Ethereum, Solana: 2 High-Potential Bullish Breakouts to Watch in the Crypto Market

investing.com:

This week, Bitcoin surged above $52,000 in spite of the hotter-than-expected CPI report, triggering a similar response in the altcoin market.

As a result, Ethereum gained some upward momentum, shadowing some of Bitcoin's gains. Simultaneously, Solana, which experienced a modest correction last month, re-entered the short-term peak zone this week.

This has led to some interesting technical opportunities in the crypto market. Here are two high-potential breakout setups traders should watch out for in the coming days:

Continuing its uptrend which started in October, Ethereum gained momentum in February. This followed a period of sideways movement in the $2,200 to $2,400 range throughout December and January

With the introduction of spot ETFs set to boost Ethereum's trading volume, the cryptocurrency initially surged in January but later retraced along with the broader market.

However, recent developments in the sector and upgrades to Ethereum's network have reignited optimism, propelling its value upwards once again.

Anticipation for spot ETF approval in the summer and a new network update are driving positive sentiment, alongside the milestone of a quarter of the total Ether supply being staked.

Currently, ETH is approaching its next resistance level of $2,850, based on long-term Fibonacci levels, after struggling to breach the Fib 0.382 resistance around $2,400.

Breaking through $2,850 marks a crucial step for ETH towards reaching $3,000. If daily closes above $2,850 are sustained, the Fib 0.618 level at $3,300 becomes the next short-term target, with further potential to rally toward $4,000 upon ETF approval.

In the event of short-term pullbacks, the 8- and 21-day exponential moving averages are expected to provide