$BTC
$ETH
BTC, ETH, SOL, LINK, RUNE and WIF face their moment of truth
In today’s market direction, we cover BTC, ETH, SOL, RUNE, LINK and WIF.
Bitcoin faces formidable overhead resistance between $43,900 and the $44,200-$44,900 range. Its ability to overcome these technical levels could open the door towards $47,000. However, failure to push through this area of resistance raises the risk of further downside.
Ethereum tells a similar story, squeezed between $2,200 support and $2,340 resistance. The eventual breakout from this constrained range will likely set the trend for more significant price swings.
Across the board, the coming days represent a critical juncture that could determine if the market will break out emphatically or break down to new lows.
ETH update
Mechanics-wise, ETH's OI isn't a concern- it is at very normal levels.
The Funding Rate is similar. However, it is slightly lower than 0.01%, suggesting some interest amongst participants to be short ETH here, although they're not overweight.
