The market has started to fall back after reaching a peak, indicating that this market phase is nearing its end. Those who did not preemptively position themselves and chose to chase the rise may need some time to recover. It has only been a few months since the peak, but recently, the state of ETFs has seen a net inflow, and unless there are black swan events, there won't be significant drops. However, the wealth effect for retail investors is insufficient, leading to a lack of confidence and belief in the market. Such a market will continue to exhibit a wide range of fluctuations.
Ethereum has started to fall back after reaching around 2100. The continuous breakthrough of Bitcoin has also propelled Ethereum forward, and it is currently in a trend of oscillating corrections. There is support around 2050 in the smaller time frames, while resistance for the rebound remains near 2100, with support below around 1980.
The momentum of Bitcoin is relatively strong. On one hand, there has been a de-escalation of the war, with signs of negotiation and ceasefire emerging. All indicators are trending upwards. Currently, there is support at the 70000 mark, with a stronger support level around 67800. Previously mentioned, if Bitcoin breaks through 71000, we could see levels near 76000. If this rebound can hold, we could still observe this position.
#ETH market analysis