A new week has begun, with Ethereum's explosive rise, Bitcoin is closely following, showing no signs of a pullback! We have waited too long for this wave of increase, and it has finally arrived! Congratulations to those who have held onto their coins, especially friends who hold Ethereum; steady progress is the key to success!
In the past 24 hours, the number of liquidations worldwide reached 111,461, with a total liquidation amount of 364 million USD. Long liquidations amounted to 148 million USD, while short liquidations reached 216 million USD.
BTC
Recently, Bitcoin has repeatedly attempted to breach the 120,000 USD mark, but each time it has peaked and then retreated, failing to break through and stabilize at that level. However, once Bitcoin breaks and stabilizes above 120,000 USD, it is bound to refresh the high point of 123,000 USD, or even reach a new historical high. With the Federal Reserve expected to cut interest rates by 25 basis points in September, this major positive news is likely to help Bitcoin break through 123,000 USD and set a new record. Therefore, it is essential to firmly hold onto the spot assets in hand.
BTC Focus: Support at 116,411, 115,500, 112,000; Resistance at 130,800; Current key point at 119,200, breaking through or significantly falling below this is the focus for today! Can try small positions, making small profits in the trend.
ETH
Ethereum's recent rise exceeded expectations; it was initially thought that it would take longer to consolidate, but it broke through 4,330 USD in just 6 days. Today, after a slight new high, it has retreated, seemingly experiencing a phase of FOMO peak. Chasing altcoins at this time may lead to small losses, but that may not be the end.
Market sentiment has not yet peaked; if the main force chooses to 'net' profits, there is still some room for profit. A more likely trend is to repeatedly fluctuate around the 4,000 USD range: first dropping to 4,050 USD to wash out the chasing highs, then surging toward 4,100-4,200 USD, then pulling back to 3,950 USD to build momentum, and finally possibly challenging 4,500 or even 4,700 USD. Such repeated fluctuations can more effectively release the space for altcoins and further boost FOMO sentiment.
ETH Focus: Support at 4,100, 3,892; Resistance at 4,500; currently, ETH is stabilizing at 4,100, maintaining a bullish trend. Once BTC's market stabilizes, ETH may challenge higher levels or form a top.
Strategically, if BTC maintains its strength and ETH does not break 4100, it is possible to lightly participate in small-cap fluctuations, but it's okay to miss the main upward wave of BTC/ETH. Be sure to formulate a profit-taking and stop-loss plan!
Altcoin
Regarding altcoins, the market is filled with temptation, and many people often fall into the mindset of 'watching the pot while eating from the bowl', chasing highs and cutting losses is the easiest mistake to make this season. Rotation and rise are typical characteristics of the market; patiently holding existing chips is often more effective than blindly chasing highs and cutting losses.
Recently, I have been following five altcoins: XRP, DOGE, PEPE, UNI, and WIF, and found that the narrative among them is very critical. UNI and WIF, backed by ETH and SOL, have relatively stronger activity, volatility, and rebound speed, while pure altcoins like XRP, DOGE, and PEPE appear to lack momentum.
According to historical patterns, pure altcoins are often favored during the initial phase of the market due to high uncertainty, skyrocketing in the short term. However, once the hot sectors (like DeFi, Layer 2, ETF) become clear, funds will rapidly flow to related coins in these fields. During ETH's continuous rise, LDO, ENA, and SSV in the same sector have shown strong performance.
LDO has performed particularly well with the rise of ETH, if it can return to 2.5 USD in the short term, it is expected to challenge 10 USD in the long run.
ENA has risen over 2 times from the bottom (Note: from 2 to 8 is a 300% increase, which is 3 times), returning to 0.9 without pressure, the trend is two months faster than expected; if ETH maintains its upward trend, it should not be difficult to reach 3.
If ETH becomes the market leader, altcoins and even meme coins within the Ethereum ecosystem may return to the Ethereum chain, while SOL may temporarily lose its advantage. However, once a full bull market begins and new capital enters the market, major public chains may compete to pull up prices. Currently, the growth of L2s like ARB and OP is relatively limited, but if ETH's bull market deepens further, these L2s may be driven up. The current mainstream narrative in the crypto space is ETFs, and coins with ETFs will have a greater advantage.
