Crypto Industry Outlook:
Solana Labs co-founder Raj Gokal tweeted that the battle between Ethereum and the so-called "ETH killers" is unnecessary, and the real goal of those working in the cryptocurrency industry should be to include "every human" in Web 3.0.
Gokal commented on the tweet of co-founder of venture capital Placeholder, Chris Burniske, who wrote that "despite the beautiful words, the L1 knives are fully worn. [...]. It affects almost all communication, so don't take what you see and hear as the truth. "
In response, Gokal emphasized that "it does not have to be a struggle", arguing that the goal of all people working in the cryptographic space should be to include "everyone" in the 3.0 network.
According to statistics, SOL currently ranks fifth in the ranking of digital assets by total market capitalization at $ 68.8 billion and overtakes fellow ETH killer Cardano (ADA) (sixth with $ 65.5 billion). ETH ranks well ahead of them - in second place - with a market capitalization of around $ 552 billion.
Over the past year, the SOL rate has increased by 11,300%, while ETH has gained 908% during this time.
Technical Market Outlook
The ETH/USD pair has bounced from the level of $4,059 which is just below the 161% Fibonacci projection for the wave 3/C seen at $4,145. The bounce was shallow and very short-lived as the local high was made at the level of $4,337, just above the technical resistance seen at $4,322. The next target for bears is seen at the level of $3,888 (previous wave 4 low). The weak and negative momentum still support the short-term bearish outlook for ETH. Please notice, the five wave impulsive increase might had been terminated at the level of $4,870 already and now might be the time for a deeper correction.
Weekly Pivot Points:
WR3 - $5,138
WR2 - $5,019
WR1 - $4,756
Weekly Pivot - $4,615
WS1 - $4,352
WS2 - $4,211
WS3 - $3,960
Trading Outlook:
The next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.
