Crypto Market Sees Cautious Optimism with BTC and ETH Gains
- Market Capitalization Growth: Over the past 24 hours, the total crypto market capitalization has increased by 1.41% to $2.18 trillion, despite a 2.16% drop in trading volume to $75.43 billion, indicating cautious optimism among market participants.
- Bitcoin and Ethereum Gains: Bitcoin ($BTC) has risen by 1.81% to $63,684.27, maintaining a market dominance of 58.5%, while Ethereum ($ETH) has seen a 1.54% increase to $1,675.56, with a market dominance of 9.3%, reflecting stability in major cryptocurrencies.
- Active DeFi and NFT Markets: DeFi total value locked (TVL) surged by 2.58% to $71.42 billion, with Lido's TVL reaching $14.932 billion; NFT sales volume skyrocketed by 18.4% to $1,723,726, demonstrating ongoing interest in digital assets.
- Global Regulatory Developments: Visa plans to act as a trust layer for independent commerce involving $7 billion in stablecoin settlements, while Japan has reduced tax rates on Bitcoin and Ethereum from 55% to 20%, which is expected to enhance the use and investment in crypto assets.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1234.819 | 1373.409 | 1502.719 | 1641.309 | 1770.619 | 1909.209 | 2038.519 |
| Fibonacci | 1373.409 | 1475.747 | 1538.972 | 1641.309 | 1743.647 | 1806.872 | 1909.209 |
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