Is there still a chance for Ethereum to break new highs?
Market forecasts show a 96.7% probability that the Federal Reserve will cut interest rates in December. On December 12, Bitcoin ETF net inflows reached 598 million, while Ethereum ETF net inflows were 274 million. ETFs continue to see significant inflows daily, but the price has stagnated due to a large supply in the market. It was evident last night that although buying pressure was strong, selling pressure was even stronger.
Trump stated at the opening bell ceremony at the New York Stock Exchange that there will be some great achievements in the fields of cryptocurrency and artificial intelligence, which will require a lot of electricity. Clearly, this should be a favorable measure for mining.
Market Analysis
Bitcoin was pushed up by the ETF yesterday but then dropped back down, resembling the market from March to April this year, where ETFs kept flowing in while prices stagnated. As long as this level cannot be surpassed, what follows will definitely be an adjustment, but not a significant one. Before Trump officially takes office, there shouldn't be too much adjustment.
Ethereum has really struggled; it couldn't break above 4000 and was pushed back down. It seems that Bitcoin at 100,000 and Ethereum at 4000 are both significant supply release points, so the exchange rate of 0.04 should be a hurdle in the short term. If it can get past this level, there will be opportunities, but if not, it may get stuck here for this month.
SOL240 wasn't reached either, but if it goes down to 220 again, it's uncertain if it can hold. However, there is still support below, and SOL can still be accumulated at lower prices.
As for altcoins:
Today’s one-day rebound in altcoins has ended, with most coins experiencing varying degrees of correction. Overall, the market still appears weak, primarily linked to Bitcoin, with LINK and AAVE highlighted due to support from the Trump group.
