The post Bitcoin (BTC), Ethereum (ETH) and Solana(SOL) Price Prediction For This Week appeared first on Coinpedia Fintech News
As a new week unfolds, fresh candlesticks ignite the ongoing scrutiny of Bitcoin’s price trajectory. Cryptocurrency analyst Crypto World has brought attention to major price shifts in Bitcoin and Ethereum, offering details into pivotal levels and emerging market signals.
Starting with Bitcoin, Crypto World explained the importance of a recent retest of a crucial support level in the short term. Bitcoin’s price is currently hovering within a range, with support around $61,000 to $62,000 and resistance between $65,000 and $66,000. Notably, Bitcoin is experiencing a lack of momentum, indicating a sideways trend.
Impact of ETF Outflows on Bitcoin
Regarding the impact of Bitcoin ETFs on market dynamics, Crypto World discussed significant net outflows from these ETFs over three consecutive days, totaling approximately $421.8 million. These outflows are considered bearish as they involve selling spot Bitcoin to gather US dollars, potentially influencing short-term price action.
Technical analysis revealed a short-term bearish pattern, a rising wedge, which previously indicated a price target of around $62,500. Bitcoin recently reached this target, and it is encountering support of around $62,000. However, a break below $62,500 could lead to further downside towards $60,000.
On the positive side, a potential bullish divergence pattern emerged in the 2-hour timeframe, suggesting reduced bearish momentum. If confirmed, this pattern could lead to short-term bullish relief.
Potential for Breakthroughs For Ethereum and Solana
In Ethereum’s analysis, Crypto World hinted at the retesting of a critical resistance level around $3,350. Ethereum’s price is currently consolidating within a range, with support at $3,100 and resistance between $3,250 and $3,300. A breakout above $3,250–$3,300 could signal further upside towards $3,590, supported by a potential cup and handle pattern.
Solana’s price analysis also revealed a sideways trend within a range, with support around $120 to $128 and resistance between $150 to $155. Solana’s short-term momentum remains neutral until a breakout occurs.