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Yesterday, the market finally saw a highlight moment during the trading session. At this moment, the crypto market has no moving averages, candlestick charts, or waves that can be used as references. The two words that are driving the market trend are "news". Yesterday's wild market was completely driven by news, causing chaotic movements. If you didn't make preparations in advance, there may not be much profit potential. Most people were caught up in the chaos of the market. The 80-20 rule in the crypto market never changes, and the crypto market always chooses those who are well-prepared. Are you one of those prepared individuals?
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Currently, the Ethereum spot ETF is expected to rise. The projects that had the highest increase yesterday are the ones that have received attention from investors and should be the focus of medium to long term investment. In fact, this rebound is not only related to the news of the Ethereum ETF, but also due to the technical need for an oversold rebound. If we take a look at SSV, OP, ETHFI, LDO, ENA, and other Ethereum-related projects, we can see that they have been in a downtrend for a long time. Therefore, it is more accurate to say that the rise is a result of the intentional release of positive news by the dealers rather than the positive impact of the Ethereum ETF. However, many coins are just riding the hype, and market differentiation will soon become apparent!
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BTC surged yesterday and broke through the 70,000 level. The price reached a high of around 72,000 and started to pull back. Currently, the short-term resistance level is at 72,500. If it breaks, pay attention to the weekly resistance level at the round number of 80,000. The key support level is at 68,800. Previously, it was a monthly resistance level, but now it serves as a monthly support level. Be aware of the possibility that support turns into resistance at this level. If the monthly level is broken, pay attention to the short-term support level at 68,200 on the 4-hour chart, as well as the situation near 67,500 and 65,000 on the daily chart. If the price falls below the monthly support level, it is normal for BTC to oscillate around the upper range of the daily chart. Pay attention to the support situation.
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Ethereum surged to around 3845 yesterday and started to retrace and consolidate. It is normal to see a retracement after a significant surge of over a hundred points. In the short term, the resistance for Ethereum is around 3920 on the 4-hour chart, and if it breaks through, the next target would be around 4060 on the weekly chart. On the downside, the short-term support is around 3620, and if it breaks below, the next support level to watch is around 3560 on the monthly chart. The technical support and resistance levels are currently only for reference, as the market is still driven by sentiment. It is important to pay attention to the movement of ETF sentiment.
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