The cryptocurrency market is currently in a state of flux, with Bitcoin trading below $70,000 and major altcoins, including Ethereum, experiencing declines. Analyst Josh, representing Crypto World, has shared predictions about Ethereum's future, concentrating on analysis and technical variables.

Josh pointed out that Ethereum is currently lacking bullish momentum in the short term according to the daily timeframe. However, the bullish breakout of the falling wedge pattern remains intact. The price would need to drop below the breakout point, near $3,200, to invalidate this breakout and its associated price target. Despite this, the price is facing difficulties in gaining momentum in the short term.

On the 8-hour timeframe, Ethereum is revisiting a crucial support zone once again, which is characterized by previous support and resistance levels, reinforced by Fibonacci levels, notably the golden pocket spanning from $3,600 to $3,650. This support level holds significant importance at the moment.

If the price confirms a break below $3,600 with candle closes, the subsequent support to monitor would be around $3,450, followed by a more substantial support zone near $3,300. In case of a bounce from the golden pocket, resistance levels to observe include $3,820, $3,870, and $3,950.

Analyzing Ethereum against Bitcoin on the weekly timeframe reveals a bearish trend with lower highs and lows. The recent rejections from resistance indicate Ethereum's underperformance compared to Bitcoin.

Solana's Projections

Josh also analyzed Solana's technical aspects, noting mostly choppy sideways price movements in recent times. This sideways movement followed a recent dip below the crucial $160 level. Despite this bearish move, the lack of bearish momentum continuation suggests a scarcity of downward pressure.

There hasn't been a significant surge in bullish momentum either. Consequently, the current market sentiment surrounding Solana suggests a lack of momentum, indicating potential sideways consolidation or choppy price trends in the immediate future.