SOL has tested this resistance before and is on the way to replicate that. Currently listed at $165.90 with an upswing of 0.75% in the last 24 hours, SOL aims to move beyond $200 by the end of this year. That is an achievable target, especially since 26 EMA signals a strong bull run and resistance to the downturn, if any. Its 50-day EMA is $153, with the next best resistance at $190.
Bitcoin was previously consolidating between $61,000 and $64,000. It took a few months for BTC to make a breakthrough. The path now, more or less, appears to be coming back with a reversal trend.
This is based on the assumption that the token value has fallen by 0.86% in the last 24 hours and 4.50% in the last 7 days. Bitcoin Halving has concluded, and ETFs have seen the end of the tunnel. The ecosystem is largely stable except for the prevailing sentiments, which fluctuate largely in favor of selling pressure. If it inches upward, the price could come down and hurt the bulls.
Its performance on the 50-day moving average is average. Failure to breach the $70,000 mark is raising many questions for the token, which is still poised to move as high as $100,000 by the end of this year.