Bitcoin and Ethereum Market Analysis on October 8: BTC, ETH Highlights Today

Market Review

Yesterday, BTC maintained a consolidation pattern, with no signs of a breakthrough in the 4-hour timeframe. We are patiently waiting, as the downward momentum on the daily chart has weakened. We continue to wait for correction, while the weekly trend shows some recovery. It is important to pay attention to fundamental information, particularly the Federal Reserve's interest rate cut process. We expect continued consolidation during the day, and in the longer term, a new bull cycle has started on the weekly chart.

Altcoins are consolidating in sync with BTC, with weakened upward momentum on the 4-hour timeframe, and further consolidation is needed. The downward momentum on the daily chart has also weakened, so we should pay attention to changes in the 4-hour trend, with expectations of continued consolidation during the day.

Altcoins are following the mainstream market in consolidation, with the altcoin index returning to a low level, and market sentiment is once again gloomy. Pay attention to BTC's market share, signals for fiat purchases, and determine the startup signals for altcoins. Tokens under ETH are greatly influenced by ETH, with PENDLE experiencing a considerable pullback, which can be seen as an opportunity to accumulate while waiting for a rebound. Recently, Binance has been very active, with continuous Alpha point activities, allowing users to earn points. There has been a good amount of profit lately, so this is an opportunity to take advantage of.

Today's Highlights:

BTC's 1-hour and 4-hour levels have returned to healthy levels, while the daily level is back to normal. We expect continued consolidation during the day, with support at 113300-114000 and resistance at 115000-116000.

ETH's 1-hour and 4-hour levels have returned to healthy levels, and the daily level is also back to healthy levels. We expect continued consolidation during the day, with support at 3500-3550 and resistance at 3700-3750.