Hello everyone, wishing you a beautiful day ahead 💐
We kicked off the day with a nice move from #Bitcoin . On the $ETH side, the long-standing upward trendline has been tested once again, with a minor breakout. Each dip area I’ve marked on the chart confirms how Ethereum has respected this trend multiple times — signaling a strong buying zone.
If ETH holds above this zone, the next resistance lies between the $3,200 – $3,600 range.
As $BTC gains momentum, ETH has also started to bounce. A clean breakout here could trigger a stronger rally on the Ethereum side. This move will also be critical for broader altcoin action.
💬 Two key factors to watch closely:
1️⃣ US Stock Index Correlation
Crypto remains highly correlated with indices like Nasdaq and S&P500. Sudden pullbacks there can create downward pressure on crypto as well.
2️⃣ Funding Rates
Funding remains low for now, which supports a healthy rise. But if ETH reaches new highs and funding turns aggressive, we must stay alert for possible pullbacks.
📈 Overall Outlook:
Bitcoin’s current rally is opening doors for Ethereum and the altcoin market. If ETH can hold above $3,200, we could see increased strength across the board.
Wishing you all profitable trades 💐