Weekly market recap (from April 19th to April 25th)
After the Shapella, about 1.6 million ETH have been withdrawn, far greater than the 0.17 million expected by the market. Obviously, after the principal ETH withdrawal last week, the selling pressure increased and brought a significant decline. However, after the upgrade, about 0.94 million ETH were staked. The selling pressure brought by FUD will not last long.
The FOMC released in May may not bring volatility. A 25bp rate hike is appropriate and has already been priced. The influence of monetary policy has diminished over time.
BTC
BTC experienced a sharp pullback in the last week, giving up all the gains it made after the Shapella. The price is close to the given support level, which is also the accumulation area of chips at the end of March. Judging by the length and volume of the red candles, the bears are strong. Even after the price approaches a given support level, the gap between the bears and the bulls is clear and the bulls aren’t showing any signs of strengthening.
Conclusion: Mostly fluctuations. As we said before, the long-term fluctuation in late March has accumulated a certain amount of support. It is difficult for the price to fall below 27000 quickly. Coupled with the fact that the bulls have not strengthened. We think this week will fluctuate in the range until the bulls strengthen again or the bears burn out the support. We maintain last week’s support level at 27000 and lower the resistance level to 31000.
ETH
ETH also gave up the gains after the Shapella last week, but there is space for the given support, benefiting from the previous strength of ETH. After Binance unlocked ETH last Wednesday, the price dropped sharply, accompanied by increased trading volume. Like BTC, although it has fallen for nearly a week and the length of the red candle has shrunk, the bulls have not shown signs of strengthening, and the bears still dominate.
Conclusion: Mostly fluctuations. The upper rail of the range in March will also provide a certain amount of support, but the current gap between bulls and bears is large. It is more likely to re-choose the direction after a period of fluctuation. We maintain the previous support at 1700 and the resistance level at 2150.
SOL
Unsurprisingly, SOL fell close to the given support level, reversing the previous gains. The trading volume of SOL has gradually shrunk during the last week’s decline, and the length of the red column is decreasing, but the bulls have no signs of strengthening. Unless the market ushers in the consensus in early January, it will be difficult for the bulls of SOL to continue to strengthen after staying away from the low point.
Conclusion: Mostly fluctuations. SOL is approaching the given support level again and we think it’s time for the Bulls to play, at least as defensively as before. We maintain a support level of 20 and a resistance level of 26 from last week.
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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