In the latest newsletter by renowned crypto analyst Rekt Capital, a detailed examination of Ethereum and Solana, two leading cryptocurrencies, reveals insights into their current market conditions and future prospects.

Ethereum's Complex Journey

Rekt Capital highlights Ethereum's intricate position in the market. Despite facing resistance at $3956, similar to previous instances, there is no anticipation of a crash like in early 2021 when prices dropped to $1681. The current pullback is attributed to delays in approving an Ethereum ETF, but potential future approval suggests a less severe correction.

The analyst outlines a likely scenario where Ethereum, after rejecting the $3956 resistance in the second half of 2021, saw prices dip to $2791 before rebounding. The area around $2791 then became a support zone, enabling Ethereum to surpass the $3956 resistance. Maintaining this support is crucial for Ethereum's upward trend.

Rekt Capital emphasizes that whether Ethereum maintains the current support or dips into the $2700s, it won't significantly impact the long-term bullish trend. However, it does offer opportunities for dollar-cost averaging in the short term. A close below the support zone could trigger a breakdown, while consistent support could propel Ethereum higher.

Solana's Momentum

Solana recently broke through the $173 resistance level and is now retesting it as potential new support. Rekt Capital revisits Solana's breakout from an Ascending Triangle pattern and its successful breach of resistance levels.

When Solana broke out from this pattern, confirming $123 as a new Range Low and moving towards the Range High of $173, it demonstrated strength. Unlike in 2021, Solana managed to breach the $173 resistance on its first attempt and is now aiming to establish it as support for further growth.

Rekt Capital suggests that a weekly close above $173 could pave the way for Solana's successful retest and potential upward momentum. This underlines the importance of early entry into promising projects like Solana.