Ether's Rebound Off Key Support
Ether, the second-largest cryptocurrency, has risen 2.5% in the past 24 hours, trading around $2,434. The key development is that Ether has found support at its 200-week simple moving average (SMA) of $2,298, a widely used tool for gauging long-term momentum. If Ether's price stays above this level, it is generally considered to be in an uptrend.
Macroeconomic Factors in Focus
Upcoming economic events, such as Japan's inflation data release and the Bank of Japan's interest rate decision, could add volatility to crypto markets. Additionally, the Hong Kong Monetary Authority's 50 basis point rate cut, mirroring the US Federal Reserve, could also influence investor sentiment across risk assets including cryptocurrencies.
Bitcoin Attempts to Reclaim Key Levels
Bitcoin was trading around $62,000, marking a higher low since its March all-time high. To continue the bullish momentum, Bitcoin needs to break through the $65,000 resistance level and reclaim the short-term holder (STH) realized price of $61,998, which it has struggled to remain above in the past six months.
The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.
Comments