Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) come down to critical support
As the bloodbath in stocks and crypto assets threatens to continue, the top layer 1 cryptocurrencies are coming down to critical support. Will this hold, or will the crash persist? Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) are analysed from a macro perspective.
$ETH continues the rout
Source: TradingView
The 2-week chart for $ETH shows that the rout is continuing without respite. 65% down from the last pivot high, and the damage could be about to get even worse, depending on how the stock market reacts on Monday.
The $ETH price has definitively dropped the $1,900 support, turning this into resistance, and the bears are now battling to do the same to the $1,500 support. Below this there is horizontal support at $1,400, and then the very last major support is at $1,000. That said, if the price did get down to these levels, we are probably talking about a bear market.
A bounce needs to happen, and it needs to happen now!
$BNB still in an uptrend
Source: TradingView
The 2-week chart for $BNB does not look at all like the $ETH chart. The price is very much in an uptrend. $BNB is still within the triangle pattern, and some solid support is just below this at $504. The stochastic RSI is bottoming for both the weekly and the 2-week chart, and so this means that big upside price momentum may be no more than two or three weeks away.
The all-time high was surpassed in June 2024, and then a new all-time high was made in December 2024. The trend is still up, and unless the US goes into a severe recession, a higher low is probably assured.
$SOL plunges through major support
Source: TradingView
The $SOL price has just plunged through the major horizontal support at $122. Given that this support was so strong, now that it has been pierced, the price fell all the way down to the next big support at $94. Below this is the last-ditch horizontal support at $79.
However, the game is not over yet for the $SOL bulls. The whole of this week still remains for the bulls to try and send the price back up above the $122 critical support. If they are able to do so, this would leave a potential pin-bar candle, which would be extremely bullish for a price rally.
As is the case for $ETH and $BNB (and incidentally $BTC), the 1-week and 2-week Stochastic RSIs are at or very close to the bottom. When these turn back up, they are likely to signal very heavy upward price momentum. It’s not all over yet!
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
