Cryptocurrency purchase level for Ethereum (ETH), Litecoin (LTC) and Solana (SOL)
Ethereum (ETHUSD)
Above: Ethereum (ETHUSD)
Building on the current success of Bitcoin’s intraday rally from the BITO ETF opening trade, Ethereum has maintained steady growth of 1.5% – 2% for Tuesday. It has struggled to break the $ 4,000 range, but it could be very close to extending the rally it has had since September 21st. If you want to get very specific, a daily close at $ 3,975 is the price level to watch. Oddly enough, the RSI remains in technical bear market conditions and has yet to have a clear close above 65, so any breakout of Ethereum above the $ 4,000 mark is likely to have a lot of momentum behind it that could be sustained. The forecast profit target range for a breakout above $ 4,000 is the 100% Fibonacci expansion at $ 6,215.
Litecoin (LTCUSD)
Above: Litecoin (LTCUSD)
It remains to be seen whether Litecoin will be relegated to the garbage can of the most senseless cryptocurrencies. At present, it still has a strong following and use case. Additionally, it is a big straggler when compared to its competitors with its price action. The breakout level for Litecoin is based on the Ichimoku Kinko Hyo system. Normally, a close above the cloud with the current setup on the Litecoin chart would be reason enough to go long, but there is one level above the cloud that could stop Litecoin: the 38.2% Fibonacci retracement at $ 200. The ideal closing price on the daily chart for Litecoin would be $ 203. Litecoin would be above the cloud and above the 38.2% Fibonacci retracement. It would also bring the lagging span to an area where it would stay above the cloud as long as Litecoin holds levels above $ 200.
Solana (SOLUSD)
Above: Solana (SOLUSD)
Solana is right at the top of some key support levels which, if breached, would likely trigger some violent moves south. Overall, the consolidation pattern that Solana is showing is a very normal looking bullish pennant. The entry level for Solana would be a daily close at or above $ 175. A closing price at $ 175 would meet the rules for a bullish entry into a triangle breakout. In addition, it would ensure that the lagging span is traded in open space. It is very likely that Solana will move towards new all-time highs with some ease, with a slight move through the $ 200 mark and straight to the $ 300 mark.
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