đš $ETH Analysis Alert đš
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Current Price: $2,621.85
Resistance: $2,737.50
Support: $2,611.65
đ Support and Resistance:
The support level at $2,611.65 is where buyers could step in, while resistance at $2,737.50 is where sellers might push back. These levels are critical for identifying potential entry points.
đĄ Entry Strategy:
For a Long Trade, enter above $2,737.50, targeting $2,780.00 and $2,800.00 with a stop loss at $2,611.65. If ETH drops below $2,611.65, a Short Trade could be triggered, aiming for $2,580.00 and $2,550.00 with a stop loss at $2,737.50.
đ„ Keep an eye on these levels for potential breakout opportunities!
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đ„đ„đ„ Solana ($SOL ) Ripe For Price Discovery, Analyst Eyes $600 Target
Solana (SOL) Shows Strong Performance, Poised for Potential ATH Rally
- Market observers have lauded Solana (SOL) for its impressive performance this month. As the fifth-largest cryptocurrency by market capitalization, SOL has demonstrated resilience despite market turbulence, recently reclaiming the $160 support level. Analysts suggest that SOL may soon embark on a rally towards a new all-time high (ATH).
Solana Breaks Out of Consolidation
- In August, Solanaâs strength was tested during market retraces. Despite a drop of over 30% to $110 during the initial crash, SOL recovered and maintained a sideways movement between $140 and $155 until Saturday. Analysts noted that SOL was in a favorable position for accumulation while other assets experienced lower lows. They anticipated that a surge in Bitcoin ($BTC ) could trigger a move for Solana.
- Following a 10% rise in Bitcoinâs price to the $63,000-$64,000 range over the weekend, SOL experienced a positive price action, climbing 13.9% in just three days. SOL broke above the $155 resistance level on Saturday with an 8% surge, reaching $162 before a minor retrace. The token has continued to move within this new range.
Could SOL Rally to $600?
- Solana's bullish sentiment is driven by recent performance. Analyst Ali Martinez sees the $164 resistance as key; clearing it could lead to a 33% rise toward $220, a level not reached since late 2021.
- Similarly, Altcoin Sherpa identified $165 as a key resistance level. Sherpa advises patience for a break above this level, which could potentially push SOL towards $188 and $201. Despite the possibility of a pullback to previous ranges, Sherpa is confident that SOL will break its ATH in Q4.
- Crypto analyst Jelle noted that Solana (SOL) shows signs of potential growth, with a possible rally to a new ATH between $450 and $600. Currently at $168, SOL has risen 2% daily and 13.9% weekly.
Source - newsbtc.com
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đ Bitcoin (BTC) price has been increasing, reaching levels not seen in three weeks. However, BTC derivatives traders seem hesitant to commit to long positions.
đž The crypto market's behavior is influenced by macroeconomic factors like interest rates and geopolitical tensions.
đ Market participants are closely watching the US Federal Reserveâs decision on interest rates in September.
đ The Russell 2000 small-cap stock index is near its highest-ever closing, making it challenging to argue that traders have become risk-averse. Gold prices are also stable.
đ€ The yield on the US Treasury 2-year note is nearing its lowest level since May 2023, indicating buyers are accepting lower returns.
đ Bitcoin's correlation with equities has varied over time and rarely exceeds a duration of more than five months.
â ïž Escalating geopolitical tensions in the Middle East have contributed to increased investor uncertainty.
đ° The BTC futures premium has stagnated at around 6%, indicating caution among professional traders.
đ The options skew metric is near 0%, signaling balanced pricing between call and put options, with no strong confidence in a bull market resumption.
âł Investors are waiting for key events such as corporate earnings reports and the US Personal Consumption Expenditures (PCE) inflation index to make decisions.
Overall, traders seem uncertain about Bitcoin's immediate future due to mixed signals from both traditional financial markets and geopolitical tensions.
