Layer 1 blockchain leaders Ethereum (ETH), Solana (SOL), and Sui (SUI) all look as though they could get the wind in their sails if Wednesday’s FOMC meeting sets a dovish tone. A high time frame analysis.
Barriers still remain for $ETH bulls
Source: TradingView
Up more than 3% on Wednesday so far, the $ETH price is motoring ahead of the FOMC rates announcement, and more importantly, the speech and press conference afterwards.
Things have not been looking good for the number two cryptocurrency by market capitalisation. The price has dipped below the bull market trendline, and the second weekly candle has opened beneath.
Things were looking even worse than this at one point, as the price got down as far as the horizontal support at $1,750. However, a bounce did take place from there, and $ETH bulls have managed to get the price back above the very strong horizontal support at $1,900.
Nevertheless, the ascending bull market trendline, and the horizontal resistance at $2,150 still remain overhead. If these substantial barriers can be overcome, the $ETH price could potentially be freed to make its way back to the last swing high at just over $4,000.
$SOL price back above major support band
Source: TradingView
The $SOL price didn’t just fall through its bull market trendline, it absolutely plummeted. The first wick down to the strong $125 horizontal support looked quite bullish, as the price was bought right back up in that same week. However, the following week was a bloodbath, as the bears forced the price all the way back down again.
Last week saw a candle wick come down to just kiss the bottom band of support at $112, and now this week the bulls are attempting to make the top of this support band a firm buttress underneath the price once again.
The Stochastic RSI has the indicator lines almost at the bottom, and so a tick up, perhaps by the end of this week, could tempt more traders to step in at this level.
$SUI at a major breakout level
Source: TradingView
$SUI has been down to its base support at $2. This took place last week, with a candle wick down to touch this horizontal line. The bounce has continued so far this week and the price is currently up against the ascending trendline that goes back to May 2023, together with some horizontal resistance.
This will be a key zone for the $SUI bulls to break through, as there isn’t any resistance on the weekly time frame until $3. As per the other two layer 1 cryptos, the Stochastic RSI has its indicators at the bottom. The market takeaway from today’s FOMC meeting will be crucial.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
