Apr.2-Apr.8(ETH)Weekly market recap
The BTC halving is less than 20 days away. In the recent three BTC halvings, it has experienced a correction after the halving and refreshed ATH in the following 6 months. Currently, most tokens on the market are waiting and observing whether BTC can break through 72000.
In terms of on-chain data, we learned from Glassnode that after BTC exceeded ATH in mid-March, many long-term holders began to take profits. The age of BTC has declined and the realized price has increased. This phenomenon has often appeared at the beginning of a pullback in the past.
In terms of on-chain activities, more and more BTC and ETH are participating in the activity of staking or restaking for points, which has provided support for the rise to a large extent, but risks are also gathering. There have been many staking behaviors using leverage, pushing up the liquidation prices of LST, BTC, and ETH. The market may lose its mind in a frenzy.
ETH was weak in the early stages of last week's rebound, but saw a significant rise yesterday, preventing the BTC/ETH rate from breaking through the lows. Based on yesterday's rise, ETH broke through last week's high of 3600,. The performance in trading volume was average, almost the same as usual.
From an indicator point of view, the ME indicator also maintains a bullish trend. But last week's rally wasn't supported by whales. The next target is 4000.
In summary, we believe that ETH may maintain its rise this week. We maintain the original support level of 3100 and resistance level of 4000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
In terms of on-chain data, we learned from Glassnode that after BTC exceeded ATH in mid-March, many long-term holders began to take profits. The age of BTC has declined and the realized price has increased. This phenomenon has often appeared at the beginning of a pullback in the past.
In terms of on-chain activities, more and more BTC and ETH are participating in the activity of staking or restaking for points, which has provided support for the rise to a large extent, but risks are also gathering. There have been many staking behaviors using leverage, pushing up the liquidation prices of LST, BTC, and ETH. The market may lose its mind in a frenzy.
ETH was weak in the early stages of last week's rebound, but saw a significant rise yesterday, preventing the BTC/ETH rate from breaking through the lows. Based on yesterday's rise, ETH broke through last week's high of 3600,. The performance in trading volume was average, almost the same as usual.
From an indicator point of view, the ME indicator also maintains a bullish trend. But last week's rally wasn't supported by whales. The next target is 4000.
In summary, we believe that ETH may maintain its rise this week. We maintain the original support level of 3100 and resistance level of 4000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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