Top crypto analyst Altcoin Sherpa recently recommended buying Solana (SOL) and Ethereum (ETH) as they show massive opportunities. Moreover, he advises retail investors to avoid tribalism and diversify by holding both cryptos.
Besides, Sherpa highlights optimal buying ranges with SOL between $120-$150 and ETH below $3000. Additionally, he predicts price increases for both within the next six months.
ETH Price Analysis
Altcoin Sherpa’s analysis of Ethereum is set on a weekly timeframe, highlighting a recent pullback from price rallies. ETH is priced around $2,678.13, reflecting a 19.33% increase over the past week.
The overall trend has been bullish since 2022, though recent corrections have brought the price closer to the critical support level around $2,000, marked by the 200-week EMA.
This level is vital, as this 200 EMA often serves as a long-term trend indicator. The current trading level, slightly above the 200-week EMA at $2,080.13, suggests potential bullish momentum if ETH can maintain this support.
He deems accumulating ETH within $2,000 to $3,000 as a prudent strategy, given the historical significance of the 200 EMA. The potential for a price rebound in the coming months adds to the attractiveness for longer term holders.
$SOL & $ETH: prob should just be buys for both. Honestly, most retail ppl should not be super tribalistic and just hold both. SOL between 120-150 and ETH sub 3000 are great spots to accumulate. High % chance these are much higher 6 months from now IMO pic.twitter.com/qzBJzidNoi
— Altcoin Sherpa (@AltcoinSherpa) August 12, 2024
Solana (SOL) Analysis
Solana’s chart, set on a daily timeframe, reveals a more volatile pattern with sharp price shifts. SOL is currently trading at $148.42, with a 30.42% weekly increase.
After reaching a peak around $205, SOL experienced a steep decline but is now consolidating near its 200-day EMA, which stands at $139.669. This EMA acts as a crucial support level, indicating the possibility of a trend reversal if SOL remains above it.
The analysis identifies the $120 to $150 range as a solid accumulation zone, particularly given the support provided by the 200-day EMA.
Additionally, the resistance around the 0.5 Fibonacci retracement level at $158.888 is highlighted as a critical point to watch for potential price increases.
The volume patterns suggest buyer interest at lower levels, reinforcing the idea that SOL could see gains if the price breaks above key resistance levels.
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Conclusion
Altcoin Sherpa’s insights highlight the importance of considering both Ethereum and Solana as key components of a diversified crypto portfolio.
Moreover, with ETH and SOL trading in favorable accumulation zones, both assets present strong potential for price appreciation over the next six months.
Therefore, the analyst encourages holding both crypto assets to capitalize on their expected growth, avoiding overly tribalistic attitudes that could limit potential gains.
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The post Expert Recommends Accumulating Ethereum and Solana, Predicts When SOL and ETH Prices Could Peak appeared first on CaptainAltcoin.
