The cryptocurrencies got strong bullish power from after hitting the support level. But as we mentioned all changes are meaningful, retesting the support level is not a good signal for bulls. After Mr. Powell made his comment on the pace of rate hikes last week, the entire risky-asset reacted with a long-lost sensitivity. While the comment doesn't include additional hawkish surprises, but as a catalyst, it has exacerbated the fear of a lack of bulls in the market, triggering a staged decline.
Price also fell last week and reached the level lower than the previous low. Affected by the rising performance in March, the given support level of ETH is lower than that of BTC, so the price is still a part of the distance from the support level after the rebound. Based on this logic, we believe ETH is in a better position than BTC and is more likely to break out the previous high on Apr.21.
Conclusion:Mostly fluctuation. The bullish power and the bearish power are approaching, and there is a high probability that the shock will continue. We continue to hold the resistance level as 3290 and the support level as 2870. Judging from the Long position chart (only for display data), it is not difficult to see that ETH has given back 50% of rebound-gains this month, which is significantly better than BTC. So after the fluctuation, we will be more inclined to the upward trend.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Price also fell last week and reached the level lower than the previous low. Affected by the rising performance in March, the given support level of ETH is lower than that of BTC, so the price is still a part of the distance from the support level after the rebound. Based on this logic, we believe ETH is in a better position than BTC and is more likely to break out the previous high on Apr.21.
Conclusion:Mostly fluctuation. The bullish power and the bearish power are approaching, and there is a high probability that the shock will continue. We continue to hold the resistance level as 3290 and the support level as 2870. Judging from the Long position chart (only for display data), it is not difficult to see that ETH has given back 50% of rebound-gains this month, which is significantly better than BTC. So after the fluctuation, we will be more inclined to the upward trend.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
