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Bitcoin, Ether and Solana rally as crypto currencies test key resistance zones
Bitcoin jumps 6% and breaks its 2026 downtrend line as risk appetite returns, with Ether and Solana also testing major resistance areas.
Cryptocurrencies pressure key resistance levels as risk sentiment improves
Following Wednesday’s stock market recovery and renewed risk-on sentiment due to hopes of the war in the Middle East de-escalating, cryptocurrencies found buying interest once more.
Bitcoin probes key resistance
Bitcoin rallied by over 6%, more than on any bullish day since its 6 February bottoming candlestick piercing pattern. This is encouraging for the bulls, especially since it intraday managed to break above its key resistance area which has capped the upside since early February.
Bitcoin daily candlestick chart
The fact that this year’s downtrend line at $71,454 has been breached is another technically positive sign.
What is needed now for a medium-term bullish reversal to gain traction is a rise and daily chart close above Wednesday’s $74,071.02 high. If this were to happen, the March 2024 peak at $73,757.39 and the October 2024 high at $73,581.22 would be overcome and the way would open up for the 55-day simple moving average (SMA) at $77,456.43, the 1 to 3 February highs at $79,160.49 - $79,369.55 and the November 2025 low at $80,619.71 to be reached.
If exceeded, the December lows at $83,871.20 - $84,445.35 may be reached as well.
Upside pressure is expected to retain the upper hand while the late February lows at $63,046.65 - $62,527.40 hold.
Ether grapples with major resistance zone
The technical picture is similar for Ether (ETH) as it grapples with its major $2,152.44 - $2,095.58 resistance area. It consists of several daily highs and lows seen since April 2023.
Ether weekly candlestick chart
A rise and daily chart close above Wednesday’s $2198.36 high would confirm a resistance area break for ETH with the $2400 region being in focus in such a scenario. It acted as support in October to November 2024 and June to July 2025 and as such may act as resistance, together with the 55-day simple moving average (SMA) at $2431.36.
Ether daily candlestick chart
Another potential upside target in case of a valid resistance area break being witnessed is the November 2025 low at $2622.43. Potentially the December lows at $2720.52 to $2776.75 may be reached as well in this case.
Upside pressure should be maintained while the late February lows at $1836.05 to $1803.64 underpin.
Solana may face downtrend line challenge if key resistance gives way
When it comes to Solana, its daily chart looks similar in as much as it is flirting with six-week highs but the difference with the other two charts is that the 55-day simple moving average (SMA) and 2025 to 2026 downtrend line overlap each other and come in at $104.13.
This means that even if a rise and daily chart close above this week’s high at $94.01 were to occur, the downtrend line may act as resistance.
Solana daily candlestick chart
In case of the long-term downtrend line being broken through, not only could the psychological $100 mark but also the November to December 2025 lows at $116.94 - $123.18 be reached.
Bullish pressure is expected to retain the upper hand while Solana remains above its 24 February trough at $75,674.
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