Ethereum, Solana Price Analysis Today: October 29, 2021
Ethereum is getting ready to blow off the glass ceiling as bulls focus on achieving their target to the roof. The pioneer smart contracts token had earlier this week tested support at $3,900. Currently, it teeters at $4,370 amid the final leap to new all-time highs above $4,400.
On the other hand, Solana rose above $200 following the mid-week selloff to $175. If the uptrend stays intact, analysts expect SOL to rise to the record highs at $218 before this week ends.
Meanwhile, recoveries are widespread, starting with Bitcoin climbing above $62,000. As reported, dips have become highly attractive to investors, with speculation for another rally above $70,000 growing by the day.
The gigantic smart contracts token has come very close to cracking the barrier at $4,400. Lower price levels during the recent swing low to $3,900 brought in more buyers. With increased tailwind intensity, Ethereum is poised to begin the next price discovery phase toward $5,000.
It is worth remembering that technicals have aligned in favor of the uptrend. The daily chart shows a bullish Moving Average Convergence Divergence. As long as the 12-day EMA stays above the 26-day EMA and the MACD keeps moving north, I expect Ether to make hast above $4,400 in the short term.
At the same time, the Relative Strength Index (RSI) affirms the bullish outlook as it closes the distance to the overbought area.
ETH/USD Daily Chart
Solana bulls are working around the clock to hold the price above $200. Their main goal is to gather the strength to reduce the gap to $218 (SOL’s all-time high).
The uptrend from $175 was made possible due to investors buying the dip. Support at this level prevented a sell signal from jeopardizing the general mission to new historical highs toward $300 in the near term.
SOL/USD Daily Chart
According to the MACD, the trend is still in the bulls’ hands, whose aggressiveness has been affirmed by the upward moving RSI. A real break above the 100% Fibonacci retracement level would be a gate pass to $280, a level highlighted by the 141.4% Fibo.Source