Bitcoin has reached a high of 67,000, but has not yet reached the second wave resistance range of 68,000-70,000. It is necessary to pay attention to the resistance and possible pullback in this range. If it breaks through and stabilizes at 72,000, the market will be expected to start a new round of rise and may hit a new historical high.
Ethereum has now stepped out of the downward channel and reached the small resistance range of 3000-3200, and today it has even reached more than 3100. If it can break through and stabilize in the 3200-3300 range, especially the previous high of 3250, it is expected to rise directly to the 3600-3800 range. This round of market is mainly driven by Ethereum and the rise of altcoins.
Recently, Ethereum has started to gain momentum. Although the trend is still weak compared to Bitcoin, it at least gives people hope. If the SEC approves the Ethereum spot ETF at the end of May, ETH will undoubtedly usher in a wave of surges, at least rebounding to 3,500 or even returning to 4,000. There are still two weeks left, and I hope it can be approved as expected.
SOL has formed a double bottom bullish pattern on its daily chart. The mid-term adjustment has ended, and a new round of daily rise has begun. This mid-term rise is expected to reach the 260-300 range. In addition, the tokens of the SOL ecosystem are also worth paying attention to. Projects like JTO, JUP, BOME, MYRO, etc. are all high-quality projects worth investing in.
Some people think that being bearish on ETH and bullish on SOL means being bearish on ETH and bullish on SOL. Does that mean being bearish on ETH and bullish on SOL?
Actually, it is not like that. I am not bearish on ETH. In fact, I recently expressed my long-term bullish view on ETH. It is just that BTC and SOL are currently stronger in comparison. In a bull market, the entry of incremental funds is a gradual process, and the overflow of funds is also a common phenomenon. From Bitcoin to Ethereum, why has ETH still increased by 95% since October last year? We often hear how many billions of dollars have flowed into the Bitcoin ETF, but have you noticed how many USDTs have been issued on the ERC20 and TRC20 chains?
In contrast, after this round of adjustments, the prices of many altcoins have almost returned to the level of October last year. Look at the altcoins this quarter, how many have outperformed USDT, not to mention BTC.
The key is how many altcoins there are? According to CMC statistics, there are more than 2.4 million altcoins. Of course, we only need to pay attention to the first 10 pages, and there are only a few dozen altcoins with a market value of tens of millions of dollars that can outperform BTC.
Therefore, as long as you hold on to value coins such as BTC and ETH, it is enough to outperform most blockchain projects. Although ETH follows the general trend of cryptocurrencies and appears weaker than stronger currencies, it has its own cycle and peak window, which may appear after the third quarter of the second half of the year. Compared with most altcoins, ETH is still a "good project" that mass retail investors can buy in the long term. After all, Vitalik is still there, and he is young and has enough energy and motivation to continue to empower ETH.
I suggest everyone to take a look at Vitalik’s speech today. It is not important whether you understand the content or not. What is important is that he is no longer silent.
From 2023 to May 2024, for a full year and a half, Vitalik has been working silently for the entire blockchain industry. He has the world in mind, and until today, at this critical juncture, at this price and in the current market environment, he finally spoke publicly. Moreover, he also announced a major technological breakthrough for ETH. Those who understand will naturally understand the deep meaning, and those who don’t understand are advised to review the development roadmap of ETH from 2020 to 2021, and they will definitely find the answer.
The rise of Bitcoin depends on the promotion of capital, but Ethereum is the only one that can make the altcoin grow by tens of millions of times. Now, the performance has officially begun and the drama is ready. Do you choose to be a spectator or a participant? Let us witness the cryptocurrency world in 2024.
