Crypto markets enjoy a bullish session – ETH, BTC and SOL technical outlook

Cryptocurrencies have been a nice way to gauge market mood for the session amid nonexistent volatility in FX and unchanged Equity indices.

And to be honest, it has not been easy to make much of the rangebound action since last Friday's moves failed to continue.

With yesterday's selling in risk assets not being pursued and Cryptos being subject to a decent rebound in today's session, the mood is pretty strong today.

A tone of caution could still be valid, with the current rebound not bringing digital assets to their recent highs, but it is still better than continued downside, at least for crypto aficionados.

Markets could be awaiting Thursday's US GDP release before the next pump, but the real waiting game might be until September 5th, for the upcoming Non-Farm Payrolls figure.

Consolidating at relative highs is still far from a bearish sign, as zig-zagging action would imply indecision, not precisely the same as Market fear.

Let's see where this takes Ethereum, Bitcoin and Solana through their own multi-timeframe chart analyses.

Read More: Markets tread carefully as US indices consolidate after Powell's speech

The picture is mostly green but it seems that a few altcoins have started to retract from their recent highs – Still, minor coins are leading the upside with Solana up above 4% (chart below) and LINK, EGLD and XRP to name a few are up between 2.5% to 3.5.%

Bulls are holding a decent move, supported by a short-timeframe upward trendline – Current trading is stepping against the 50% fibonacci of yesterday's retracements.

For a better long-term outlook, it would be better for this current move to retest the previous highs.

If not, the scenarios are either for consolidation (between $4,000 to $4,700 highest probability) or an actual lower retracement to retest the up-trend (which could lead the Top #2 crypto to $3,500).

For now, the action is balanced and bulls have the control for the session.

Levels of interest for ETH trading:

Support Levels:

• $4,200 to $4,300 consolidation Zone (most recent rebound)
• $4,000 to $4,095 Main Long-run Pivot
• $3,500 Main Support Zone

Resistance Levels:

• $4,950 Current new All-time highs
• $4,700 to $4,950 All-time high resistance zone
• Potential main resistance $5,230 Fibonacci extension.

The most recent correction did print below the Support Zone, marking lows at 108,677, but bulls are reacting to it and trying to push the Main Crypto back upwards.

However, the price action is still evolving within a short-term descending channel (see on chart) after a break-retest of the main upward trendline.

Overall, the picture is mixed, therefore the most impatient participants will want to look at where the market closes at the end of the week – Staying around or above the 110,000 to $112,000 support zone is the most favorable case for the Crypto market.

Below would suggest a continued correction.

Levels of interest for BTC trading:

Support Levels:

• $110,000 to $112,000 previous ATH support zone (currently tested)
• $106,000 Minor support
• $100,000 Main support at psychological level

Resistance Levels:

• $115,000 to $117,000 Pivot Zone (most recent rejection)
• Major Resistance $122,000 to $124,500
• Current all-time high $124,596

Momentum is decent with the 4H RSI going above neutral for the top #3 Coin.

The altcoin is leading its colleagues and going towards the $200 level at a confluence with the middle of the higher timeframe upward chanel, with the short-term action evolving in a minor range.

Switches to momentum are swift in cryptos and particularly Solana (as other altcoins), so keep an eye at Market reactions when prices reach the high of the minor channel ($215 to $220.

Levels of interest for SOL trading:

Support Levels:

• $186 most recent swing lows
• $180 to $190 Major pivot
• Key support $160 to $165

Resistance Levels:

• $200 Psychological Level and middle of higher timeframe upward channel
• current highs $213 and top of Minor range
• Current all-time high $295

Safe Trades!