The market over the past few days has really been quite extraordinary.
Ethereum suddenly surged, rising over 7% in a day, peaking at $2823, setting a new high for the past four weeks. Although it’s still some distance from $3000, this trend is already quite rare—there's strong technical momentum, and bullish sentiment is gradually warming up. Don’t be fooled by the current calm; there are actually undercurrents at play, and many people have already started to enter the market.
I actually mentioned back in early July that ETH's prolonged consolidation was to build momentum; as long as it breaks through $2750 and stabilizes, the $3000-$3300 range is a typical 'air zone' with thin trading and minimal resistance, ready for a potential acceleration.
However, the market is still tugging. Above $2750 is a strong resistance area, and bearish sentiment is increasingly heavy—many believe the '2800 barrier' is still in place since it has failed to break through in the past five attempts. But I want to remind everyone that true breakouts often happen when no one believes it.
Technically, ETH is above all moving averages, the RSI continues to rise, and capital inflow has significantly increased. This wave is likely not just a simple rebound but rather the starting point of a new upward trend.
Meanwhile, #Bitcoin has also exploded, reaching as high as $120,000 during trading, although it later retreated to $111,000, but it remains in a strong range overall.
This wave of BTC has led the charge, directly pushing the entire crypto market up by $100 billion, with the total market cap now at $2.21 trillion.
Are altcoins alive? Let's take a look:
PENGU has formed a cup and handle pattern, potentially increasing by 75%.
The most eye-catching altcoin is definitely #PENGU the fat penguin. It has just completed a daily level cup and handle breakout, and the technical pattern is very standard. The target for the breakout is approximately $0.0318, which means there is still 75% upside potential from now.
There are also catalysts in the news: the PENGU ETF application has been accepted by the SEC, which will not only include token allocation but also integrate the Pudgy Penguins NFT ecosystem, creating a very rich narrative.
As long as it doesn't fall below the $0.0142 support level, PENGU is likely to make another push in the short term.
PEPE whales are buying heavily, with strong technical momentum and frequent bullish signals.
Another rising star is #PEPE the Frog coin. In the past 10 days, whales have been frantically accumulating, with nearly $90 million worth of PEPE being swept up, while the exchange turnover decreased by 2.9%, clearly moving towards cold wallets.
The technical outlook is similarly positive, with the current price firmly standing above the key 0.618 Fibonacci level at $0.00001074, reaching a daily high of $0.00001127, and trading volume skyrocketing over 123%, with bullish sentiment clearly warming up.
Currently, the RSI is only at 56.98, far from being overbought, so there is still room for growth technically; at the same time, PEPE has also broken through the 20-day moving average and the upper Bollinger Band, indicating a potential expansion of the market.
Next, let's watch the $0.0000123 level, which is the pressure point of the June high. If it breaks through smoothly, the target could directly point to the previous high of $0.000014. In the short term, pay attention to whether this momentum can be sustained; don't underestimate the potential of this wave of PEPE.
SHIB has technically rebounded, but may not outperform DOGE.
SHIB has also risen 5.2% in the last 24 hours, marking its first time above the 50-day moving average. The MACD has turned bullish, and short-term bullish sentiment is heating up. The SHIB/BTC pair has just broken through the upper boundary of a triangular consolidation, signaling a potential breakthrough.
However, note: SHIB may perform relatively weaker compared to DOGE. The SHIB/BTC pair just broke below the trendline support on Binance, and multiple moving averages are about to form a death cross. If it breaks below the support, there may be a risk of a pullback. Future trends need to be closely monitored.
Opportunities never wait for anyone; they only reward those who are prepared in advance.