John Bollinger Spots Bullish W-Bottoms in ETH and SOL
Legendary trader John Bollinger, creator of the Bollinger Bands indicator, has identified classic W-bottom patterns in Ethereum (ETH) and Solana (SOL) charts. ETH retested $3,700 support twice, and SOL dipped to $175 before rebounding. Higher volume at the second low signals renewed buyer interest. W bottoms—two lows separated by a mid-peak—often forecast bullish trend reversals. Bollinger previously spotted a W bottom on Bitcoin (BTC) that led to a 50% rally but finds no such pattern on BTC now. ETH is down 21% from its $4,946 high; SOL is off 37% from $293. Traders should watch Bollinger Bands, breakout above the mid-peak, and volume spikes for entry signals.
Bullish
This news highlights bullish reversal signals via W-bottom patterns on ETH and SOL. At the second low, increased volume indicates strong demand. Historically, such setups have led to significant rallies, as seen on BTC. Short-term, confirmation of W bottoms and Bollinger Bands breakouts could trigger fresh upside momentum. Long-term, successful reversal would validate support levels and attract momentum traders, reinforcing an upward bias. Traders may enter long positions near the second low, targeting mid-peaks and upper bands. Overall, these developments suggest a bullish outlook for ETH and SOL.