2.6 Market analysis
The recent market conditions have remained stable and fluctuated in a relatively narrow range. At the same time, the copycats have made corresponding corrections and repairs through the market's sideways movement, which has brought a little negative news from the non-agricultural data and slowed down the speed of the Federal Reserve's interest rate cuts. Powell said the Federal Reserve will cut interest rates next, but will not start a rate cut cycle in March and will need to wait for more news to determine the timing of the rate cut.
Several major events this year:
(1) The negative effects of the adoption of BTC spot ETF have almost been absorbed
(2) BTC halving is expected at the end of April
(3) The Federal Reserve is expected to cut interest rates in June this year
(4) The ETH Cancun upgrade will be in March-April (so you can still call back on layer 2 projects such as op, arb, rdnt, magic, etc.)
(5) BTC’s Layer 2 is currently booming. More than 10 BTC Layer 2 projects have been added in the past three months, so it is a big plus for the Bitcoin ecosystem.
(6) DOT will upgrade to new versions and concepts this year, which will bring certain stimulation to the market.
Technical aspect: The current market has fluctuated from a wide range to a narrow range of 4-hour levels. The support level below is 42,000 and the resistance level above is 43,600. If it does not fall below the 42,000 level, Support will still touch the range of 45,000~47,000 upwards, but a small risk on the weekly line is whether 45,500 can effectively stand firm. Ethereum’s market has been weaker than the market this year. Will the subsequent Cancun upgrade around the end of March stimulate a wave of expectations for a complementary increase in Ethereum’s market? The current 4-hour market price is also maintaining a narrow range. There is not much problem with the current trend. If it remains in the range of 21,800 and 23,800 for a long time and continues to fluctuate without falling below, it will still be an opportunity for us to make a general direction layout. Members Skirt already started reminding me about the layout two days ago
