Fundamentals:
1. The SEC Chairman may overhaul the rules for crypto economic merchants, potentially abolishing the current framework that allows brokers to act as custodians of digital assets, while also considering allowing hedge funds to self-custody crypto assets. This statement is favorable for large funds to directly participate in the crypto market, expected to boost liquidity and trading volume; it will also combat the phenomenon of 'compliance arbitrage', posing a threat to existing custodial institutions and enhancing market trust. In the short term, this may lead to fluctuations in some currencies and platform tokens, especially significant declines in tokens related to custody concepts.
2. After the successful deployment of the Pectra upgrade, Ethereum core developers have shifted their attention to the next major upgrade 'Fusaka', planned for the end of 2025, aimed at reducing the operational costs of Layer 2 scaling solutions and validators.
Technical Analysis:
BTC: The daily trend overall maintains a fluctuating upward trend, with the K-line still above the lower blue trend line. Currently, it is in a correction phase following the third wave of upward movement, entering a phase of adjustment in the short term, with an important support level at 98 below. From the 4-hour chart, the market has been fluctuating in the 103-105 range in recent days, with a high of 1058 yesterday followed by a pullback, forming three consecutive bearish candles, breaking below the recent high fluctuation range's bottom at 103. The short-term market awaits adjustment. For daily operations, key resistance is watched at 1028-1038 above, and significant support is at 1008-998 below!
ETH: Over the last two days, the daily level reached a high of 2600 and then retreated, forming a double top pattern on the daily chart. Today, it continues to correct, with Ethereum entering a phase of adjustment in the short term, aligning with expected trends. Overall, it still maintains a bullish trend, just facing selling pressure in the 2600-2800 range during the upward process. The market awaits a phase adjustment to form a new base for upward momentum, preparing for a breakout above 2800 and targeting 3050. From the 4-hour chart, there have been multiple highs at 2600 followed by pullbacks, with 2400 being the low point in the past three days. Starting from the 1800 level, support formed at around 2280. In the short term, Ethereum’s adjustment bottom is yet to form, with key attention on the 2350-2280 area, waiting for a new bottom point in Ethereum to identify a buying opportunity. For daily operations, key resistance is at 2460-2490 above, and support is at 2380-2350 below.
Altcoins: It was clearly stated yesterday that altcoins are set to enter a phase of adjustment. Assuming the upward trend remains unchanged, a normal adjustment space is about 20-30%, forming the bottom position for a new wave of upward movement and new buying opportunities. In the past two days, altcoins followed Ethereum's trend, with the daily chart showing multiple highs followed by pullbacks, and today they continue to decline, currently forming a solid bearish candle. In the short term, altcoins still need to continue the correction, with most altcoins having about 20% adjustment space left. After the adjustment ends, a clear bottom position will emerge, at which point Ethereum's stabilization can be referenced to grasp new buying opportunities in altcoins!
Hehe: It was clearly stated yesterday to pay attention to the resistance at 1058 above for Bitcoin. The highest point yesterday reached this position, with key attention at 1023 below, with the trend generally aligning with expectations. This includes Ethereum's price points also aligning with expected trends, and it was clearly stated that this week altcoins would enter appropriate adjustments, leading to a collective pullback today. For short-term operations, focus on the analysis from the reports above, currently holding XRP and Ethereum.
The cryptocurrency market is highly volatile, entering the market requires caution, personal opinions, not suggestions, for sharing only.