Major altcoins $ETH, $SOL, and $BNB on the way down. Where could the bounces happen?

As a seasoned researcher and cryptocurrency enthusiast with years of experience navigating the volatile market landscapes, I find myself intrigued by the current trajectory of these major altcoins.

With Bitcoin trending downwards, these leading cryptocurrencies are mirroring the decline. At which price points might we expect a rebound for Ethereum ($ETH), Solana ($SOL), and Binance Coin ($BNB) to occur?

$ETH rejected from massive triangle top

Observing the ETH price on a weekly scale reveals that it recently faced a rejection at the upper boundary of the substantial triangle Ethereum has been confined within since late 2021. However, following this rejection, the price dropped and touched the lower edge of the triangle, which aligns with the 0.618 Fibonacci level, suggesting a potential bullish recovery.

$ETH bounce or further downside?

In the next four hours, the ETH price is displaying an uptrend within a wedge-like formation. At present, it’s uncertain whether the price will rebound from the base of the wedge (an optimistic sign if it does), which lines up with the 0.236 Fibonacci level (a strong possibility for a bullish recovery here). Alternatively, it might drop through the bottom of the wedge and approach one of the lower Fibonacci levels. A move to any of these levels could potentially trigger another bullish rebound. The chart provided offers the necessary price data. If the price were to plummet below $3,000, this could potentially disrupt the current upward trajectory.

$SOL heading back down to major horizontal support

The weekly chart for the $SOL price shows that the latest big surge out of the bull flag succeeded in making a new all-time high. Instead of pushing on upwards, the $SOL price is coming down again. This is much healthier for the price overall, and it looks as though the price may come down either to the lesser support at $210, or the major support at $202. This would have the effect of building price structure on top of the bull flag and also support from the 2021 highs.

$SOL lower low or bounce?

On the 4-hour chart for SOL, the price trend appears to be reversing. At present, there’s a risk it might hit a new low on this timeframe. It’s possible that the 0.382 Fibonacci level could serve as a rebound point, but if it dips slightly below $222, we might see a continued decline. The 5.0 Fibonacci line coincides with support at $210, while the 0.618 Fibonacci is just under the significant support level of $202. These levels could be beneficial for entering a trade position.

$BNB rejects from top of huge range

In simpler terms, the weekly chart for BNB speaks for itself. Since early May 2021, its price has fluctuated significantly within a broad range. At present, it appears that the price has been turned down at the top of this range. It’s now uncertain where the price might rebound from next.

Potential entry for $BNB but set tight stop loss

In the next four hours, the price of BNB is moving along an upward sloping channel. It might be advantageous to establish a trading position near the base of this channel, where it intersects with a horizontal line of support around $610.

Keep in mind that although this strong backing seems solid, it might still collapse. Therefore, it’s wise to use a stop-loss order. If the prices drop significantly lower than this level, it may indicate the temporary conclusion of the upward trend, particularly over the short-term to medium-term period.

2024-12-02 15:13