The cryptocurrency market is showing a steady recovery, particularly with Ethereum and memecoin SPX6900 rising. The easing of geopolitical risks is positively affecting prices.
Ethereum's Recovery
Ethereum (ETH) has rebounded sharply, climbing from its recent low of $2,113 to approach $2,425. This recovery comes as geopolitical tensions between Israel and Iran begin to cool down.
Technical Analysis of SPX6900
SPX6900 (SPX) is currently posting impressive daily gains of 6%, extending its weekly rally to over 18%. Technical analysis indicates a bullish extension forming within a 'Bearish Butterfly' harmonic pattern, which may indicate one last upside leg before a reversal zone.
Outlook for SPX6900
Currently trading around $1.25, SPX is approaching a critical test of the 100-day moving average at $1.31. A confirmed breakout above this level could lead to a target of around $1.92, offering nearly a 52% upside potential. However, if SPX fails to hold above the $1.09 support zone, a period of sideways consolidation or a short-term pullback could follow.
The cryptocurrency market shows positive signs, especially for Ethereum and SPX6900, but investors should remain cautious about technical levels and supports.
