Crypto Drama: Are Ethereum and Solana About to Make a Comeback or Just a Fool’s Errand?

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In the latest episode of “As the Crypto Turns,” we find our beleaguered investors scrambling for the exits, clutching their wallets as if they were life rafts on a sinking ship. Yet, amidst the chaos, a glimmer of hope flickers for the two leading layer one cryptocurrencies, Ethereum (ETH) and Solana (SOL). Let us delve into this delightful mess, shall we?

$ETH has hit major horizontal support and the bounce is on

Behold the weekly chart for $ETH (ETH/USDT), a veritable tapestry of despair and fleeting joy. The major support at $2,000 has held up like a well-placed cushion in a Victorian drawing room, and the long wick beneath the candle body is a testament to the heavy buying that has valiantly pushed the price back up. Bravo! 🎩

Moreover, the Stochastic RSI at the bottom of the chart is nearly at rock bottom. A cross back up is but a week or two away, which could add a veritable bonfire of enthusiasm to this potential bounce. Let us hope the bulls are not too busy sipping tea to notice! ☕

An ugly ETH/BTC chart

Now, while $ETH may be staging a comeback against its dollar counterpart, the ETH/BTC pair is a different kettle of fish altogether. This chart is as appealing as a rainy day in London, and should the current major support fail, it will resemble a Picasso painting—ugly and confusing. $ETH bulls must rally, and they must do so with the fervor of a rugby team at the World Cup! 🏉

Our only glimmer of hope lies in the Stochastic RSI, which is nearly at the bottom. However, if we glance back at previous cross-ups, they have been about as effective as a chocolate teapot in breaking the downtrend. This time, we might just be in the last chance saloon, folks! 🍻

Rejection at major $200 resistance for $SOL

In a plot twist worthy of a soap opera, the $SOL price has recently been rejected from the formidable $200 resistance once again. This could be interpreted as a rather emphatic confirmation of this level as resistance. However, the major horizontal support at $185 is lurking just below, like a cat ready to pounce. As long as this holds, the bulls may yet have another opportunity to take a swing at that elusive $200 resistance. 🐱

$SOL price reaching crucial decision point against $BTC pair

Now, let us turn our gaze to the SOL/BTC chart, which is a sight for sore eyes compared to its ETH/BTC counterpart. While $SOL was rejected at 0.00226 BTC, the major support at 0.0018 appears to be as solid as a rock, bolstered by the ascending bottom trendline of the triangle. A veritable fortress! 🏰

The Stochastic RSI at the bottom of the chart is hinting that a bottom is nigh. Should the cross-up occur, and the indicators do not flatline for an eternity, a breakout of the top of the triangle is more likely than a breakdown. In a world where few cryptocurrencies are outpacing BTC, this chart deserves our utmost attention. 👀

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2025-02-13 19:06