Weekly market recap (from April 12th to April 18th)
U.S. CPI for March was lower than the expectations. But in the context of the banking crisis and oil production cuts, this value inevitably worries the market about a recession. At the same time, it is also certain that the end of QT is not far away.
Last week was very important for the crypto market. The Shapella allowed a huge amount of ETH to be unlocked. Currently, there are almost 0.9m pending withdrawal ETH, although a few days after the upgrade, the price rose to 2100. But massive ETH withdrawal will affect the market for the next two weeks.
BTC
As we expected, BTC kept rising after the last report, but the bears increased and finally, BTC lost partial gains on Monday. The chip accumulation area from May to June last year supplemented the power of the bears. This level is difficult to occupy. At present, the bears were stronger than the bulls and the correction has begun. Trading volumes reflected a normal pullback following a normal rise as expected. The good news is the red candle of Monday did not destroy bullishness on a larger scale.
Conclusion: There is a high probability that it will rise after the callback. We maintain last week’s resistance level at 32000 and raised the support level to 27000.
ETH
ETH continues to perform brilliantly. The price broke the given resistance level and was close to the highs of last year’s accumulation zone. After the power of bears decayed, the bulls directly launched an attack on Thursday, taking down 2000 and 2100. In the process of rising, the trading volume is also gradually increasing, which is a strong bullish signal. Although the price fell on Monday, compared to BTC, the loss of ETH was less. The bulls are still in control for now.
Conclusion: There is a high probability that it will rise after the callback. The large scale is bullish, while the small scale is dominated by bulls. However, there is certain resistance because 2150 is the high point of last year’s accumulation zone. We retain the possibility of a callback, but the callback of ETH may not be deep. We raise the resistance level to 2150 and the support level to 1700
SOL
SOL had a strong run last week. Bears increased near the given resistance level, forcing the slope of the move to slow down. Although the price is close to the resistance level, the trading volume last week showed a gradual reduction process. Based on the characteristics of SOL, what we discussed before, the strength of bulls will decay after moving away from the low point. Price movements are likely to mirror those in January and February.
Conclusion: Mostly fluctuation. We think that the probability of SOL breaking through the given resistance level is low, but both the strength of the bulls and the bears is not muscular, so we think it is more likely to fluctuate this week. We maintain last week’s resistance level at 26 and raise the support level to 20.
Disclaimer: Nothing in the article constitutes investment advice. The article objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions based on the information contained in the article 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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