Analysis

ETH and SOL face deeper decline, warns KOL Pentoshi

Analyst Pentoshi is warning traders that smart contract platforms Ethereum (ETH) and Solana (SOL) are poised to continue their downtrend.

He said the bulls’ inability to push Ethereum above the $3,100 resistance put ETH at risk of retesting the lows of its macro range below $2,000.

“ETH is currently retesting from below after a 50% bounce from $2,200. Will the price slide towards the falling wall? March is the key to everything.”

The source: Pentoshi/Twitter

Pentoshi refers to the possibility that the US Federal Reserve will hike interest rates in March to curb inflation. The strategist suggested that traders should be cautious in the coming weeks as there is a lot of uncertainty in the macroeconomic environment.

“The ball in the Fed’s courtyard. I still think March should be cautious.

The Fed situation has never existed and we still don’t know how these changes will actually affect the market.

Just be safe.”

Looking at Solana, Pentoshi said he expects SOL to return to $80 after being rejected at $120. According to the analyst, a move below $80 is likely to propel Solana to $50.

The source: Pentoshi/Twitter

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.