The market has once again reached the key support zone of 3500 for Ethereum, where it rebounded last time.
Those with large positions in ENA and USUAL are the luckiest, while those with large positions in MEME are suffering greatly. The recent discussions about the meme sector need to wait; the washout of PNUT and NEIRO has been severe, but there will be a rebound and higher gains afterwards.
Yesterday, Powell stated that the Federal Reserve is not allowed to hold Bitcoin, and 794.7 Bitcoin ETFs were liquidated, alongside 20,100 Ethereum ETFs.
These data reflect the intensity of the market washout, as the market makers thoroughly cleared out those wishing to exit and the leveraged positions that were forced to liquidate during this deep washout period.
Once the washout is over, a rally is about to come, potentially as soon as this weekend or, at the latest, next week.
Altcoins generally fell over 10%. Many altcoins are nearing the bottom, presenting significant opportunities.
Focus should be on the leading coins in popular sectors, selecting coins with bottom support, and avoiding blind chasing of prices.
The leading AI coin FET has spiked to 1.34, close to the bottom from late November;
WLD spiked to 2.26, near the mid-November bottom;
The leading metaverse coin SAND has retraced to around 0.6, with important support at 0.57;
Additionally, GALA, EOS, and the meme sector's people are also worth paying attention to.
For details, feel free to discuss!
