Recent comments from Fed members and former President Donald Trump highlight the significance of ongoing events in the cryptocurrency market. Bitcoin remains above $119,000, while Ethereum continues to rise toward the $4,400 mark.
Ethereum Technical Analysis
Analyst Jelle noted that Ethereum has passed a key phase of breakout and is currently finding buyers above a critical level. He stated that the price is entering a discovery phase, which suggests that reaching and surpassing $5,000 should happen rapidly. With ETF inflows exceeding $1 billion and two public companies awaiting actions on nearly $30 billion in Ethereum reserves, this underscores market dynamics at play.
quote: “ETH has left the megaphone structure and continues to rise. Real resistance is gone. Let the price discovery begin.” – Jelle
Current Views on Cryptocurrencies
As the report was being prepared, Fed member Schmid stated the necessity to avoid interest rate cuts. While several Fed members have favored cuts, Schmid emphasized that growth is steadfast and inflation remains notably high. He suggested that the limited impact of tariffs on inflation implies that a moderately restrictive policy stance is appropriate at this time.
quote: “Growth remains solid and inflation is still too high. The limited impact of tariffs on inflation seems evident. Maintaining a moderately restrictive policy direction is appropriate for now.” - Schmid
Altcoin Prospects
Analyst Ali Martinez sees a buy signal for SEI Coin. He observed that the TD Sequential has provided favorable signals over the past two weeks, concluding that the current ‘buy’ alert may suggest potential gains for SEI Coin.
Further, Miles Deutscher shared the BTC/M2 graph as a vital indicator for the overall crypto market. He explained that M2 money supply has markedly increased and Bitcoin is effectively mirroring this trend, hinting at potential further upsides for Bitcoin and the broader crypto market.
The overall situation in the cryptocurrency market reflects numerous factors influencing its dynamics. With positive signals for various altcoins and the perspectives of Fed members, the market remains under close scrutiny from both investors and analysts.
