In recent days, Bitcoin has been fluctuating around 120,000 USD, and many people are beginning to question whether the market has ended. However, this sideways movement does not indicate weakness; it is more likely a buildup for a new trend. What the market fears most is not consolidation but a lack of clear direction, and now, "expectations" are being rebuilt.
What truly ignited market sentiment is still Ethereum. ETH's recent performance has been extremely strong, not only surpassing 3,400 USD but also briefly climbing to 3,500 USD, with a daily increase of nearly 10%. This explosive potential is very familiar to investors who know Ethereum well.
A simple review of this round of movements shows that from mid-April, there was a sharp increase, pulling out more than 40% of a one-sided market in a short time. The next two months entered a typical consolidation phase, with "false breakouts" appearing repeatedly, washing out short-term players back and forth; however, users who held onto their spot positions saw their returns double. In this wave, time replaced space, and staying put turned out to be the greatest victory.
Currently, Ethereum is approaching the upper boundary of a converging triangle formed over four years. From a technical perspective, there is less than 10% left until an effective breakthrough. Meanwhile, off-chain funds have already laid out: SharpLink Gaming recently invested about 32 million USD to buy 9,425 ETH. Coupled with whale liquidations and rising ETF expectations, ETH is gradually accumulating greater explosive potential.
More importantly, this round of the market is not just a solo act for meme coins. Several L1 public chain tokens, such as SEI, SUI, and XRP, are rising in rotation, indicating the emergence of "altcoin season." As long as ETH remains strong, the altcoin market has plenty of stories and space.
News rhythm commentary:
XRP recently broke through the key resistance at 3.02 USD, briefly reaching 3.10 USD, and is currently slightly pulling back to around 2.95. As long as it holds above the support level of 2.88, bulls are expected to continue pushing towards 3.05, 3.10, or even 3.15. If it drops below 2.88, there is a risk of a pullback to 2.84 or 2.75, and short-term rhythm changes need to be closely monitored.
PENGU: Be cautious of risk signals.
The Fat Penguin (PENGU) has been very popular in recent days, but on-chain data shows that related addresses of Pudgy Penguins have transferred over 45 million tokens to various centralized exchanges in the past week, with most transfers occurring during the hottest price periods.
Although there are reports that these funds are used to provide liquidity or lock up, "on-chain disclosure ≠ information transparency." In the crypto market, "uncertainty" itself is a risk. Once expectations change, market sentiment can easily turn sharply. Holders need to be cautious; it's better to miss out than to easily "stand guard."
Musk's remarks ignite new coins, and another wave of zeroing out is seen.
Elon Musk has recently been vocal, just announcing that his AI character is named Valentine. Related meme coins surged instantly, with a market cap soaring to 17 million USD and trading volume ranking among the top three across the entire chain. However, on the other hand, popular coins like $CHAD, $TAKI, and $ANDERJ plummeted to zero in an instant. One second in the spotlight, the next second back to zero— the excitement and cruelty of meme coins are once again on display.
Opportunities come quickly, and so do pullbacks; extra caution is needed when chasing highs.