Ethereum News Today: Solana/Ethereum Ratio Near 0.068 Support as RSI Weakens 2.37% Gain vs Ethereum's 2.13% Climb

The Solana (SOL)/Ethereum (ETH) trading pair has shown notable resilience near the 0.068 support level, with recent price action aligning with a declining RSI, suggesting weakening bullish momentum in the cross-asset trade [1]. The pair currently trades near a critical wedge formation that has developed over the past 18 months, with Solana’s strength relative to Ethereum diminishing as the RSI traces lower highs despite rising price levels [2].

Recent 24-hour data indicates Solana increased by 2.37% to $166.92, while Ethereum climbed 2.13% to $3,628.17. Despite Solana’s higher percentage gain, Ethereum consistently held stronger price levels throughout the session, indicating its relative dominance in the short term [1]. The CoinMarketCap chart highlights Ethereum maintaining higher peaks on a percentage basis, even as both assets experienced similar directional movements [3].

The weekly chart, analyzed by Crypto Bullet, reveals a rising wedge pattern formed over the past 18 months, with the SOL/ETH pair rising from 0.010 to nearly 0.090 [2]. This structure has shown diminishing upward momentum, particularly since May 2023, as the weekly candle approaches the wedge’s lower boundary at 0.06821. The week’s low of 0.06803 suggests increasing bearish pressure at this key support level [2]. The divergence between the RSI and price movement—characterized by higher highs in price but lower highs in RSI—signals weakening bullish momentum [2].

Technical indicators and price structure suggest a potential breakdown is imminent. The current position near the wedge’s lower boundary, combined with a declining RSI, points toward a possible reversal in Solana’s relative strength. A move below 0.068 could trigger a significant retracement in the SOL/ETH ratio, pushing the pair toward the 0.050 level [2]. This would mark a shift in favor of Ethereum, aligning with broader market speculation that Ethereum may gain relative strength over Solana [1].

The situation reflects an ongoing tug-of-war between two high-performance blockchain ecosystems. While Solana continues to attract attention for its fast transaction speeds and scalability, Ethereum’s structural and developmental advantages remain under focus. The performance of the SOL/ETH pair is being closely monitored as a potential indicator of which blockchain might gain more traction in the near future [1].

Source:

[1] 3 Altcoins Poised to Extend Rebounds After Sharp Weekly ...

https://www.investing.com/analysis/3-altcoins-poised-to-extend-rebounds-after-sharp-weekly-pullbacks-200664836

[2] SOL/ETH Pair Holds 0.068 Support as RSI Declines: Will Ethereum Take the Lead From Here?

https://cryptonewsland.com/ds-0-068-support-as-rsi-declines-will-ethereum/

[3] CoinMarketCap

https://www.coinmarketcap.com/