Fundamentals:
1. ProShares Trust submitted a registration amendment for the XRP series futures ETF to the SEC, which is intended to take effect on April 30. The approval of the ETF is seen as recognition of Ripple, enhancing investor confidence. Ripple's price rose by 3.5% in the past 24 hours, outperforming other major crypto assets during the same period.
2. An Ethereum Foundation researcher proposed to increase the Ethereum gas limit by 100 times over the next four years. The increase in the gas limit may be seen by the market as a positive signal for Ethereum's expanded capabilities, thus boosting investor confidence. The future is bright, but the road is tortuous; uncertainties and potential risks during implementation may also lead to market fluctuations.
3. Today's fear and greed index dropped to 54, shifting from greed to a focus on caution; the probability of the Federal Reserve maintaining interest rates in May is 90.3%.
Technical analysis:
BTC: The weekly chart shows three consecutive large bullish candles, with last week's entity large bullish candle closing up 10%. The K-line has seriously deviated from the lower moving average support. The rapid rise in the short term has led to overbought indicators, while facing the previous dense buying and selling area at 95, resulting in selling pressure. This morning, it retested 928, which is in a high position adjustment phase. The weekly line is expected to enter a fluctuation adjustment for one or two weeks to repair the technical gap. In the next two weeks, focus on the 92 and 89 position support; if effectively maintained, a relatively strong short-term trend can be expected. After a significant rise in the daily line, approaching the 95 level, the market has obviously shown signs of stagnation, needing to repair the technical gap. Yesterday's high was followed by a pullback, forming a small bearish candle. The K-line opened below the 7-day moving average, and the daily line is expected to enter a correction phase, with important defensive focus at the 92 level. On the 4-hour chart, there were two high attempts at 95 followed by a pullback. The K-line broke below the moving average support, and this morning's downward spike rebounded, with the Asian session expected to continue rebounding. For intraday operations, focus on the resistance at 943-953 above and the support at 925-915 below.
ETH: After two weeks of phased bottoming, the weekly chart closed with a 13% large bullish candle. In the short term, Ethereum has formed a bottom support line around 1580. On the daily level, it has entered a relatively high adjustment phase, facing pressure from the previous local highs of 1830-1850. There have been multiple high attempts followed by pullbacks recently, digesting the pressure of trapped positions. In the coming week, it is highly likely to oscillate within the 1750-1850 range. If it can break above 1850 with volume, a new round of upward movement can be expected, further challenging the area around 2150. On the 4-hour chart, there have been multiple spikes near 1850 followed by pullbacks, with a bearish candle formed. This morning, it retested 1750 and rebounded, consistent with the current weak performance of Ethereum, indicating clear selling pressure in the previous dense trading area at 1830-1850. For intraday operations, focus on resistance at 1790-1810 above and support at 1750-1730 below.
Shanzhai: Last week, the focus was on Ripple and Yuzu, among which Ripple's daily trend showed a weak upward fluctuation. Pay close attention to the daily line showing a volume increase and breaking above the 2.3 position. This time, Ripple's goal of breaking through the 2.5 to 3 positions will be successfully achieved. EOS rose sharply the day before but fell back yesterday, with the daily trading volume continuously shrinking. Currently, it is showing signs of a washout phase, focusing on the daily line for signs of volume increase. The short-term target can be achieved near 1. The artificial intelligence and meme sectors experienced significant pullbacks over the weekend, needing a phased adjustment before the next buying point!
