Ethereum, Bitcoin and Solana – European Wrap 18 May

Ethereum price is in a tough spot despite the recent crash and indicates that a further downtrend is on the cards. The case for a bullish trend will only be revived after ETH produces a higher high from a macro perspective. From a fundamental point of view, increasing competition has recently capped Ethereum blockchain upside, but user share dominance and further cycle improvements allow for high upside.

Bitcoin price has been stabilizing around a critical psychological level for almost a week now. While the recent downswing might already seem like a big drop, the macro outlook reveals that more selling-off has yet to come.

Solana (SOL) price is on the cusp of piercing through the plateau, which has kept price action muted to the downside since last week. Once the bullish breakout is behind us, expect SOL price to test the red descending trend line around $78 and, depending on the buy volume behind it, could pierce through that trend line. That break would be the key trigger for investors to get back in behind the price action and watch it quickly spiral higher toward $95.31 with the 55-day Simple Moving Average (SMA) as a cap.