With Bitcoin's instability, Ethereum is garnering significant investor attention. According to CoinShares, there is a marked outflow from Bitcoin investments and inflow into Ethereum.
Key Levels to Watch for Bitcoin and Ethereum
On the second trading day of the week, Bitcoin fell to $109,000 but managed to recover above $110,000. Defending this level is a positive sign from buyers, but selling pressure may arise at the 20-day EMA at $115,639. Should this support break, Bitcoin could drop to $105,000 and then potentially to $100,000.
Ethereum reached a new peak of $4,956 on Sunday but faced selling pressure the next day. Analysts highlight the importance of the 20-day EMA at $4,349. A strong bounce from here may lead Ethereum back above $5,000 and potentially accelerate towards $5,500. However, closing below the EMA could pull ETH down to $4,060.
Support-Resistance Battle: XRP, BNB, DOGE and Others
In XRP, the focus is on maintaining support at $2,73. Closing below this level could push the price down to $2,33. Conversely, breaking the downtrend line could target a range of $3,40 to $3,66.
[BNB] experienced a pullback due to profit-taking at $900 but could potentially rise to $1,000 if it holds at $861. Solana is eyeing a rising triangle formation but fails to break the resistance at $210. If SOL manages to close above the triangle’s resistance line, potential targets include $240 and $265.
Dogecoin remains wedged between $0.21 and $0.26. Surpassing $0.29 could bring $0.35 into play, while falling could see risks drop to $0.19-$0.16. Cardano rebounded from its $0.86 20-day EMA, but buying pressure softens. Closing above $1.02 might uplift ADA’s price to $1.17.
Overall Cryptocurrency Market Status
Chainlink was unable to breach $27 and pulled back; however, if LINK finds support at its 20-day EMA of $23.37, it might head towards $31. Testing below the EMA could drive the price down to $20.84.
Thus, the current state of the cryptocurrency market highlights significant investor interest in Ethereum while Bitcoin faces selling pressures and challenges to maintain key support levels.
