The weekend's cryptocurrency market directly injected a shot of adrenaline into the bulls—#BTC broke through the $118,000 mark in one go, while #ETH firmly stood above the key resistance of $4,100, with bullish buying continuing to flow in.
The total market trading volume still maintains at $170 billion over the past 24 hours, with the total market capitalization nearing $4 trillion, indicating a clear rebound in market risk appetite.
BTC is stable, but the spotlight is on ETH. Bitcoin is moving steadily, but the stage spotlight is clearly on Ethereum. ETH has strongly broken through the $4,100 mark and has stabilized the BTC/ETH exchange rate near the $0.037 resistance level. As long as the key support at $0.034 does not break, ETH's bullish structure remains healthy. The short-term target is initially set at $4,300, and if it can hold the $4,000-$3,960 range, accelerating upwards next week is not out of the question.
Three main reasons for ETH's breakout: 1️⃣ Continuous institutional entry—The cumulative holding of spot ETH ETFs has reached 5.43 million ETH, and once staking yields are released, its attractiveness will further increase. Standard Chartered Bank predicts that listed companies may ultimately hold up to 10% of the total supply of ETH. 2️⃣ A warming policy environment—The U.S. has introduced its first cryptocurrency legislation, accelerated the 'Anti-CBDC Bill', and even relaxed restrictions on retirement funds investing in crypto assets. 3️⃣ Technical breakthroughs—The fourth attempt to break through the $4,000 level has finally succeeded. If the weekly close is above this level, it will lay the foundation for a push towards $4,800 or even $8,000.
Altcoins are taking off as the market sentiment heats up sharply under the influence of ETH, SOL, and LDO. RAY has risen over 15% in the past 24 hours, with a cumulative increase of 36% over the week, ranking first among the top hundred cryptocurrencies. AERO has soared 56% this week, KCS has increased by 12% in a single day, and LDO has directly surpassed $1.3, confirming the previous judgment—that its upward potential remains promising. The SEC's statement that 'staking is not a security' adds to the bullish sentiment for LDO alongside ETH's surge.
Changes in sentiment for ETH and SOL: In the first half of the year, SOL was shining brightly, while ETH was once criticized. Now, ETH has surged to $4,332, just a step away from its historical high, yet hardly anyone is criticizing SOL anymore. According to historical rhythms, ETH may face a healthy correction. Those who missed out can focus on rebound targets correlated with ETH, while conservative investors may wait for a pullback to buy at lower prices.
Technical analysis of cryptocurrencies
SOL: Up 18% this week, returning to $180, with strong short-term bullish momentum. However, trading volume has decreased by 10%, and the divergence between bulls and bears is widening. $174 is a key support level, while $184-$185 is a short-term breakout point. If volume breaks above this level, it could directly target $256. However, with the RSI at 57, if the $190 resistance level is not broken, bullish risks still exist.
XRP: Bouncing from $3.09 to $3.34, driven by the continuous accumulation of long-term funds. If it breaks above $3.34 with strong volume, it may target $3.55 or even $3.80; if it faces resistance and falls back, $3.18 and $3.09 are the last lines of defense. Overall, the short-term trend remains bullish, but volatility may increase at any time.
W: Since first breaking above $0.09 at the end of July, it has continued to hover around $0.092. Short-term resistance is at $0.095, with support concentrated in the $0.085-$0.081 range. The bullish trend remains, and if it breaks above $0.095, the $0.1-$0.105 range will be the next target; if it drops below $0.09, it may retest $0.085 before starting again.
The rallying call of the bull market has sounded, with ETH once again becoming the focal point, and altcoins rising together. The key moving forward is whether one can grasp the most profitable segment amid the rhythm.