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🔥 ETHDenver 2025: Could It Be the Catalyst for Ethereum’s Rebound?
ETHDenver, the largest Ethereum event, kicks off tomorrow (February 23 - March 2) amid high anticipation, especially following the $1.4 billion Bybit hack on February 21, which added selling pressure to the market.
🔍 Updated Outlook: 🔸 Short-term: Selling pressure may persist due to the Bybit crisis, with Ethereum potentially dropping to the $2,200 - $2,350 range (as shown in the chart).
🔸 During the event: If major announcements emerge, such as technical upgrades or new projects, Ethereum could rebound towards $3,200 - $3,500.
🔸 Mid-to-long-term: Despite lagging behind its targets, Ethereum remains bullish on higher timeframes, still aiming for $7,000 in this cycle.
⚡ Our Take: Ethereum has a strong support base, but competition from Solana and the Bybit crisis have impacted its momentum.
📊 Bitcoin Dominance (Left Chart): 🔸 A clear breakout from the triangle pattern, supporting further upside towards 63.4% as the first target. 🔸 A continued increase in dominance puts more pressure on altcoins.
📊 USDT Dominance (Right Chart): 🔸 Still trading within a consolidation zone, but breaking above 4.7% could push it toward 5.3%. 🔸 A rise in USDT dominance suggests increasing liquidity in Tether, potentially signaling selling pressure on altcoins.
⚠️ Conclusion: 🔹 Bitcoin dominance is trending upward, which could weigh on altcoins. 🔹 If USDT dominance rises alongside BTC dominance, it may indicate risk aversion among traders. 🔹 We’ll monitor the market reaction and keep you updated! 🔥
Formed a double bottom pattern, and it’s essential now to maintain the level of 1.5 to target the neckline at level 2. If a breakthrough occurs and holds above it with a daily closing, we directly target the $3 level.”
The first scenario is a breakthrough and daily closing above 70,500, after which we expect a move towards the 90,000 level.
The second scenario is a failure to break through. In that case, we anticipate a correction to levels between 52,000 - 56,000. If this occurs, it will be a very good opportunity to continue positioning.
Sooner or later, after halving, we expect Bitcoin to reach the 90,000 levels.