Ethereum and Solana: Signs of Recovery Amid Crypto Market Downturn

Recent market conditions have led to a decline in the crypto market, with many investors withdrawing their funds. However, there are signs that the two leading layer one cryptocurrencies after Bitcoin, Ethereum (ETH) and Solana (SOL), may have found their bottom.

The weekly chart for ETH (ETH/USDT) shows a significant support level at $2,000 that has held firm. The substantial wick below the candle's body indicates strong buying pressure that quickly brought the price back up. Additionally, the Stochastic RSI at the chart's bottom shows indicators nearing their lowest point, suggesting a potential upward crossover is just a week or two away, which may significantly boost this potential rebound.

However, the ETH/BTC pair presents a different picture. The chart appears rather bleak, and if the current crucial support is lost, it could worsen. For ETH bulls to turn the situation around, they need to step up significantly, given the precariously balanced state. The sole glimmer of hope is that the Stochastic RSI is nearing its lowest point, but past upward crosses haven't been strong enough to reverse the downtrend, making this a critical moment to change the trajectory.

Recently, the SOL price was turned away at the significant $200 resistance, reinforcing this level as a barrier. Nevertheless, the key horizontal support at $185 is close below. If this support holds strong, it could provide another chance for bulls to challenge the $200 resistance once more.

The SOL/BTC chart presents a more favorable outlook than its ETH/BTC counterpart. Although SOL faced rejection at 0.00226 BTC, the strong support at 0.0018 remains intact, further supported by the ascending trendline of the triangle pattern. The Stochastic RSI suggests that a bottom may be imminent, and a cross-up could lead to a breakout above the triangle's top, making it essential to keep an eye on this chart.