In the analysis from the last two days, I have been emphasizing the need to pay close attention to Ethereum and Solana due to their potential positive news. Yesterday, market news reported that Ethereum staking and Solana's ETF are about to be completed, which triggered a slight market rally. Additionally, the U.S. Treasury Secretary mentioned that stablecoin legislation might be completed by mid-July. If this regulation passes, it would be beneficial for DeFi tokens like Uni, MKR, and AAVE.
At the same time, Trump continues to criticize Powell, stating that 'Mr. Too Late' Powell and the entire Federal Reserve committee should be ashamed for not cutting interest rates. In the best-case scenario, there should be three rate cuts this year. If so, the third and fourth quarters of this year are still worth looking forward to! Next, we will have to wait for this Thursday's non-farm payroll data and details on Trump's tariff negotiations to see larger fluctuations. For now, we remain patient.
BTC
Currently, Bitcoin is also a significant risk for the entire market because it is the leader. Moreover, both the weekly and monthly charts indicate a need for a pullback. Currently, the daily chart is forming a descending wedge. At this position, we should closely monitor whether 106,700 can hold. If it cannot, this wave of movement will mark a temporary top, followed by a four-hour correction. As long as the four-hour chart does not break through 107,900, we should be cautious of short-term risks. Support is at 107,900-106,100, with resistance at 107,800-108,400.
ETH
In comparison, Ethereum is performing relatively well because it is moving slower than Bitcoin. Currently, at this position on the weekly chart, it is facing corresponding resistance and must confront a directional choice. Therefore, we need to pay close attention to whether the weekly MACD can rise above the zero line. If it can rise above the zero line, it will initiate a trend. The intraday support is at 2,448, and the resistance is at 2,540. If 2,448 does not break, the strategy should focus on buying on pullbacks, while keeping an eye on Bitcoin.
SOL
If it does not break 152.5 today, a rebound can be made, with resistance at 155.5-157.5 and support at 152-145.8.
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