#retests

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications,…

Ethereum Price Retests Uptrend Support But Can Bulls Save The Day

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Ethereum price started a downside correction below $1,950 against the US Dollar. ETH is testing the $1,900 support and is showing a few bearish signs.

Ethereum is correcting gains below the $1,950 zone.

The price is trading below $1,940 and the 100-hourly Simple Moving Average.

There is a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start another increase unless there is a close below $1,900 in the near term.

Ethereum Price Corrects Gains

Ethereum’s price failed to clear the $1,975 resistance and started a downside correction. ETH traded below the $1,950 level and extended its decline, similar to Bitcoin.

There was a move below the $1,920 support. Finally, the price spiked below $1,900. A low is formed near $1,894 and the price is now consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.

Ether is trading below $1,940 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,925 on the hourly chart of ETH/USD.

Immediate resistance is near the $1,925 level the 100-hourly Simple Moving Average. The next major resistance is near the $1,945 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,945 resistance could push the price toward $1,975. The main resistance is still near the $2,000 level, above which the price could start a decent increase. The next major resistance is near the $2,120 level. Any more gains could send Ether toward the $2,200 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,925 resistance or $1,945, it could continue to move down. Initial support on the downside is near the $1,900 level.

The first major support is near the $1,870 level. The next major support is near the $1,820 level. If there is a move below the $1,820 support, the price could drop toward the $1,770 support level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,900

Major Resistance Level – $1,945

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Solana Retests Multi-Month Trend Line, Bulls Prevailing Again?

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Sunday night’s crypto market-wide correction has once again sent the Solana price down to a level that is crucial for price action in the coming weeks. SOL has been forming an ascending trend line on the 1-day chart since late December last year, which could lead the price back into bullish territory, as NewsBTC reported.

Already in the last few days, the Solana price had tested the trend line (black) before a decent bounce to the upside took place. However, yesterday’s price action pushed SOL back to the trendline. However, as the 4-hour chart shows, SOL has shown strength and remained above the trendline.

Solana price, 4-hour chart | Source: SOLUSD on TradingView.com

The retracement has also caused Solana’s Relative Strength Index (RSI) to reset on the 4-hour chart. With the RSI near the overbought zone at 68, there has now been a healthy pullback to 41. Thus, the 4-hour chart continues to look bullish.

A look at the 1-hour chart continues to show a similarly strong picture. For SOL’s bulls, today is all about closing above the $22 level to stay above the trendline. If successful, the bulls can once again tackle resistance at $22.78 before the big challenge: the 200-day Exponential Moving Average (EMA) (blue).

Solana holds above the trend line, 1-day chart | Source: SOLUSD on TradingView.com

Solana already fell below the “bull line” on April 8, 2022, which technically means it is still in bear territory. The collapse of FTX and the entanglements are certainly one reason why SOL is still undervalued compared to other altcoins.

While numerous altcoins are already trading above the 200-day EMA, the indicator remains the most important target for Solana. However, this will likely require a renewed upswing in the overall crypto market, especially in the leading cryptocurrency Bitcoin.

Once the 200-day EMA falls, Solana’s yearly high at $27.13 comes into focus, where the 38.2% Fibonacci level is also located. Subsequent Fibonacci levels would be $33.06 (50% Fibonacci), $39.14 (61.8%Fibonacci), and $47.81 (78.6% Fibonacci).

Remarkably, Solana’s current strength can also be seen in the SOL/BTC chart (1-day chart). SOL is on the verge of breaking out of a descending parallel channel that has defined Solana’s trend since mid-January.

SOL/BTC, 1-day chart | Source: SOLBTC on TradingView.com

Bullish News For Solana

Last Friday, payments giant Mastercard announced that it is working with a handful of layer 1 projects to create common standards. Among them is Solana. In addition, Mastercard has selected the blockchains: Ethereum, Aptos, Polygon and Avalanche. The Solana Foundation commented via Twitter:

The Solana Foundation is excited to work with Mastercard on tools to verify trusted interactions and help secure interactions between web2 and web3 apps. This is a positive step forward in enabling trust in trustless environments for consumers, businesses, and the greater.

At #Consensus23, we announced how we are instilling trust in the blockchain ecosystem through Mastercard Crypto Credential. With crypto wallet providers @Bit2Me_Global, @LiriumAG , @MercadoBitcoin and @UpholdInc and public blockchain network organizations @AptosLabs,… pic.twitter.com/P33mtDVAas

— Mastercard News (@MastercardNews) April 28, 2023

Featured image from Exodus Wallet, charts from TradingView.com

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$ 10,000 Bitcoin Retests When Dollar Losses Its Attractiveness

Bitcoin has been unable to keep its prices above $ 10,000 over and over again since February 2020.

On Tuesday, the cryptocurrency from its high above $ 10,400 per quarter is $ 1,000. A reversal was recorded above the $ 10K level, dropping more than $ 10K.

However, the US dollar open alert can help investors break and hold the $ 10,000 support by sending back to Bitcoin and other risky assets.

B…