Ethereum And Solana Lost Over 20% In August. Could September Offer Better Opportunities?
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
The cryptocurrency market has been turbulent recently, with Ethereum (ETH) and Solana (SOL) both experiencing significant declines in August. With Ethereum down 2.60% and Solana down 4.34% over the past 24 hours, investors are closely watching to see if September offers any recovery opportunities.
This article delves into the current technical outlook for both cryptocurrencies and explores potential trading strategies.
As of today, Ethereum is trading at $2,459.81, with a 24-hour trading volume of $8.39 billion. Despite holding the second with a market cap of $295.93 billion, Ethereum has seen a decline of over 20% in August.
The cryptocurrency is struggling to maintain its position above a crucial upward trendline that has been in place since mid-August, hovering around the $2,458 level.
Ethereum’s price trades below the 50-period Exponential Moving Average (EMA) at $2,560, reinforcing the bearish sentiment.
If Ethereum fails to hold above the current trendline support, the next key level to watch is $2,395. A further drop could push the price toward $2,272.
On the upside, breaking above the $2,531 resistance level could reignite bullish momentum, with the next target set at $2,669.
Key Levels to Watch:
Solana is trading at $130.90, with a 24-hour trading volume of $1.25 billion. Ranking fifth with a market cap of $61.08 billion, Solana has also suffered a significant drop in August, mirroring Ethereum’s bearish trend.
On the 2-hour chart, the price moves within a descending channel, with resistance near $136 and support around
Read more on cryptonews.com
