Weekly market recap (from April 5th to April 11th)
The US employment data came in close to market expectations last Friday. In the current situation, as long as the employment data does not rise or fall sharply, people will not have the fear of inflation rebounding or economic recession. So the trend of price was peace. This week, the US CPI data will be released. Similarly, if the actual value can be in the range of the previous value and the forecast value, the market volatility will still be low. This Wednesday, a conference of Web 3 will be held in Hong Kong, which is important for Hong Kong to compete for the core area of Web3 with Singapore. For the market, another important event this week is the Shapella Upgrade. Will the unlocked ETH hit the market is critical.
BTC
The price broke the previous high on Monday, trying to hit 30000. This location is within the range of fluctuation that started in mid-May last year, as we all know, before the crash of Cefi which took the price away from 30000 points. Volatility narrowed early the previous week and widened on Sunday. After 20 days of fluctuation, BTC chose to break through the range upwards. Although there was no significant increase in trading volume, the long period of fluctuation made the rising more convincing.
Conclusion: Mostly rising. The current price is in the area of chip accumulation of last year, and it is difficult to directly break through 32000 in a short period of time. We maintain last week’s support level at 25000 and resistance level at 32000.
ETH
ETH was the leader to break through the upper rail of the range early last week, after a brief correction, the price rose again on Monday. Because of the uncertainty of ETH’s Shapella upgrade, the rise of ETH is not as significant as that of BTC. Price is still at a level around the Merge. The current ETH/BTC exchange rate is at a low point, which may change after the Shapella upgrade. Back to our TA, after ETH broke through the range last week, the bears also increased, and the way to break through the previous high was not as smooth as BTC. There was not as much trading volume as in previous weeks. The high ETH Merge formed obvious resistance.
Conclusion: Mostly fluctuation. Based on the performance of bulls and bears in the last week, we give this conclusion. We will not change our bullish view at a large level, but the resistance at 2000 is very strong for ETH. We maintain last week’s support level at 1615 and resistance level at 2000.
SOL
As we expected, SOL remained fluctuating last week. When the market volatility is not high, the bulls of SOL mainly defend the low. It is difficult to form a large-scale rise. Therefore, the price was basically at the previous support level (near the green dotted line) and the trading volume was low.
Conclusion: Mostly fluctuation. Although we can see a long green candle on the chart today, the price is likely to fluctuate before the overall market turns strong. We maintain the support level at 16 and the resistance level at 26.
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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