market expectation
As this week is coming to an end, we focus on the market dynamics of yesterday and today. Yesterday, Bitcoin's daily chart briefly dropped to 65,000 points, but rebounded in the early hours of this morning, hitting 64,000 points before falling back slightly, and overall fluctuated around 62,000 points. At the same time, Ethereum also rebounded after receiving support around 3,060 points. The entire altcoin market was relatively stable, without a sharp decline.
It is worth noting that although Bitcoin rebounded at 60,000 points, the rebound of altcoins was relatively small, and the market as a whole showed a trend of shock consolidation. At present, the daily level is testing the support strength of 62,000 points, and the trend of the weekly level needs to wait until the closing of tomorrow night to make a more accurate judgment. Overall, the market is still in the stage of waiting and grinding. We expect the market to gradually stabilize and break upward, bringing us surprises.
Today, the trend of Bitcoin is particularly noteworthy. On the four-hour chart, after reaching its high point, Bitcoin successfully stabilized at the second high point of 65,000 points, and is currently falling back to the support level of 62,000 points. Under the premise that the support level is not broken, we expect the market to rebound. First, we will focus on the previous high point of 65,000 points, and then observe whether the market can break through the range of 67,000-68,000.
If the support level of 62,000 points is broken, it may be more difficult to defend the 60,000-point mark. Investors are advised to adjust their strategies in time. At the same time, Ethereum has performed relatively steadily in the recent correction, with limited declines. Although the rebound is not strong, it is relatively stable.
Currently, Ethereum's support level is maintained at 3060 points, the intraday resistance level is 3200 points, and the second resistance level is at 3300 points. If the market can successfully break through and stabilize at 3300 points, we can further focus on the range of 3500-3600 points.
Ethereum Prospect Analysis
Upcoming hype: The United States will usher in a hype wave for Ethereum spot ETFs on May 23. Franklin Ethereum spot ETF code EZET has appeared on the DTCC website. This situation is quite similar to the hype path of Bitcoin, indicating that Ethereum is about to receive enthusiastic attention from the market.
Strong performance and rising exchange rate: Ethereum's market performance is stronger than Bitcoin, and its exchange rate is also gradually rising. At present, the price of Ethereum has successfully broken through the support range of 3165 points, and the trading volume continues to rise, showing strong market momentum.
Select targets and seize rebound opportunities: In the current rebound, investors should not blindly pursue the rise of the overall market, but should select those targets with strong performance for investment. For those investors who are confused about the overall market trend, Ethereum is undoubtedly a high-quality choice worthy of special attention.
Four 100x-potential cryptocurrencies worth ambush
AVAX
As a leader in layer 1 blockchain, Avalanche has the potential to rival mature networks such as Ethereum. By providing seamless smart contracts and decentralized application experiences, Avalanche is gradually becoming a rising star in the blockchain field. As its native token, AVAX has soared by more than 127% this year, and market indicators show that its upward trend is strong, making it a popular investment target in the DeFi field.
LINK
As an important part of the blockchain ecosystem, Chainlink realizes the interaction between the blockchain and external data sources through its decentralized Oracle network. This innovative service provides the possibility of off-chain data input for the execution of digital contracts. The LINK token has experienced significant recent gains, and the market expects it to rise further, making it a compelling investment option in 2024.
INJ
Injective has emerged in the DeFi space, powering a new generation of decentralized financial applications on the first-layer blockchain. Its versatile infrastructure supports a variety of DeFi functions, including decentralized exchanges, lending protocols, and prediction markets. Although the INJ token has pulled back from its all-time high, the market remains optimistic about its future trend, with an expected increase of more than $40.
STX
The Stacks protocol revolutionizes smart contracts by leveraging Bitcoin as a settlement layer. It enables seamless transactions on the Bitcoin blockchain, freeing up a massive amount of capital and facilitating $500 billion worth of transactions. The STX token has performed strongly during recent market volatility, highlighting its growth potential in a market rebound. With the Bitcoin halving event over, Stacks is well positioned for a long bull run in Q2 and beyond.
