💪 ETH/USDT - Over the past few days, the price of #Ethereum has significantly declined, following broader market trends. However, the token is holding above the $3,000 mark, giving investors hope for price growth. This is because a large portion of the coin's circulating supply is confined within a 20% rally. According to Global In/Out of the Money (GIOM) data, around 9.14 million ETH, totaling over $27.4 billion, was purchased between $3,537 and $3,118. Forecast: Currently, Ethereum's primary task is to defend the $3,000 level and not lose it as support. Considering that investors are currently very bullish, #ETH has the potential to initiate a rebound. The most likely outcome is a potential 20% rally, which would send the altcoin above the $3,500 mark. To achieve this, the price will first need to overcome resistance at $3,376 and turn it into support. Completing such a rally will help the aforementioned supply volume return to profit territory, which may inspire investors. On the other hand, if this critical support level is lost, Ethereum will decline and test the $2,736 mark. A breakthrough of this support will invalidate the bullish scenario and lead to further price declines.
🖖 MATIC/USDT - At the time of writing, the price was bouncing off the $0.65 support level and was close to breaking the $0.70 resistance. Considering investors' desire for price growth, Polygon could target the $0.81 resistance, provided it turns the $0.70 level into support. The MACD indicator also shows signs of strengthening bullish sentiment. This technical indicator is used to identify changes in momentum and potential trend reversals of an asset. The formation of a potential bullish crossover suggests that the price could reverse in the coming days. Broader market bullish signals could contribute to a recovery of 20% or more. However, if the $0.65 support is breached and #MATIC falls to $0.60, the coin will become vulnerable to a decline to $0.53. A drop to this support will nullify the bullish scenario and lead to further losses.
👉 Share.
