Tuesday has seen a resurgence in the altcoins, and especially among the layer 1 cryptocurrencies. Ethereum ($ETH), Solana (SOL), and Sui (SUI) are leading the way.
Huge hurdles to overcome for $ETH but tide is turning
Source: TradingView
The $ETH price (ETH/USDT) is up 3.3% on Tuesday. Is this a sign that the fortunes of the number 2 cryptocurrency by market cap are finally beginning to change?
When looking at the $ETH price in the weekly time frame, it can be seen there is a lot of danger still to be faced. The price is below both the very strong horizontal resistance at $1,900, and the bull market ascending trendline.
It now remains to be seen whether the bulls will be able to force the price back above this level, or whether the current upward movement is just to confirm this level as resistance for the weekly time frame.
At the bottom of the chart, the Stochastic RSI is suggesting that the comeback is more the favoured option. A cross up of the indicator lines has occurred. They both need to climb above the 20.00 level for strong upward price momentum to really kick in.
Solid horizontal support holds firm for $SOL
Source: TradingView
The $SOL price (SOL/USDT) is up a similar amount to that of $ETH. However, the difference between the two charts is that $SOL is holding its very strong support. This support is a combination of the horizontal level that has constantly been respected, and the 0.618 Fibonacci extension level for the whole of this bull market. The Stochastic RSI indicators have also crossed up.
In order to break the trend and move higher, $SOL bulls will need to push the price through the descending trendline. Targets on the way back up, according to the Fibonacci levels for this downtrend, are at $155, $182, $203, and $225.
Look out for $SUI in this next stage of the bull market
Source: TradingView
$SUI (SUI/USDT) is the best performing of the three layer 1s on Tuesday. The price was up more than 7% at one point, but has since settled a little down on this due, probably due to the resistance faced by the major ascending trendline. The price did force its way through this barrier last week, but as can be seen, the bears took the price right back down underneath again by the weekly close, leaving quite a bearish candle wick to the upside.
That said, as soon as Bitcoin and the crypto market start rallying in earnest, and this could be as soon as next week, once the market is fully aware of all the U.S. tariffs that will be announced on Wednesday, then $SUI may well be one of the frontrunners, just as it is so far today.
The descending trendline has been broken, and the price has confirmed above. The Stochastic RSI is heading up. Look out for $SUI in this next stage of the bull market. It has a market cap around 9 times smaller than that of $SOL.
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.
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