$BTC
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Crypto investment products saw largest inflows in five weeks
Crypto investment products attracted over $530 million in inflows last week, the highest in five weeks, as investors reacted to dovish signals from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, according to a report by CoinShares head of research James Butterfill.
He noted that even though trading volumes were lower than in recent weeks, they âremained high, reaching $9 billion for the weekâ as Powellâs remarks, hinting at a potential interest rate cut as early as September, spurred significant market activity.
While the U.S. led the inflows with $498 million, Hong Kong and Switzerland also saw gains of $16 million and $14 million, respectively. Butterfill added that Germany bucked the trend with outflows totaling $9 million, leaving it as âone of the only countries with net outflows year-to-date.â
Bitcoin btc-0.77%Bitcoin was the primary beneficiary, with inflows of $543 million, underscoring its sensitivity to shifts in interest rate expectations, with the bulk of BTC inflows occurring on Friday, Aug. 23, immediately following Powellâs comments, Butterfill added.
Although Ethereum Ethereum
eth-1.56%Ethereum saw contrasting movements with outflows of $36 million last week, new Ethereum ETFs have gained traction, attracting $3.1 billion in inflows over the past month, the CoinShares head of research says, noting that those inflows were âpartially offset by outflows from the Grayscale Trust of $2.5 billion.â
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Bitcoin is currently trading at $62,458.98, facing key levels that could define its next move. The resistance is set at $63,878.78âa break above this level could ignite a bullish run toward $65,200.00. However, the support sits at $62,230.00. If BTC drops below this, we might see a further decline to $61,200.00.
Entry Strategy:
Long Trade: Enter above $63,878.78 for potential targets at $64,400.00 and $65,200.00.
Short Trade: Consider entry below $62,230.00, targeting $61,800.00 and $61,200.00.
Stay alert and ready for these critical levelsâBTC could be gearing up for a significant move! đ
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We expected the FOMC minutes to lean dovish, with Fed Chair Powell emphasizing labor market weaknesses. This dovish softer stance fueled Bitcoin's surge, which resulted in solid returns. Liquidity inflows have reached a new high for the year at $61.9 billion, driven by increased stablecoin minting and rising leverage through Bitcoin perpetual futures, further fueling positive price momentum.
As critical macroeconomic data looms, Bitcoin's upward trend may persist, bolstered by consistent, modest inflows into Bitcoin Spot ETFs. The macro environment has seen notable shifts since early July, with the U.S. dollar peaking, Treasury yields declining and oil prices falling. This has coincided with a three-month decline in the ISMŸ manufacturing index, indicating potential economic weakness.
Consequently, risk assets have faced sharp sell-offs, exacerbated by rising unemployment. Since Bitcoin is correlated with risk assets such as stocks, the correlation that a stronger ISM manufacturing index could be bullish for stocks should also be valid for Bitcoin (and vice versa). With weak economic indicators and a declining dollar, Powell's recent speech has set expectations for increased market liquidity, potentially benefiting risk assets like Bitcoin.
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đ Spot Ether ETFs: A Mixed Bag with Bright Spots! đ
The latest on the ether ETF scene is a tale of highs and lows. đ BlackRockâs iShares Ethereum Trust (ETHA) is making waves, smashing through $1 billion in net inflows and ranking among the top ETF launches of the year. Fidelityâs Advantage Ether ETF and Bitwise Ethereum ETF are also drawing attention, with impressive inflows of $390 million and $312 million respectively.
But it's not all smooth sailing. đ Grayscaleâs Ethereum Trust (ETHE), now an ETF, has faced significant outflows, partly due to its higher fees. Despite this, the broader ether ETF market has seen over $2 billion in investments in just five weeks, highlighting strong investor interest.
Experts like Nate Geraci from the ETF Store and Sui Chung of CF Benchmarks believe this trend will continue as more investors learn about Ethereum's potential and its role in diversified portfolios. đ
Stay tuned and stay informed as the ether ETF landscape evolves! đâš