Apr.16-Apr.22(ETH)Weekly market recap
Under the conflict between Israel and Iran, many short-term holders have entered a state of loss, the capital market has released risks. NDX and technology stocks have experienced a week of losses so far. In the crypto market, although many Altcoins have experienced significant callback, BTC has never effectively penetrated 60000. Continued inflows into ETFs and the supply and demand changes brought about by the halving provide bulls.
In the early morning of last Saturday, BTC completed its fourth halving. At the time of halving, BTC did not experience large fluctuations. Although U.S. economic conditions do not support an immediate interest rate cut, we are still moving toward easing. Therefore, we believe that BTC may experience as the previous halvings, and refresh ATH within the one year.
The main DeFi activities in the current market are staking and re-staking. The previous drop punctured the the bubble of circular staking, causing the health of leverage to rise. After the halving, there will be no major events in the crypto, and price fluctuations will return to changes in monetary policy.
ETH’s performance continued to be weak last week. While BTC remains volatile at high levels, ETH rebounds in a downward channel. During the rally, like BTC, the blue columns representing whales turned into a red columns representing sharks. This shows that whale participation gradually decreases as the price rebounds. The ME indicator continues to narrow and is close to switching into a bearish trend.
To sum up, we believe that ETH may rise driven by BTC this week, but there is a high probability that it will perform worse than BTC, and the ETH/BTC rate may fall again. We maintain our original resistance level 2800 and support level 3700.
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.
In the early morning of last Saturday, BTC completed its fourth halving. At the time of halving, BTC did not experience large fluctuations. Although U.S. economic conditions do not support an immediate interest rate cut, we are still moving toward easing. Therefore, we believe that BTC may experience as the previous halvings, and refresh ATH within the one year.
The main DeFi activities in the current market are staking and re-staking. The previous drop punctured the the bubble of circular staking, causing the health of leverage to rise. After the halving, there will be no major events in the crypto, and price fluctuations will return to changes in monetary policy.
ETH’s performance continued to be weak last week. While BTC remains volatile at high levels, ETH rebounds in a downward channel. During the rally, like BTC, the blue columns representing whales turned into a red columns representing sharks. This shows that whale participation gradually decreases as the price rebounds. The ME indicator continues to narrow and is close to switching into a bearish trend.
To sum up, we believe that ETH may rise driven by BTC this week, but there is a high probability that it will perform worse than BTC, and the ETH/BTC rate may fall again. We maintain our original resistance level 2800 and support level 3700.
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.
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