After a recent drop to $3,150, Ethereum swiftly rebounded to the $3,300 region, with its sights set on challenging resistance at $3,600 today. Despite recent selling pressure, Avalanche remains resilient, aiming for $53 as support and eyeing a breakout above $60 for potential upward momentum. Meanwhile, FLOKI experienced a notable surge of 40% from $0.00017 to $0.00024, with potential bullish movement toward $0.00035 – $0.0004 upon closing above $0.000250, despite a 45% retracement.
Over the past couple of weeks, economic data, particularly concerning inflation, dampened risk appetite, resulting in a sharp correction in cryptocurrencies. However, yesterday’s statements from the Fed appear to have halted that bearish trend, rejuvenating bullish sentiment. The Fed’s commitment to addressing inflation, coupled with projections suggesting up to three cuts this year, has assuaged concerns and prompted a shift in crypto market sentiment.
Despite recent setbacks, the underlying bullish dynamics of the crypto market remain intact. Bitcoin’s halving pricing mechanism persists, and demand for spot Bitcoin ETFs remains strong, indicating that the recent downturn may be temporary.
Today, we’ll assess the potential direction of Ethereum, examining key levels for Avalanche, which has held steady amid the recent pullback. Additionally, we’ll identify significant levels for FLOKI/USD, which underwent a notable surge yesterday.
Ethereum
A Potential Buy Above $3600 Ethereum fell to $3,150 last week amid increasing selling pressure, with a long-term resistance level noted in the $3,975 – $4,100 range. However, it quickly rebounded, reclaiming the $3,300 support area.
Currently, short-term EMA levels around $3,560 present the first resistance point for Ethereum today. A close of around $3,600 could signal a move towards the $3,860 resistance area. Breaking $3,800 could provide momentum towards $4,300 – $4,600, with $4,600 marking a significant barrier and potential all-time high resistance.
Stable day closures above $4,600 could target $5,020 based on Fibonacci levels. Conversely, failure to breach $3,600 might signal continued correction, with $3,300 as a crucial support level and a potential new bottom forming around $2,900.
Avalanche
Watch for a Breakout Above $60 AVAX demonstrated resilience during the recent downturn, maintaining an upward trajectory after finding support around $30 early last month.
Having reached the short-term bullish target range of $53 to $60, AVAX is currently consolidating around these levels. A breakout above $60, with a weekly close above $53, could target $78 and $96 based on momentum.
However, dropping below $50 might trigger a correction towards $40, though the current expectation favors AVAX maintaining its trend above $53.
FLOKI
Watch for Closes Above $0.000250 FLOKI experienced a significant retracement but surged 40% from $0.00017 to $0.00024, with potential upward movement towards $0.00035 – $0.0004 upon closing above $0.000250.
Support levels for FLOKI include $0.000245, $0.00023, and $0.00021. A close above $0.000250 could signal further bullish momentum toward the $0.00035 – $0.0004 range.
In summary, while recent economic data initially dampened crypto market sentiment, the Fed’s reassurance has revived bullish outlooks. Ethereum, Avalanche, and FLOKI present varying opportunities based on key resistance and support levels.
