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Although the market is currently not as favorable as some traders would like, Ethereum is showing some strength as it nears the $2,500 level. Despite the fact that Ethereum has been rising recently, there are doubts as to whether there is enough momentum to sustain the trend, given the lack of noticeable trading volume.
If there is not enough volume, the market may not have the purchasing power necessary to push ETH above significant resistance levels. The $2,500 psychological barrier represents one of the first resistance levels for Ethereum. This barrier is encountered by many traders.
ETH/USDT chart by TradingView
If Ethereum fails to break out with heavy volume, sellers are likely to step in and cause a potential reversal. The next important resistance level after $2,500 is around $2,750, where Ethereum has encountered rejection before.
Historically, these moving averages have been reliable indicators of market direction and have acted as dynamic resistance levels. Breaking both of these moving averages would require a significant spike in volume, but the market doesn’t know that right now. If Ethereum is unable to muster the strength to overcome these resistance levels, we expect it to reverse.
Solana’s Breakout
After a long period of declines and sideways trading, Solana (SOL) is now starting to show signs of a breakout. The asset has managed to overcome a significant technical hurdle by breaking above the 100-day exponential moving average, which has historically served as a strong resistance zone.
This development could herald a new bullish phase for Solana, especially as Solana approaches the $150 price mark once again. For Solana, the 100-day EMA was a significant technical barrier. A break above this line is encouraging for investors hoping for upward momentum.
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Price is currently comfortably above this moving average, providing a stronger foundation for SOL to continue its upward trend. Historically, crossing the 100 EMA has acted as a bullish trigger by attracting new buyers and increasing market confidence.
The next important level to look at is the $150 price standard. This price point has psychological significance for both retail and institutional investors.
As more traders enter the fray, a move above $150 could act as confirmation of a larger bullish trend and push the price higher further. The 200-day EMA is currently acting as an additional support level as Solana’s chart shows continued strength.
Additionally, neutral momentum with room to rise before becoming overbought is indicated by the relative strength index, which is hovering comfortably around 53. The next major target is in the $160-$170 range, and if Solana can sustain that level, more resistance could emerge. It is positioned above the 100 EMA and will break above $150.
Dogecoin needs more
Dogecoin is about to regain momentum and move higher, but it is nearing a critical crossroads. The asset has recently surged in value, but current trading conditions suggest that the next big price move is likely to be driven by large capital inflows, perhaps including $400 million in buying support. There is.
Without this buying pressure, DOGE will find it difficult to overcome significant resistance levels and the price may reverse. Dogecoin has broken above some of its immediate resistance levels and is currently trading at around $0.117. However, the 200-day EMA acts as a strong resistance level in the $0.12-$0.13 range where trouble lies ahead.
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DOGE has historically found this area difficult to overcome, so without the necessary volume, the asset is unlikely to appreciate significantly in the near future. The $400 million figure is important when looking at the volume and liquidity needed to overcome the existing resistance zone.
With this level of buying support, DOGE could overcome the current hurdle and continue its upward move. Without that, the market could lose momentum, trigger a selloff, and return to the $0.10-$0.105 range. On the downside, DOGE could experience a price reversal if buyers choose not to intervene.
